How much would you get after taxes if you won?

The Powerball jackpot for Wednesday’s draw is $1.2 billion – yes, we said BILLION! If anyone wins the jackpot – a cash value of $596.7 million – it will be the second-biggest jackpot in Powerball history and the biggest Powerball prize in more than six years.

While you’re daydreaming about what you’d do with all that money — like buying a new house, a new car, or maybe an island — how much do you really get after taxes?

With such a high jackpot, it’s safe to say that no matter how much tax was taken, you’d still be sitting on a nice sum of change at the end. But in case you want to start calculating your potential winnings now, we’ve found online lottery payout calculators for you to play with.

When it comes to Powerball, your payout will vary depending on certain factors, including whether or not you have to pay state taxes. Of course, the accuracy of online calculators may not entirely match what you actually get. So if you win, experts say you should consult a financial advisor.

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Now, your earnings depend on whether you decide to take the lump sum payment or the annuity payment. According to Powerball website“jackpot winners can choose their prize as either an annuity or a lump sum payment. If the annuity option is selected, the winner is guaranteed to receive 30 payments over 29 years. Annual payments increase by 5% until 30 and final payment. The 30 payments added together correspond to the value of the annuity.”

For Wednesday’s jackpot, the cash option (or lump sum payout) would be $596.7 million. According annuity.org, federal taxes immediately reduce lottery winnings. But winners who take annuity payments may be closer to getting the actual jackpot amount than lump sum takers.

LOTTO PAYOUT CALCULATORS

Omni Calculator Breaks down your payment amount for the lump sum payment option and the annuity option, based on the state you reside in and your filing status.

  • Lump sum payment (after taxes): $529,235,928
  • Annuity payment (after taxes): $757,077,837

AfterLotto.com You chose your state, enter the estimated jackpot value and lets you see the payout amount for the lump sum payout option and the annuity option. For example, if you live in Florida, where there is no state tax, the tool calculates what you would take home:

  • Lump sum payment (after taxes): $437,418,000
  • Annuity payment (after taxes): $912,000,000

LotteryCritic.com came up with slightly different calculations for Floridians when it comes to how much to take away from the cash option.

  • Lump sum payment (after taxes): $556,320,000
  • Annuity payment (after taxes): $912,000,000

LotteryUSA.com allows you to choose your filing status and state to try to determine the net amount. For a Florida resident declaring single:

  • Lump sum payment (after taxes): $453,492,000
  • Annuity payment (after taxes): $912,000,001

The overall odds of winning a prize are 1 in 24.9 and the odds of winning the jackpot are 1 in 292.2 million. But if you still want to try your luck, the next draw will take place on Wednesday, November 2 at 10:59 p.m. ET.

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