Updated

Updated · The Journal News · Jun 27

Powerball Jackpot Reaches $348 Million for June 27 Drawing as Cash Option Hits $158.3 Million

Updated

Updated · The Journal News · Jun 27

Powerball Jackpot Reaches $348 Million for June 27 Drawing as Cash Option Hits $158.3 Million

Q: After federal and state taxes, how much of the $348 million Powerball jackpot does a winner actually get to keep?

A winner would typically keep about **$99 million after federal taxes** if they take the **cash option of $158.3 million**, and **less than that once state taxes are added**. The advertised **$348 million** jackpot is the annuity value paid over time. Most winners choose the **lump sum**, which for this drawing is **$158.3 million**. The IRS immediately withholds **24%**, but that is not the final bill. A jackpot this large would almost certainly put the winner in the top **37% federal income tax bracket**, leaving an estimated **$99.7 million** after federal taxes alone. State taxes then determine the final take-home amount. In states with **no state income tax on lottery winnings**, such as **Florida or Texas**, the winner would keep roughly **$99.7 million**. In states that tax lottery prizes, the amount falls further. In **New York State**, for example, the top state rate is **10.9%**, which would reduce the cash payout by about **$17.3 million**, leaving roughly **$82.4 million** before any local taxes. A **New York City** resident would owe city tax as well, cutting the take-home closer to **$76 million**. So the realistic after-tax range on this jackpot’s cash option is roughly **$76 million to $99.7 million**, depending on where the winner lives and claims the prize.

3 articles · Updated · The Journal News · Jun 27

$348 million is at stake in Saturday night’s Powerball drawing, with the winning numbers for June 27 to be posted after the 10:59 p.m. draw.
$158.3 million is the lump-sum cash option after no ticket won the June 24 jackpot, extending the run since the last top prize was claimed on May 2.
May 2 produced winners in Florida and Texas, who split a $20 million jackpot, while Powerball tickets for the current draw cost $2 and carry odds of 1 in 292.2 million.
Monday, June 29 is the next scheduled drawing, with Powerball held three times a week as Mega Millions currently stands higher at $511 million.