Florida(FL) Powerball Prize Analysis for Wed Mar 20, 2024

Florida(FL) Powerball Prize Analysis for Wed Mar 20, 2024
Updated: Tuesday, March 19th, 2024 12:21 AM

The estimated jackpot for Powerball on Wed Mar 20, 2024 is $687 million. The cash option is $327.3 million. The Powerball prize analysis tells you how much you would get after state, local and federal tax withholdings.

As legally required by the state of Florida, taxes are withheld on lottery winnings of $600.00 or more. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes. Luckily, lottery prizes are exempt from Florida state and local personal income taxes. For more information on taxes for lottery winnings in the state of Florida, click here.

  • For the Cash Option in the amount of $327.3 million, the federal tax that must be withheld is $81,825,000.00. There is no state tax for lottery prizes. After all the taxes are paid, the winner gets a net lump-sum payment of $245,475,000.00.
  • For the Annuity option in the amount of $687 million, the winner gets paid in 30 annual payments in the average amount of $22,900,000.00 per year. The average federal tax liability is $5,725,000.00 per year. There is no state tax liability for lottery prizes. The average net lump-sum payment after tax withholding is going to be $17,175,000.00 per year. Please Note: Powerball annuity payments are NOT allocated evenly by years. The payments increase annually in a 30 year period. Please see below for the detailed payment schedule.
For detailed information on Powerball Lottery Winning Taxes and Prizes Analysis, see the data listed below.
Florida(FL) Powerball Prize Analysis for Wed Mar 20, 2024
Wed Mar 20, 2024  Jackpot: $687 Million  Cash: $327.3 Million

Cash Option - $327.3 Million
Gross Cash Payment25% Federal Withholding0% State WithholdingLump-Sum Net Payment
$327,300,000.00-$81,825,000.00-$0.00$245,475,000.00

Annuity - $687 Million in 30 Annual Payments
Yr Annual Gross Payment 25% Federal Withholding 0% State Withholding Annual Net Payment
1$12,249,278.10-$3,062,319.53-$0.00$9,186,958.58
2$12,739,249.23-$3,184,812.31-$0.00$9,554,436.92
3$13,248,819.20-$3,312,204.80-$0.00$9,936,614.40
4$13,778,771.97-$3,444,692.99-$0.00$10,334,078.97
5$14,329,922.84-$3,582,480.71-$0.00$10,747,442.13
6$14,903,119.76-$3,725,779.94-$0.00$11,177,339.82
7$15,499,244.55-$3,874,811.14-$0.00$11,624,433.41
8$16,119,214.33-$4,029,803.58-$0.00$12,089,410.75
9$16,763,982.90-$4,190,995.73-$0.00$12,572,987.18
10$17,434,542.22-$4,358,635.56-$0.00$13,075,906.67
11$18,131,923.91-$4,532,980.98-$0.00$13,598,942.93
12$18,857,200.87-$4,714,300.22-$0.00$14,142,900.65
13$19,611,488.90-$4,902,872.23-$0.00$14,708,616.68
14$20,395,948.46-$5,098,987.11-$0.00$15,296,961.34
15$21,211,786.39-$5,302,946.60-$0.00$15,908,839.80
16$22,060,257.85-$5,515,064.46-$0.00$16,545,193.39
17$22,942,668.16-$5,735,667.04-$0.00$17,207,001.12
18$23,860,374.89-$5,965,093.72-$0.00$17,895,281.17
19$24,814,789.89-$6,203,697.47-$0.00$18,611,092.41
20$25,807,381.48-$6,451,845.37-$0.00$19,355,536.11
21$26,839,676.74-$6,709,919.19-$0.00$20,129,757.56
22$27,913,263.81-$6,978,315.95-$0.00$20,934,947.86
23$29,029,794.36-$7,257,448.59-$0.00$21,772,345.77
24$30,190,986.14-$7,547,746.53-$0.00$22,643,239.60
25$31,398,625.58-$7,849,656.40-$0.00$23,548,969.19
26$32,654,570.61-$8,163,642.65-$0.00$24,490,927.95
27$33,960,753.43-$8,490,188.36-$0.00$25,470,565.07
28$35,319,183.57-$8,829,795.89-$0.00$26,489,387.68
29$36,731,950.91-$9,182,987.73-$0.00$27,548,963.18
30$38,201,228.95-$9,550,307.24-$0.00$28,650,921.71

Other Prizes With More Than $5,000.00
5 White Ball25% Federal Withholding0% State WithholdingNet Payment
$1,000,000.00-$250,000.00-$0.00$750,000.00
5 White Ball
with PowerPlay
25% Federal Withholding0% State WithholdingNet Payment
$2,000,000.00-$500,000.00-$0.00$1,500,000.00
4 White Ball
Powerball
25% Federal Withholding0% State WithholdingNet Payment
$10,000.00-$2,500.00-$0.00$7,500.00
4 White Ball
Powerball
with PowerPlay
25% Federal Withholding0% State WithholdingNet Payment
$40,000.00-$10,000.00-$0.00$30,000.00


Past Prize Analysis for Powerball

More Prize Analysis for Florida(FL) Powerball

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Florida(FL) Powerball Latest Drawing Results
Next Draw: Wed Mar 20, 2024
$687,000,000 
Change: +$42,000,000







 
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