For the most recent big Powerball jackpots, the exact “take-home” amount for the winner is not fully public, because it depends on which payout option they chose (lump sum vs. annuity) and their personal tax situation in their state of residence.

Quick Scoop

In general, when you see a headline jackpot (for example, around $1.25 billion), the winner has two main choices:

  • A lump-sum cash option that is much lower than the advertised jackpot (for a recent $1.25 billion drawing, the estimated cash value was about $572 million–$686 million, before taxes).
  • An annuity option, where the full advertised jackpot is paid out over 30 years, starting with one immediate payment and then 29 annual payments that increase by about 5% each year, also before taxes.

How Much Do They Actually Keep?

Because lottery prizes are taxable income:

  • Federal taxes will immediately take a substantial cut from either the lump sum or each annuity payment.
  • Many states also apply state income tax on lottery winnings, which further reduces what the winner “takes home,” and the exact after-tax amount varies by state.

So for a headline jackpot around $1.25–$1.5 billion, a typical single jackpot winner choosing the lump sum might realistically end up with only a few hundred million dollars after federal and (if applicable) state taxes, not close to the full advertised jackpot.

Information gathered from public forums or data available on the internet and portrayed here.