* Don't forget to pay taxes on your winnings. Whether it's a small payout or a large one, You have to pay federal and state taxes.
Powerball payout starts from $4, and that can be win by matching one number only. This payout inclusion in Powerball increases the overall chance of winning. Matching one number doesn't win you a lot of money. But it is something that boosts your confidence and also recovers your ticket cost.
Everyone is not going to win a huge amount by matching 5 or 6 numbers in each draw. And that's the reason to promote the lottery They broke down the prizes in 9 tiers. So people can win prizes according to the different types of payouts.
Powerball Payout Chart
This chart will show you how much you will win with different winning number combinations. Minimum payout is $4 if you match one white ball with Power ball or match only Power ball. And the maximum amount you can win in current Powerball is the Jackpot Prize.
|5 + PB||Jackpot||1 in 292,201,338|
|5||$1 Million||1 in 11,688,054|
|4 + PB||$50K||1 in 913,129|
|4||$100||1 in 36,525|
|3 + PB||$100||1 in 14,494|
|3||$7||1 in 580|
|2 + PB||$7||1 in 701|
|1 + PB||$4||1 in 92|
|Only PB||$4||1 in 38|
When you win the Jackpot then how much you are going to get after the taxes. We have done a full analysis of Powerball Jackpot. You can check it by clicking the button below.
There is a Power Play option in this Lottery. So if you opt this option by paying $1 additional then you can multiply your winning amount by a multiplier. Multiplier can be 2x, 3x, 4x, 5x, or 10x. Following chart shows you the list of power play prizes.
As you win a prize, You will need to pay taxes on your winnings. There are at least two taxes levied on your prize money, Federal tax, and State tax. In your jurisdiction, there might be some local taxes imposed on your payout, and you must have to pay those also.
Cash Payout:- You can opt to get the Jackpot payout in cash at the time of the claim. Approximate (lump sum) cash amount is around 60% of the advertised jackpot.
Annuity Payout:- If you choose this option, then you will get the Jackpot amount in 30 installments. The installment will increase by 5% each year. This option will give you 100% of the advertised jackpot.
Federal Tax:- In the US, Federal tax is dependent on the money you earn or win. Federal tax is variable from 10% to 37%. Here for the Jackpot amount, you always fall on a 37% tax category.
State Tax:- State taxes in the US varies between 0% to 10% and is independent of payout value. You can check state tax for your residing state on Powerball Analysis page.
Your total tax liability is around 40-45% approximately. This liability includes both federal and state tax. Gross payout is not the amount you are going to get in hand. Net payout is what you will get after paying all the payments.
Power Play Prize Chart
|Match 5 + PB||Jackpot|
|Match 5||$2 Million|
|Match 4 + PB||$100,000|
|Match 3 + PB||$200|
|Match 2 + PB||$14|
|Match 1 + PB||$8|
10X Multiplier comes into play when the jackpot prize is less than $150 million. Otherwise it is out of the game. Prize amount of Match 5 main numbers will be multiplied by 2 only even if the multiplier is more than of it.