The annuity payout calculator below shows a breakdown of the gross annuity value for the current jackpot, and the applicable federal and state tax for each year. The payouts are graduated so they increase 5 percent year-on-year. After Wednesday's drawing, the estimated jackpot for Powerball was increased to 1.4 billion on an annuity basis, with a cash value of 868 million, according to lottery officials. While most ticket holders daydream about defying the odds and winning the prize, many dont.
If you opt for the annuity payout you will receive the jackpot amount as a series of 30 annual payments over 29 years. Powerballs projected jackpot is 875 million the third-highest ever ahead of Saturdays draw.
