California(CA) Powerball Prize Analysis for Wed Jan 08, 2014

California(CA) Powerball Prize Analysis for Wed Jan 08, 2014
Updated: Sunday, January 5th, 2014 12:24 AM

The estimated jackpot for Powerball on Wed Jan 08, 2014 is $70 million. The cash option is $38.6 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 California, 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 California state and local personal income taxes. For more information on taxes for lottery winnings in the state of California, click here.

  • For the Cash Option in the amount of $38.6 million, the federal tax that must be withheld is $9,650,000.00. There is no state tax for lottery prizes. After all the taxes are paid, the winner gets a net lump-sum payment of $28,950,000.00.
  • For the Annuity option in the amount of $70 million, the winner gets paid in 30 annual payments in the average amount of $2,333,333.33 per year. The average federal tax liability is $583,333.33 per year. There is no state tax liability for lottery prizes. The average net lump-sum payment after tax withholding is going to be $1,750,000.00 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.
California(CA) Powerball Prize Analysis for Wed Jan 08, 2014
Wed Jan 08, 2014  Jackpot: $70 Million  Cash: $38.6 Million

Cash Option - $38.6 Million
Gross Cash Payment25% Federal Withholding0% State WithholdingLump-Sum Net Payment
$38,600,000.00-$9,650,000.00-$0.00$28,950,000.00

Annuity - $70 Million in 30 Annual Payments
Yr Annual Gross Payment 25% Federal Withholding 0% State Withholding Annual Net Payment
1$1,248,106.94-$312,026.73-$0.00$936,080.20
2$1,298,031.22-$324,507.80-$0.00$973,523.41
3$1,349,952.47-$337,488.12-$0.00$1,012,464.35
4$1,403,950.56-$350,987.64-$0.00$1,052,962.92
5$1,460,108.59-$365,027.15-$0.00$1,095,081.44
6$1,518,512.93-$379,628.23-$0.00$1,138,884.70
7$1,579,253.45-$394,813.36-$0.00$1,184,440.09
8$1,642,423.59-$410,605.90-$0.00$1,231,817.69
9$1,708,120.53-$427,030.13-$0.00$1,281,090.40
10$1,776,445.35-$444,111.34-$0.00$1,332,334.01
11$1,847,503.16-$461,875.79-$0.00$1,385,627.37
12$1,921,403.29-$480,350.82-$0.00$1,441,052.47
13$1,998,259.42-$499,564.86-$0.00$1,498,694.57
14$2,078,189.80-$519,547.45-$0.00$1,558,642.35
15$2,161,317.39-$540,329.35-$0.00$1,620,988.04
16$2,247,770.09-$561,942.52-$0.00$1,685,827.56
17$2,337,680.89-$584,420.22-$0.00$1,753,260.67
18$2,431,188.13-$607,797.03-$0.00$1,823,391.09
19$2,528,435.65-$632,108.91-$0.00$1,896,326.74
20$2,629,573.08-$657,393.27-$0.00$1,972,179.81
21$2,734,756.00-$683,689.00-$0.00$2,051,067.00
22$2,844,146.24-$711,036.56-$0.00$2,133,109.68
23$2,957,912.09-$739,478.02-$0.00$2,218,434.07
24$3,076,228.57-$769,057.14-$0.00$2,307,171.43
25$3,199,277.72-$799,819.43-$0.00$2,399,458.29
26$3,327,248.82-$831,812.21-$0.00$2,495,436.62
27$3,460,338.78-$865,084.69-$0.00$2,595,254.08
28$3,598,752.33-$899,688.08-$0.00$2,699,064.25
29$3,742,702.42-$935,675.61-$0.00$2,807,026.82
30$3,892,410.52-$973,102.63-$0.00$2,919,307.89

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 California(CA) Powerball

 California Powerball SUN MON TUE WED THU FRI SAT
19
25
29
36
48
PB:
12
Wed Apr 23, 2014 Last 10 | Calendar | Search
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News & Payout | Skip and Hit Analysis
California(CA) Powerball Latest Drawing Results
Next Draw: Sat Apr 26, 2014
Jackpot: $40.00 Million 
Change: -$110.00 Million








 
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