How Much Money You'll Actually Take Home if You Win Powerball

State revenue officials might be daydreaming about this week's massive $1.5 billion Powerball jackpot as much as the millions of players who have chunked down money for a chance to win.

That's because most states -- including New York, New Jersey and Connecticut -- will take a chunk of the hypothetical winnings in the form of income taxes on top of a 25 percent cut from the federal government.

If a winner lives in New York City or Yonkers, they'll get hit a second time in the form of city income tax. 

Don't want to give up your share? Maybe consider a quick move to Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming, which don't levy state income taxes. California and Pennsylvania exempt lottery winnings from income taxes if the ticket was bought in-state.

Here's how much a potential winner in New York, Connecticut or New Jersey could win before end-of-year taxes, according to USA Mega, which runs Powerball and Mega Millions: 

New York

If a single New Yorker wins, the state would take out 8.82 percent of the winnings on top of Uncle Sam's cut, with an additional 3.88 percent coming out if they live in the Big Apple or 1.48 percent for Yonkers residents.

The average net for annual payments would be $33.09 million for residents outside of those two cities, good for $992.7 million over 30 years.

If that same New Yorker opts for a lump payout, they'd get a little bit less than $615.5 million.

Now, if a winner lives in New York City, the average yearly payoff will shrink by about $1.94 million to about $31.15 million. A lump sum payout would be a little more than $579.4 million.

A Yonkers winner, meanwhile, would collect an average $32.35 million if they opt for an annuity. Their lump sum payout would a bit more than $601.7 million.

New Jersey

If a single New Jerseyan hits jackpot, the state will take a 3 percent cut of the winnings. If that winner takes an annuity, they'd get an average of $36 million each year, good for a little over $1.08 billion over the life of the annuity.

If that hypothetical winner opts instead for a lump sum payout, they'd take home $669.6 million.


And in Connecticut, a winner would take home an average $34.15 million each year of an annuity. That comes to about $956.2 million over 30 years.

A lump sum payout to a winner in the Constitution State would be for $592.84 million.

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