{"id":44764,"date":"2025-09-05T22:09:54","date_gmt":"2025-09-05T22:09:54","guid":{"rendered":"https:\/\/isafespend.com\/?p=44764"},"modified":"2025-09-05T22:09:56","modified_gmt":"2025-09-05T22:09:56","slug":"powerball-jackpot-which-states-dont-tax-the-lottery","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=44764","title":{"rendered":"Powerball Jackpot: Which States Don&#8217;t Tax the Lottery?"},"content":{"rendered":"<div>\n<p>This weekend&#8217;s Powerball drawing is one for the record books \u2014 the $1.8 billion jackpot is now the game&#8217;s second-highest prize of all time. (The world record is the $2.04 billion Powerball jackpot, which was won in California on Nov. 7, 2022.)<\/p>\n<p>The winning ticket has an estimated cash value of $826.4 million.<\/p>\n<p>&#8220;Excitement is building as players look forward to tomorrow night&#8217;s drawing for this historic jackpot,&#8221; said Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, in a statement. &#8220;We encourage everyone to play responsibly and take pride in knowing that every $2 ticket also helps support good causes in their community.&#8221;<\/p>\n<p><b>Related: <\/b>Thousands of Lottery Players Were Mistakenly Told They Won Millions<\/p>\n<p>Saturday&#8217;s Powerball drawing will be live-streamed on Powerball.com, broadcast live at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee. Powerball tickets cost $2 and are sold in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.<\/p>\n<h2>How Much Money Will the Winner Receive?<\/h2>\n<p>A 24% federal tax is imposed immediately. Then, since the winner has skyrocketed themselves (if they weren&#8217;t there already) into the highest tax bracket (37%), the leftover tax will be paid when filing 2025 taxes.<\/p>\n<p>CNBC notes that many states then add on a 2.5% to 10.9% income tax, though eight states (California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) don&#8217;t tax lottery winnings. In all of the above states, the winner would take home the most money available, with a lump sum of $520,674,980 or an annuity of $1,135,289,400, according to USAMega.com and CNBC.<\/p>\n<p>On the opposite end, the states where the winner will receive the least after taxes are:<\/p>\n<ul>\n<li>New York (lump sum: $430,597,380; annuity: $939,089,400)<\/li>\n<li>New Jersey and Washington, D.C. (lump sum: $431,836,980; annuity: $941,789,400)<\/li>\n<li>Oregon (lump sum: $438,861,380; annuity: $957,089,400)<\/li>\n<li>Minnesota (lump sum: $439,274,580; annuity: $957,989,400)<\/li>\n<li>Maryland (lump sum: $442,166,980; annuity: $964,289,400)<\/li>\n<li>Massachusetts (lump sum: $446,298,980; annuity: $973,289,400)<\/li>\n<li>Vermont (lump sum: $448,364,980; annuity: $977,789,400)<\/li>\n<\/ul>\n<p><b>Related:<\/b> I Won $28 Million in the Lottery When I Was 21. It Changed Everything.<\/p>\n<\/div>\n<div>\n<div class=\"first-letter:float-left first-letter:text-8xl first-letter:pr-1 first-letter:-mt-1 first-letter:font-black first-letter:text-gray-500 prose prose-blue max-w-3xl text-lg leading-relaxed mb-12\">\n<p>This weekend&#8217;s Powerball drawing is one for the record books \u2014 the $1.8 billion jackpot is now the game&#8217;s second-highest prize of all time. (The world record is the $2.04 billion Powerball jackpot, which was won in California on Nov. 7, 2022.)<\/p>\n<p>The winning ticket has an estimated cash value of $826.4 million.<\/p>\n<p>&#8220;Excitement is building as players look forward to tomorrow night&#8217;s drawing for this historic jackpot,&#8221; said Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, in a statement. &#8220;We encourage everyone to play responsibly and take pride in knowing that every $2 ticket also helps support good causes in their community.&#8221;<\/p>\n<\/div>\n<div class=\"justify-center bg-gray-100 flex flex-col sm:flex-row rounded-lg p-6 align-middle sm:text-left text-center\">\n<div class=\"flex flex-col justify-center align-middle mr-0 sm:mr-16\">\n<p class=\"text-sm leading-5 my-0\">\n      The rest of this article is locked.\n    <\/p>\n<p class=\"text-xl text-black font-bold leading-5 my-1\">\n      Join Entrepreneur<span class=\"text-yellow-500\">+<\/span> today for access.\n    <\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.entrepreneur.com\/business-news\/powerball-jackpot-which-states-dont-tax-the-lottery\/496786\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This weekend&#8217;s Powerball drawing is one for the record books \u2014 the $1.8 billion jackpot is now the game&#8217;s second-highest prize of all time. (The world record is the $2.04 billion Powerball jackpot, which was won in California on Nov. 7, 2022.) The winning ticket has an estimated cash value of $826.4 million. &#8220;Excitement is<\/p>\n","protected":false},"author":1,"featured_media":44765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[32],"class_list":{"0":"post-44764","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-make-money","8":"tag-featured"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Powerball Jackpot: Which States Don&#039;t Tax the Lottery? | iSafeSpend<\/title>\n<meta name=\"description\" content=\"This weekend&#039;s Powerball drawing is one for the record books \u2014 the $1.8 billion jackpot is now the game&#039;s second-highest prize of all time. 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