Lottery Annuity Calculator - 30 years payout calculation after your lottery winnings.
Welcome to the best lottery annuity calculator that calculates the 30 years payout options on the basis of your lottery winnings. In the calculation, the federal tax and state tax also take into account. But, if you choose an annuity option, then you collect almost the same amount as much in the advertised jackpot. Your state tax will vary according to the place from where you purchase the lottery ticket. But, your federal tax will be the same as for the other states of the USA. Megamillions and PowerBall lottery are popular in the USA and provide annuity payout service to the winners.
How does the lottery annuity calculator work?
The calculator needs two inputs from the user, which are the winning amount and the state from where the user bought the lottery ticket. The state name is needed because the calculation of tax is calculated according to the state. But, federal tax is the same for all winners. After the user fills in all the inputs, then the "Calculate" button should be clicked to get results. The result displays a lump sum amount after tax as well as annuity payouts for 30 years.
30 years payout amount equal for every year?
No, annuity payouts are different every year. Next year's payout will be more than the previous year, and so on for 30 years. It means the first-year payment is always lesser than the second year, and so on. The final year amount is always the highest, and the first year payment is always the least.
Annuity payments calculation of the winning amount
Suppose you win X amount of lottery jackpot, then federal tax is deducted immediately from the advertised amount. Then, the remaining amount will be distributed in 30 payouts, but differently, every payout is increased by 5 percent every next year. While taking payment every year, you should pay state tax, but your remaining amount earns a certain interest. Finally, if you add up all the payouts, you get almost the same amount of money as the advertised amount. The tax rate may vary every year in the future, so it depends on the state tax rate rules and regulations.
Using a lottery annuity calculator costs any fee.
No, we do not charge any service fee. We are totally free, and we will be free forever. We are using an advertising network to monetize our web tool. So, you can use this tool for free, and we do not charge any hidden charges too.
The taxes are different or equal for annuity payout in the USA.
The federal tax is equal for all winners in the USA, but the state tax rate may be different, as the tax rate system in a particular state. In the case of the annuity chosen winner, the state tax rate may change in the near future. So, the winner should pay tax according to the current tax rate in that particular year of the transaction. Annuity options last for the next 29 years, so we can't predict the future tax rate in the state; it's up to you.