Florida lottery tax calculator
Florida has no state income tax, and it does not tax lottery prizes. Your Powerball, Mega Millions or Florida Lotto win faces federal tax only. Enter the jackpot and your income to see what you would take home.
Cash option
$47,000,000
before tax
Take-home, lump sum
$29,639,920
after about 36.9% tax
Total tax, lump sum
$17,360,080
Federal $17,360,080 + state $0
Lump sum breakdown
Your top federal rate on this win: 37%. The lottery withholds only 24%, so a large jackpot usually means a large bill on top.
Annuity: 30 payments over 29 years
First payment
$1,505,144
rises 5% a year
Total take-home
$63,897,592
from $100,000,000 gross
Worth today at 4%
$33,331,724
annuity take-home in today's money
On these numbers the annuity is worth more in today's money ($33,331,724 versus $29,639,920). Change the discount rate and see how it flips.
See every annuity payment
| Year | Gross | Federal tax | State tax | Take-home |
|---|---|---|---|---|
| 1 | $1,505,144 | $526,983 | $0 | $978,160 |
| 2 | $1,580,401 | $554,829 | $0 | $1,025,572 |
| 3 | $1,659,421 | $584,066 | $0 | $1,075,355 |
| 4 | $1,742,392 | $614,765 | $0 | $1,127,627 |
| 5 | $1,829,511 | $646,999 | $0 | $1,182,512 |
| 6 | $1,920,987 | $680,845 | $0 | $1,240,142 |
| 7 | $2,017,036 | $716,384 | $0 | $1,300,653 |
| 8 | $2,117,888 | $753,699 | $0 | $1,364,189 |
| 9 | $2,223,782 | $792,880 | $0 | $1,430,903 |
| 10 | $2,334,972 | $834,020 | $0 | $1,500,952 |
| 11 | $2,451,720 | $877,217 | $0 | $1,574,503 |
| 12 | $2,574,306 | $922,574 | $0 | $1,651,733 |
| 13 | $2,703,021 | $970,198 | $0 | $1,732,823 |
| 14 | $2,838,173 | $1,020,204 | $0 | $1,817,968 |
| 15 | $2,980,081 | $1,072,710 | $0 | $1,907,371 |
| 16 | $3,129,085 | $1,127,842 | $0 | $2,001,243 |
| 17 | $3,285,540 | $1,185,730 | $0 | $2,099,810 |
| 18 | $3,449,816 | $1,246,512 | $0 | $2,203,304 |
| 19 | $3,622,307 | $1,310,334 | $0 | $2,311,973 |
| 20 | $3,803,423 | $1,377,347 | $0 | $2,426,076 |
| 21 | $3,993,594 | $1,447,710 | $0 | $2,545,884 |
| 22 | $4,193,274 | $1,521,591 | $0 | $2,671,682 |
| 23 | $4,402,937 | $1,599,167 | $0 | $2,803,770 |
| 24 | $4,623,084 | $1,680,621 | $0 | $2,942,463 |
| 25 | $4,854,238 | $1,766,148 | $0 | $3,088,090 |
| 26 | $5,096,950 | $1,855,952 | $0 | $3,240,998 |
| 27 | $5,351,798 | $1,950,245 | $0 | $3,401,552 |
| 28 | $5,619,388 | $2,049,254 | $0 | $3,570,134 |
| 29 | $5,900,357 | $2,153,212 | $0 | $3,747,145 |
| 30 | $6,195,375 | $2,262,369 | $0 | $3,933,006 |
An estimate for educational use, using 2026 US federal brackets and the standard deduction, with the win taxed as ordinary income on top of the income you enter. It ignores deductions, credits, the alternative minimum tax, local taxes you do not enter and trusts. Pools, gifts and estate tax change the picture. Talk to a tax professional before you claim a large prize.
Lottery winnings in Florida
Florida levies no personal income tax, and lottery winnings are not taxed by the state. Federal tax still applies. Prizes of $600 or more are generally reported to the IRS, and the lottery withholds 24% federal tax on prizes over $5,000.
Because there is no state tax, Florida winners keep more of a big prize than winners in high-tax states. The remaining question is how the federal tax on the lump sum compares with spreading it across an annuity.
What the calculator does
- 1Takes the advertised jackpot and applies the cash option percentage to get the lump sum.
- 2Adds the lump sum to the other income you enter and applies the 2026 federal brackets and standard deduction.
- 3Subtracts the 24% already withheld to show how much more you will owe.
- 4Applies your state rate to the winnings.
- 5For the annuity, spreads the jackpot over 30 payments that each grow by 5%, taxes every year separately and discounts the result to today's money.
This is an estimate. It leaves out deductions, credits, the alternative minimum tax and local taxes. Always confirm with a tax professional before claiming a large prize.
Lump sum or annuity: how to think about it
- The lump sum is a fixed amount now, usually about half the advertised jackpot, and is taxed in one year at the top brackets.
- The annuity pays the full advertised amount over 29 years, rises 5% a year and is taxed year by year, often at lower rates in the early years.
- The right answer depends on how much you can earn on invested money, your discipline, your health and family, and your tax situation.
- Winners who take the annuity cannot spend it all at once, which protects some people from themselves. Winners who take the lump sum can invest it, but also lose it.
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Frequently asked questions
Does Florida tax lottery winnings?
No. Florida has no state income tax and does not tax lottery prizes. Federal tax applies.
How much federal tax would I owe on a Florida jackpot?
The lottery withholds 24%, but a large prize is taxed at your marginal rates, up to 37%. Use the calculator for an estimate with your income.
Can I stay anonymous if I win in Florida?
Florida lets winners of $250,000 or more keep their identity confidential for 90 days, and some winners can remain private longer through special rules. Check the Florida Lottery for the current rules.
Does the lump sum or annuity change my state tax in Florida?
No. State tax is zero either way. The choice only changes the federal tax pattern.