"Powerball's $420M Jackpot: Find Out the After-Tax Payout and Winning Numbers"

Powerball's jackpot has reached $420 million, but the after-tax payout varies depending on the state and payout option chosen. Winners have the choice between a lump sum payment or an annual payment spread over 30 years. Federal taxes, including an automatic withholding tax of 24%, apply to all winners, and additional federal taxes may be owed depending on the winner's income tax bracket. State income taxes also apply, but eight states do not charge income tax on lottery winnings. The after-tax amount for each state, assuming a top federal tax rate of 37%, is provided for both the lump sum and annuity options.