Lottery Odds Calculator Back to the Lotto Genie Home Page With the Lottery Odds Calculator you can quickly find the odds for 5, 6 or 7 Lotto. On the other hand if casino games are what you are after. Use our lottery odds calculator to reveal the odds of winning any US lottery game whether you play with a bonus or not. It works across all games and states. We use cookies to personalize content and ads, and to analyze our traffic. Legal Stuff: All calculated figures are based on a sole prize winner and factor in an initial 24% federal tax withholding. A portion of this information has been provided by usamega.com, and all figures are subject to fluctuation resulting from (but not limited to) changes in tax requirements, lottery rules, payout structures, personal expenditures, etc.

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State and Federal Tax

If you win a prize of more than $5,000, there will be an initial 24 percent withholding for federal tax. If you win the jackpot you are highly likely to move into the top federal tax rate and your prize will be subject to a 37 percent withholding, whether you select the cash lump sum or the annuity.

Please note that the jackpot prize calculator will provide you with only an estimate of the annuity and cash option prize amount. The accuracy of this calculator is not guaranteed. The actual prize award amounts may vary. Therefore, please contact your nearest Ohio Lottery office to obtain the actual prize award amounts. Winning the lottery is exciting, but don’t expect to get all that cash in a single payout. Lottery winnings are calculated based on payouts that last a set period of years, often 25 to 30, and it is only with the final payment that you’ll have received the full amount.

The cash figure represents the jackpot fund on the day of the drawing, while the larger annuity value (the one that is advertised ahead of the drawing) is how much you would receive pre-tax after the cash sum has been invested over 29 years. Find out more about how the Lotto America jackpot works.

Lotto Calculator After Taxes

For prizes between $600 and $5,000, you do not owe any federal tax but you are still required to report your winnings on a federal income tax form.

As well as federal withholding, you will also owe state taxes on prizes above $5,000 in most participating jurisdictions. The only states which do not tax prizes are South Dakota and Tennessee. Here are the tax rates for the participating states:

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