By my calculations, which has been borne out by previous stories about winners, the post-tax cash taking is about 34% of the annuity jackpot amount -- or roughly $136 million in this case.
In most, if not all, states, these lottery prizes are exempt from state taxes.
Note that different lotteries have different math behind them, based on how the annuity pays out. Mega Millions, for example, has a higher cash option due to being based on a 20-year annuity (as opposed to Powerball's 26 year), so your after-tax take is about 40% of annuity value.
$136M instead of $87.6M????
Man.....now I gotta start my budgeting all over again!
Sheessh!