The jackpot for the Powerball draw on Wed Dec 11, 2024, is projected to be $30 Million, with an option for a cash payout of $14.5 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida Powerball Jackpot/Cash Option for Wed Dec 11, 2024 |
|---|
| Draw Date | Wed Dec 11, 2024 | | Projected Jackpot | $30,000,000 | | Cash Value | $14,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $14,500,000 | | Federal Tax(24%) | $3,480,000 | | Additional Federal Tax | $1,845,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $9,174,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$0 |
$324,134 |
| 2 |
$474,120 |
$135,755
$0 |
$338,365 |
| 3 |
$497,820 |
$144,524
$0 |
$353,296 |
| 4 |
$522,720 |
$153,737
$0 |
$368,983 |
| 5 |
$548,850 |
$163,405
$0 |
$385,445 |
| 6 |
$576,300 |
$173,561
$0 |
$402,739 |
| 7 |
$605,100 |
$184,217
$0 |
$420,883 |
| 8 |
$635,370 |
$195,417
$0 |
$439,953 |
| 9 |
$667,140 |
$207,172
$0 |
$459,968 |
| 10 |
$700,500 |
$219,515
$0 |
$480,985 |
| 11 |
$735,510 |
$232,469
$0 |
$503,041 |
| 12 |
$772,290 |
$246,078
$0 |
$526,212 |
| 13 |
$810,900 |
$260,363
$0 |
$550,537 |
| 14 |
$851,460 |
$275,371
$0 |
$576,089 |
| 15 |
$894,030 |
$291,121
$0 |
$602,909 |
| 16 |
$938,730 |
$307,660
$0 |
$631,070 |
| 17 |
$985,650 |
$325,021
$0 |
$660,629 |
| 18 |
$1,034,940 |
$343,258
$0 |
$691,682 |
| 19 |
$1,086,690 |
$362,406
$0 |
$724,284 |
| 20 |
$1,141,020 |
$382,508
$0 |
$758,512 |
| 21 |
$1,198,080 |
$403,620
$0 |
$794,460 |
| 22 |
$1,257,990 |
$425,787
$0 |
$832,203 |
| 23 |
$1,320,870 |
$449,052
$0 |
$871,818 |
| 24 |
$1,386,930 |
$473,494
$0 |
$913,436 |
| 25 |
$1,456,260 |
$499,147
$0 |
$957,113 |
| 26 |
$1,529,100 |
$526,097
$0 |
$1,003,003 |
| 27 |
$1,605,540 |
$554,380
$0 |
$1,051,160 |
| 28 |
$1,685,820 |
$584,084
$0 |
$1,101,736 |
| 29 |
$1,770,120 |
$615,275
$0 |
$1,154,845 |
| 30 |
$1,858,620 |
$648,020
$0 |
$1,210,600 |
|
|
