The jackpot for the Powerball draw on Mon Sep 16, 2024, is projected to be $165 Million, with an option for a cash payout of $83.8 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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho Powerball Jackpot/Cash Option for Mon Sep 16, 2024 |
|---|
| Draw Date | Mon Sep 16, 2024 | | Projected Jackpot | $165,000,000 | | Cash Value | $83,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $83,800,000 | | Federal Tax(24%) | $20,112,000 | | Additional Federal Tax | $10,854,330 | | State Tax(5.8%) | $4,860,400 | | Net Lumpsum Payment | $47,973,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,483,415 |
$879,194
$144,038 |
$1,460,183 |
| 2 |
$2,607,660 |
$925,165
$151,244 |
$1,531,251 |
| 3 |
$2,738,010 |
$973,394
$158,805 |
$1,605,811 |
| 4 |
$2,874,960 |
$1,024,066
$166,748 |
$1,684,146 |
| 5 |
$3,018,675 |
$1,077,240
$175,083 |
$1,766,352 |
| 6 |
$3,169,650 |
$1,133,101
$183,840 |
$1,852,709 |
| 7 |
$3,328,050 |
$1,191,709
$193,027 |
$1,943,314 |
| 8 |
$3,494,535 |
$1,253,308
$202,683 |
$2,038,544 |
| 9 |
$3,669,270 |
$1,317,960
$212,818 |
$2,138,492 |
| 10 |
$3,852,750 |
$1,385,848
$223,460 |
$2,243,442 |
| 11 |
$4,045,305 |
$1,457,093
$234,628 |
$2,353,584 |
| 12 |
$4,247,595 |
$1,531,941
$246,361 |
$2,469,293 |
| 13 |
$4,459,950 |
$1,610,512
$258,677 |
$2,590,761 |
| 14 |
$4,683,030 |
$1,693,051
$271,616 |
$2,718,363 |
| 15 |
$4,917,165 |
$1,779,681
$285,196 |
$2,852,288 |
| 16 |
$5,163,015 |
$1,870,646
$299,455 |
$2,992,914 |
| 17 |
$5,421,075 |
$1,966,128
$314,422 |
$3,140,525 |
| 18 |
$5,692,170 |
$2,066,433
$330,146 |
$3,295,591 |
| 19 |
$5,976,795 |
$2,171,745
$346,654 |
$3,458,396 |
| 20 |
$6,275,610 |
$2,282,306
$363,985 |
$3,629,319 |
| 21 |
$6,589,440 |
$2,398,423
$382,188 |
$3,808,829 |
| 22 |
$6,918,945 |
$2,520,340
$401,299 |
$3,997,306 |
| 23 |
$7,264,785 |
$2,648,301
$421,358 |
$4,195,126 |
| 24 |
$7,628,115 |
$2,782,733
$442,431 |
$4,402,951 |
| 25 |
$8,009,430 |
$2,923,819
$464,547 |
$4,621,064 |
| 26 |
$8,410,050 |
$3,072,049
$487,783 |
$4,850,218 |
| 27 |
$8,830,470 |
$3,227,604
$512,167 |
$5,090,699 |
| 28 |
$9,272,010 |
$3,390,974
$537,777 |
$5,343,259 |
| 29 |
$9,735,660 |
$3,562,525
$564,668 |
$5,608,467 |
| 30 |
$10,222,410 |
$3,742,622
$592,900 |
$5,886,888 |
|
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