The jackpot for the Powerball draw on Mon Sep 9, 2024, is projected to be $121 Million, with an option for a cash payout of $61 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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky Powerball Jackpot/Cash Option for Mon Sep 9, 2024 |
|---|
| Draw Date | Mon Sep 9, 2024 | | Projected Jackpot | $121,000,000 | | Cash Value | $61,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,000,000 | | Federal Tax(24%) | $14,640,000 | | Additional Federal Tax | $7,890,330 | | State Tax(4.5%) | $2,745,000 | | Net Lumpsum Payment | $35,724,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,821,171 |
$634,164
$81,953 |
$1,105,054 |
| 2 |
$1,912,284 |
$667,875
$86,053 |
$1,158,356 |
| 3 |
$2,007,874 |
$703,244
$90,354 |
$1,214,276 |
| 4 |
$2,108,304 |
$740,403
$94,874 |
$1,273,027 |
| 5 |
$2,213,695 |
$779,398
$99,616 |
$1,334,681 |
| 6 |
$2,324,410 |
$820,362
$104,598 |
$1,399,450 |
| 7 |
$2,440,570 |
$863,341
$109,826 |
$1,467,403 |
| 8 |
$2,562,659 |
$908,514
$115,320 |
$1,538,825 |
| 9 |
$2,690,798 |
$955,926
$121,086 |
$1,613,786 |
| 10 |
$2,825,350 |
$1,005,710
$127,141 |
$1,692,499 |
| 11 |
$2,966,557 |
$1,057,956
$133,495 |
$1,775,106 |
| 12 |
$3,114,903 |
$1,112,844
$140,171 |
$1,861,888 |
| 13 |
$3,270,630 |
$1,170,463
$147,178 |
$1,952,989 |
| 14 |
$3,434,222 |
$1,230,993
$154,540 |
$2,048,689 |
| 15 |
$3,605,921 |
$1,294,521
$162,266 |
$2,149,134 |
| 16 |
$3,786,211 |
$1,361,228
$170,379 |
$2,254,604 |
| 17 |
$3,975,455 |
$1,431,249
$178,895 |
$2,365,311 |
| 18 |
$4,174,258 |
$1,504,806
$187,842 |
$2,481,610 |
| 19 |
$4,382,983 |
$1,582,034
$197,234 |
$2,603,715 |
| 20 |
$4,602,114 |
$1,663,113
$207,095 |
$2,731,906 |
| 21 |
$4,832,256 |
$1,748,265
$217,452 |
$2,866,539 |
| 22 |
$5,073,893 |
$1,837,671
$228,325 |
$3,007,897 |
| 23 |
$5,327,509 |
$1,931,509
$239,738 |
$3,156,262 |
| 24 |
$5,593,951 |
$2,030,092
$251,728 |
$3,312,131 |
| 25 |
$5,873,582 |
$2,133,556
$264,311 |
$3,475,715 |
| 26 |
$6,167,370 |
$2,242,257
$277,532 |
$3,647,581 |
| 27 |
$6,475,678 |
$2,356,331
$291,406 |
$3,827,941 |
| 28 |
$6,799,474 |
$2,476,136
$305,976 |
$4,017,362 |
| 29 |
$7,139,484 |
$2,601,939
$321,277 |
$4,216,268 |
| 30 |
$7,496,434 |
$2,734,011
$337,340 |
$4,425,083 |
|
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