The jackpot for the Powerball draw on Wed Sep 18, 2024, is projected to be $176 Million, with an option for a cash payout of $89.4 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 Massachusetts residents, the state will deduct 5% from your lottery earnings.
| Massachusetts Powerball Jackpot/Cash Option for Wed Sep 18, 2024 |
|---|
| Draw Date | Wed Sep 18, 2024 | | Projected Jackpot | $176,000,000 | | Cash Value | $89,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $89,400,000 | | Federal Tax(24%) | $21,456,000 | | Additional Federal Tax | $11,582,330 | | State Tax(5%) | $4,470,000 | | Net Lumpsum Payment | $51,891,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,648,976 |
$940,452
$132,449 |
$1,576,075 |
| 2 |
$2,781,504 |
$989,487
$139,075 |
$1,652,942 |
| 3 |
$2,920,544 |
$1,040,932
$146,027 |
$1,733,585 |
| 4 |
$3,066,624 |
$1,094,981
$153,331 |
$1,818,312 |
| 5 |
$3,219,920 |
$1,151,701
$160,996 |
$1,907,223 |
| 6 |
$3,380,960 |
$1,211,286
$169,048 |
$2,000,626 |
| 7 |
$3,549,920 |
$1,273,801
$177,496 |
$2,098,623 |
| 8 |
$3,727,504 |
$1,339,507
$186,375 |
$2,201,622 |
| 9 |
$3,913,888 |
$1,408,469
$195,694 |
$2,309,725 |
| 10 |
$4,109,600 |
$1,480,882
$205,480 |
$2,423,238 |
| 11 |
$4,314,992 |
$1,556,877
$215,750 |
$2,542,365 |
| 12 |
$4,530,768 |
$1,636,715
$226,538 |
$2,667,515 |
| 13 |
$4,757,280 |
$1,720,524
$237,864 |
$2,798,892 |
| 14 |
$4,995,232 |
$1,808,566
$249,762 |
$2,936,904 |
| 15 |
$5,244,976 |
$1,900,972
$262,249 |
$3,081,755 |
| 16 |
$5,507,216 |
$1,998,000
$275,361 |
$3,233,855 |
| 17 |
$5,782,480 |
$2,099,848
$289,124 |
$3,393,508 |
| 18 |
$6,071,648 |
$2,206,840
$303,582 |
$3,561,226 |
| 19 |
$6,375,248 |
$2,319,172
$318,762 |
$3,737,314 |
| 20 |
$6,693,984 |
$2,437,104
$334,699 |
$3,922,181 |
| 21 |
$7,028,736 |
$2,560,963
$351,437 |
$4,116,336 |
| 22 |
$7,380,208 |
$2,691,007
$369,010 |
$4,320,191 |
| 23 |
$7,749,104 |
$2,827,499
$387,455 |
$4,534,150 |
| 24 |
$8,136,656 |
$2,970,893
$406,833 |
$4,758,930 |
| 25 |
$8,543,392 |
$3,121,385
$427,170 |
$4,994,837 |
| 26 |
$8,970,720 |
$3,279,497
$448,536 |
$5,242,687 |
| 27 |
$9,419,168 |
$3,445,423
$470,958 |
$5,502,787 |
| 28 |
$9,890,144 |
$3,619,684
$494,507 |
$5,775,953 |
| 29 |
$10,384,704 |
$3,802,671
$519,235 |
$6,062,798 |
| 30 |
$10,903,904 |
$3,994,775
$545,195 |
$6,363,934 |
|
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