The jackpot for the Powerball draw on Sat Nov 2, 2024, is projected to be $54 Million, with an option for a cash payout of $25.8 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 Maine residents, the state will deduct 5% from your lottery earnings.
Maine Powerball Jackpot/Cash Option for Sat Nov 2, 2024 |
---|
Draw Date | Sat Nov 2, 2024 | Projected Jackpot | $54,000,000 | Cash Value | $25,800,000 |
Lumpsum Option Taxes and Payment |
---|
Cash Gross Payment | $25,800,000 | Federal Tax(24%) | $6,192,000 | Additional Federal Tax | $3,314,330 | State Tax(5%) | $1,290,000 | Net Lumpsum Payment | $15,003,670 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$812,754 |
$261,049 $40,638 |
$511,067 |
2 |
$853,416 |
$276,094 $42,671 |
$534,651 |
3 |
$896,076 |
$291,879 $44,804 |
$559,393 |
4 |
$940,896 |
$308,462 $47,045 |
$585,389 |
5 |
$987,930 |
$325,864 $49,397 |
$612,669 |
6 |
$1,037,340 |
$344,146 $51,867 |
$641,327 |
7 |
$1,089,180 |
$363,327 $54,459 |
$671,394 |
8 |
$1,143,666 |
$383,487 $57,183 |
$702,996 |
9 |
$1,200,852 |
$404,646 $60,043 |
$736,163 |
10 |
$1,260,900 |
$426,863 $63,045 |
$770,992 |
11 |
$1,323,918 |
$450,180 $66,196 |
$807,542 |
12 |
$1,390,122 |
$474,676 $69,506 |
$845,940 |
13 |
$1,459,620 |
$500,390 $72,981 |
$886,249 |
14 |
$1,532,628 |
$527,403 $76,631 |
$928,594 |
15 |
$1,609,254 |
$555,754 $80,463 |
$973,037 |
16 |
$1,689,714 |
$585,525 $84,486 |
$1,019,703 |
17 |
$1,774,170 |
$616,773 $88,709 |
$1,068,688 |
18 |
$1,862,892 |
$649,600 $93,145 |
$1,120,147 |
19 |
$1,956,042 |
$684,066 $97,802 |
$1,174,174 |
20 |
$2,053,836 |
$720,250 $102,692 |
$1,230,894 |
21 |
$2,156,544 |
$758,252 $107,827 |
$1,290,465 |
22 |
$2,264,382 |
$798,152 $113,219 |
$1,353,011 |
23 |
$2,377,566 |
$840,030 $118,878 |
$1,418,658 |
24 |
$2,496,474 |
$884,026 $124,824 |
$1,487,624 |
25 |
$2,621,268 |
$930,200 $131,063 |
$1,560,005 |
26 |
$2,752,380 |
$978,711 $137,619 |
$1,636,050 |
27 |
$2,889,972 |
$1,029,620 $144,499 |
$1,715,853 |
28 |
$3,034,476 |
$1,083,087 $151,724 |
$1,799,665 |
29 |
$3,186,216 |
$1,139,230 $159,311 |
$1,887,675 |
30 |
$3,345,516 |
$1,198,171 $167,276 |
$1,980,069 |
|
|