Jackpot Analysis Maine Powerball

Jackpot Analysis for Maine Powerball
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 DateSat 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