The jackpot for the Powerball draw on Wed Oct 9, 2024, is projected to be $336 Million, with an option for a cash payout of $165.3 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota Powerball Jackpot/Cash Option for Wed Oct 9, 2024 |
|---|
| Draw Date | Wed Oct 9, 2024 | | Projected Jackpot | $336,000,000 | | Cash Value | $165,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $165,300,000 | | Federal Tax(24%) | $39,672,000 | | Additional Federal Tax | $21,449,330 | | State Tax(7.25%) | $11,984,250 | | Net Lumpsum Payment | $92,194,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,057,136 |
$1,831,471
$366,642 |
$2,859,023 |
| 2 |
$5,310,144 |
$1,925,084
$384,985 |
$3,000,075 |
| 3 |
$5,575,584 |
$2,023,296
$404,230 |
$3,148,058 |
| 4 |
$5,854,464 |
$2,126,482
$424,449 |
$3,303,533 |
| 5 |
$6,147,120 |
$2,234,765
$445,666 |
$3,466,689 |
| 6 |
$6,454,560 |
$2,348,518
$467,956 |
$3,638,086 |
| 7 |
$6,777,120 |
$2,467,865
$491,341 |
$3,817,914 |
| 8 |
$7,116,144 |
$2,593,304
$515,920 |
$4,006,920 |
| 9 |
$7,471,968 |
$2,724,959
$541,718 |
$4,205,291 |
| 10 |
$7,845,600 |
$2,863,202
$568,806 |
$4,413,592 |
| 11 |
$8,237,712 |
$3,008,284
$597,234 |
$4,632,194 |
| 12 |
$8,649,648 |
$3,160,700
$627,099 |
$4,861,849 |
| 13 |
$9,082,080 |
$3,320,700
$658,451 |
$5,102,929 |
| 14 |
$9,536,352 |
$3,488,781
$691,386 |
$5,356,185 |
| 15 |
$10,013,136 |
$3,665,191
$725,952 |
$5,621,993 |
| 16 |
$10,513,776 |
$3,850,428
$762,249 |
$5,901,099 |
| 17 |
$11,039,280 |
$4,044,864
$800,348 |
$6,194,068 |
| 18 |
$11,591,328 |
$4,249,122
$840,371 |
$6,501,835 |
| 19 |
$12,170,928 |
$4,463,574
$882,392 |
$6,824,962 |
| 20 |
$12,779,424 |
$4,688,717
$926,508 |
$7,164,199 |
| 21 |
$13,418,496 |
$4,925,174
$972,841 |
$7,520,481 |
| 22 |
$14,089,488 |
$5,173,441
$1,021,488 |
$7,894,559 |
| 23 |
$14,793,744 |
$5,434,016
$1,072,546 |
$8,287,182 |
| 24 |
$15,533,616 |
$5,707,768
$1,126,187 |
$8,699,661 |
| 25 |
$16,310,112 |
$5,995,072
$1,182,483 |
$9,132,557 |
| 26 |
$17,125,920 |
$6,296,921
$1,241,629 |
$9,587,370 |
| 27 |
$17,982,048 |
$6,613,688
$1,303,698 |
$10,064,662 |
| 28 |
$18,881,184 |
$6,946,368
$1,368,886 |
$10,565,930 |
| 29 |
$19,825,344 |
$7,295,708
$1,437,337 |
$11,092,299 |
| 30 |
$20,816,544 |
$7,662,452
$1,509,199 |
$11,644,893 |
|
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