The jackpot for the Powerball draw on Wed Dec 11, 2024, is projected to be $30 Million, with an option for a cash payout of $14.5 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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio Powerball Jackpot/Cash Option for Wed Dec 11, 2024 |
|---|
| Draw Date | Wed Dec 11, 2024 | | Projected Jackpot | $30,000,000 | | Cash Value | $14,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $14,500,000 | | Federal Tax(24%) | $3,480,000 | | Additional Federal Tax | $1,845,330 | | State Tax(3.99%) | $578,550 | | Net Lumpsum Payment | $8,596,120 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$18,016 |
$306,118 |
| 2 |
$474,120 |
$135,755
$18,917 |
$319,448 |
| 3 |
$497,820 |
$144,524
$19,863 |
$333,433 |
| 4 |
$522,720 |
$153,737
$20,857 |
$348,126 |
| 5 |
$548,850 |
$163,405
$21,899 |
$363,546 |
| 6 |
$576,300 |
$173,561
$22,994 |
$379,745 |
| 7 |
$605,100 |
$184,217
$24,143 |
$396,740 |
| 8 |
$635,370 |
$195,417
$25,351 |
$414,602 |
| 9 |
$667,140 |
$207,172
$26,619 |
$433,349 |
| 10 |
$700,500 |
$219,515
$27,950 |
$453,035 |
| 11 |
$735,510 |
$232,469
$29,347 |
$473,694 |
| 12 |
$772,290 |
$246,078
$30,814 |
$495,398 |
| 13 |
$810,900 |
$260,363
$32,355 |
$518,182 |
| 14 |
$851,460 |
$275,371
$33,973 |
$542,116 |
| 15 |
$894,030 |
$291,121
$35,672 |
$567,237 |
| 16 |
$938,730 |
$307,660
$37,455 |
$593,615 |
| 17 |
$985,650 |
$325,021
$39,327 |
$621,302 |
| 18 |
$1,034,940 |
$343,258
$41,294 |
$650,388 |
| 19 |
$1,086,690 |
$362,406
$43,359 |
$680,925 |
| 20 |
$1,141,020 |
$382,508
$45,527 |
$712,985 |
| 21 |
$1,198,080 |
$403,620
$47,803 |
$746,657 |
| 22 |
$1,257,990 |
$425,787
$50,194 |
$782,009 |
| 23 |
$1,320,870 |
$449,052
$52,703 |
$819,115 |
| 24 |
$1,386,930 |
$473,494
$55,339 |
$858,097 |
| 25 |
$1,456,260 |
$499,147
$58,105 |
$899,008 |
| 26 |
$1,529,100 |
$526,097
$61,011 |
$941,992 |
| 27 |
$1,605,540 |
$554,380
$64,061 |
$987,099 |
| 28 |
$1,685,820 |
$584,084
$67,264 |
$1,034,472 |
| 29 |
$1,770,120 |
$615,275
$70,628 |
$1,084,217 |
| 30 |
$1,858,620 |
$648,020
$74,159 |
$1,136,441 |
|
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