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 Oklahoma residents, the state will deduct 4.75% from your lottery earnings.
| Oklahoma 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(4.75%) | $7,851,750 | | Net Lumpsum Payment | $96,326,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,057,136 |
$1,831,471
$240,214 |
$2,985,451 |
| 2 |
$5,310,144 |
$1,925,084
$252,232 |
$3,132,828 |
| 3 |
$5,575,584 |
$2,023,296
$264,840 |
$3,287,448 |
| 4 |
$5,854,464 |
$2,126,482
$278,087 |
$3,449,895 |
| 5 |
$6,147,120 |
$2,234,765
$291,988 |
$3,620,367 |
| 6 |
$6,454,560 |
$2,348,518
$306,592 |
$3,799,450 |
| 7 |
$6,777,120 |
$2,467,865
$321,913 |
$3,987,342 |
| 8 |
$7,116,144 |
$2,593,304
$338,017 |
$4,184,823 |
| 9 |
$7,471,968 |
$2,724,959
$354,918 |
$4,392,091 |
| 10 |
$7,845,600 |
$2,863,202
$372,666 |
$4,609,732 |
| 11 |
$8,237,712 |
$3,008,284
$391,291 |
$4,838,137 |
| 12 |
$8,649,648 |
$3,160,700
$410,858 |
$5,078,090 |
| 13 |
$9,082,080 |
$3,320,700
$431,399 |
$5,329,981 |
| 14 |
$9,536,352 |
$3,488,781
$452,977 |
$5,594,594 |
| 15 |
$10,013,136 |
$3,665,191
$475,624 |
$5,872,321 |
| 16 |
$10,513,776 |
$3,850,428
$499,404 |
$6,163,944 |
| 17 |
$11,039,280 |
$4,044,864
$524,366 |
$6,470,050 |
| 18 |
$11,591,328 |
$4,249,122
$550,588 |
$6,791,618 |
| 19 |
$12,170,928 |
$4,463,574
$578,119 |
$7,129,235 |
| 20 |
$12,779,424 |
$4,688,717
$607,023 |
$7,483,684 |
| 21 |
$13,418,496 |
$4,925,174
$637,379 |
$7,855,943 |
| 22 |
$14,089,488 |
$5,173,441
$669,251 |
$8,246,796 |
| 23 |
$14,793,744 |
$5,434,016
$702,703 |
$8,657,025 |
| 24 |
$15,533,616 |
$5,707,768
$737,847 |
$9,088,001 |
| 25 |
$16,310,112 |
$5,995,072
$774,730 |
$9,540,310 |
| 26 |
$17,125,920 |
$6,296,921
$813,481 |
$10,015,518 |
| 27 |
$17,982,048 |
$6,613,688
$854,147 |
$10,514,213 |
| 28 |
$18,881,184 |
$6,946,368
$896,856 |
$11,037,960 |
| 29 |
$19,825,344 |
$7,295,708
$941,704 |
$11,587,932 |
| 30 |
$20,816,544 |
$7,662,452
$988,786 |
$12,165,306 |
|
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