The jackpot for the Powerball draw on Mon Sep 16, 2024, is projected to be $165 Million, with an option for a cash payout of $83.8 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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania Powerball Jackpot/Cash Option for Mon Sep 16, 2024 |
|---|
| Draw Date | Mon Sep 16, 2024 | | Projected Jackpot | $165,000,000 | | Cash Value | $83,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $83,800,000 | | Federal Tax(24%) | $20,112,000 | | Additional Federal Tax | $10,854,330 | | State Tax(3.07%) | $2,572,660 | | Net Lumpsum Payment | $50,261,010 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,483,415 |
$879,194
$76,241 |
$1,527,980 |
| 2 |
$2,607,660 |
$925,165
$80,055 |
$1,602,440 |
| 3 |
$2,738,010 |
$973,394
$84,057 |
$1,680,559 |
| 4 |
$2,874,960 |
$1,024,066
$88,261 |
$1,762,633 |
| 5 |
$3,018,675 |
$1,077,240
$92,673 |
$1,848,762 |
| 6 |
$3,169,650 |
$1,133,101
$97,308 |
$1,939,241 |
| 7 |
$3,328,050 |
$1,191,709
$102,171 |
$2,034,170 |
| 8 |
$3,494,535 |
$1,253,308
$107,282 |
$2,133,945 |
| 9 |
$3,669,270 |
$1,317,960
$112,647 |
$2,238,663 |
| 10 |
$3,852,750 |
$1,385,848
$118,279 |
$2,348,623 |
| 11 |
$4,045,305 |
$1,457,093
$124,191 |
$2,464,021 |
| 12 |
$4,247,595 |
$1,531,941
$130,401 |
$2,585,253 |
| 13 |
$4,459,950 |
$1,610,512
$136,920 |
$2,712,518 |
| 14 |
$4,683,030 |
$1,693,051
$143,769 |
$2,846,210 |
| 15 |
$4,917,165 |
$1,779,681
$150,957 |
$2,986,527 |
| 16 |
$5,163,015 |
$1,870,646
$158,505 |
$3,133,864 |
| 17 |
$5,421,075 |
$1,966,128
$166,427 |
$3,288,520 |
| 18 |
$5,692,170 |
$2,066,433
$174,750 |
$3,450,987 |
| 19 |
$5,976,795 |
$2,171,745
$183,488 |
$3,621,562 |
| 20 |
$6,275,610 |
$2,282,306
$192,661 |
$3,800,643 |
| 21 |
$6,589,440 |
$2,398,423
$202,296 |
$3,988,721 |
| 22 |
$6,918,945 |
$2,520,340
$212,412 |
$4,186,193 |
| 23 |
$7,264,785 |
$2,648,301
$223,029 |
$4,393,455 |
| 24 |
$7,628,115 |
$2,782,733
$234,183 |
$4,611,199 |
| 25 |
$8,009,430 |
$2,923,819
$245,890 |
$4,839,721 |
| 26 |
$8,410,050 |
$3,072,049
$258,189 |
$5,079,812 |
| 27 |
$8,830,470 |
$3,227,604
$271,095 |
$5,331,771 |
| 28 |
$9,272,010 |
$3,390,974
$284,651 |
$5,596,385 |
| 29 |
$9,735,660 |
$3,562,525
$298,885 |
$5,874,250 |
| 30 |
$10,222,410 |
$3,742,622
$313,828 |
$6,165,960 |
|
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