The jackpot for the Powerball draw on Sat Dec 14, 2024, is projected to be $45 Million, with an option for a cash payout of $21.7 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 those living in Puerto Rico, the bright side is you won't have to pay any state taxes on your lottery prize.
| Puerto Rico Powerball Jackpot/Cash Option for Sat Dec 14, 2024 |
|---|
| Draw Date | Sat Dec 14, 2024 | | Projected Jackpot | $45,000,000 | | Cash Value | $21,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $21,700,000 | | Federal Tax(24%) | $5,208,000 | | Additional Federal Tax | $2,781,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $13,710,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$677,295 |
$210,930
$0 |
$466,365 |
| 2 |
$711,180 |
$223,467
$0 |
$487,713 |
| 3 |
$746,730 |
$236,620
$0 |
$510,110 |
| 4 |
$784,080 |
$250,440
$0 |
$533,640 |
| 5 |
$823,275 |
$264,942
$0 |
$558,333 |
| 6 |
$864,450 |
$280,177
$0 |
$584,273 |
| 7 |
$907,650 |
$296,161
$0 |
$611,489 |
| 8 |
$953,055 |
$312,961
$0 |
$640,094 |
| 9 |
$1,000,710 |
$330,593
$0 |
$670,117 |
| 10 |
$1,050,750 |
$349,108
$0 |
$701,642 |
| 11 |
$1,103,265 |
$368,538
$0 |
$734,727 |
| 12 |
$1,158,435 |
$388,951
$0 |
$769,484 |
| 13 |
$1,216,350 |
$410,380
$0 |
$805,970 |
| 14 |
$1,277,190 |
$432,891
$0 |
$844,299 |
| 15 |
$1,341,045 |
$456,517
$0 |
$884,528 |
| 16 |
$1,408,095 |
$481,326
$0 |
$926,769 |
| 17 |
$1,478,475 |
$507,366
$0 |
$971,109 |
| 18 |
$1,552,410 |
$534,722
$0 |
$1,017,688 |
| 19 |
$1,630,035 |
$563,443
$0 |
$1,066,592 |
| 20 |
$1,711,530 |
$593,596
$0 |
$1,117,934 |
| 21 |
$1,797,120 |
$625,265
$0 |
$1,171,855 |
| 22 |
$1,886,985 |
$658,515
$0 |
$1,228,470 |
| 23 |
$1,981,305 |
$693,413
$0 |
$1,287,892 |
| 24 |
$2,080,395 |
$730,077
$0 |
$1,350,318 |
| 25 |
$2,184,390 |
$768,555
$0 |
$1,415,835 |
| 26 |
$2,293,650 |
$808,981
$0 |
$1,484,669 |
| 27 |
$2,408,310 |
$851,405
$0 |
$1,556,905 |
| 28 |
$2,528,730 |
$895,960
$0 |
$1,632,770 |
| 29 |
$2,655,180 |
$942,747
$0 |
$1,712,433 |
| 30 |
$2,787,930 |
$991,864
$0 |
$1,796,066 |
|
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