The jackpot for the Powerball draw on Sat Dec 28, 2024, is projected to be $145 Million, with an option for a cash payout of $66.2 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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC Powerball Jackpot/Cash Option for Sat Dec 28, 2024 |
|---|
| Draw Date | Sat Dec 28, 2024 | | Projected Jackpot | $145,000,000 | | Cash Value | $66,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $66,200,000 | | Federal Tax(24%) | $15,888,000 | | Additional Federal Tax | $8,566,330 | | State Tax(10.75%) | $7,116,500 | | Net Lumpsum Payment | $34,629,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$234,607 |
$1,179,971 |
| 2 |
$2,291,580 |
$808,215
$246,345 |
$1,237,020 |
| 3 |
$2,406,130 |
$850,598
$258,659 |
$1,296,873 |
| 4 |
$2,526,480 |
$895,128
$271,597 |
$1,359,755 |
| 5 |
$2,652,775 |
$941,857
$285,173 |
$1,425,745 |
| 6 |
$2,785,450 |
$990,947
$299,436 |
$1,495,067 |
| 7 |
$2,924,650 |
$1,042,451
$314,400 |
$1,567,799 |
| 8 |
$3,070,955 |
$1,096,584
$330,128 |
$1,644,243 |
| 9 |
$3,224,510 |
$1,153,399
$346,635 |
$1,724,476 |
| 10 |
$3,385,750 |
$1,213,058
$363,968 |
$1,808,724 |
| 11 |
$3,554,965 |
$1,275,667
$382,159 |
$1,897,139 |
| 12 |
$3,732,735 |
$1,341,442
$401,269 |
$1,990,024 |
| 13 |
$3,919,350 |
$1,410,490
$421,330 |
$2,087,530 |
| 14 |
$4,115,390 |
$1,483,025
$442,404 |
$2,189,961 |
| 15 |
$4,321,145 |
$1,559,154
$464,523 |
$2,297,468 |
| 16 |
$4,537,195 |
$1,639,093
$487,748 |
$2,410,354 |
| 17 |
$4,763,975 |
$1,723,001
$512,127 |
$2,528,847 |
| 18 |
$5,002,210 |
$1,811,148
$537,738 |
$2,653,324 |
| 19 |
$5,252,335 |
$1,903,694
$564,626 |
$2,784,015 |
| 20 |
$5,514,930 |
$2,000,854
$592,855 |
$2,921,221 |
| 21 |
$5,790,720 |
$2,102,897
$622,502 |
$3,065,321 |
| 22 |
$6,080,285 |
$2,210,036
$653,631 |
$3,216,618 |
| 23 |
$6,384,205 |
$2,322,486
$686,302 |
$3,375,417 |
| 24 |
$6,703,495 |
$2,440,624
$720,626 |
$3,542,245 |
| 25 |
$7,038,590 |
$2,564,609
$756,648 |
$3,717,333 |
| 26 |
$7,390,650 |
$2,694,871
$794,495 |
$3,901,284 |
| 27 |
$7,760,110 |
$2,831,571
$834,212 |
$4,094,327 |
| 28 |
$8,148,130 |
$2,975,138
$875,924 |
$4,297,068 |
| 29 |
$8,555,580 |
$3,125,895
$919,725 |
$4,509,960 |
| 30 |
$8,983,330 |
$3,284,162
$965,708 |
$4,733,460 |
|
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