The jackpot for the Powerball draw on Sat Jul 27, 2024, is projected to be $131 Million, with an option for a cash payout of $62.8 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota Powerball Jackpot/Cash Option for Sat Jul 27, 2024 |
|---|
| Draw Date | Sat Jul 27, 2024 | | Projected Jackpot | $131,000,000 | | Cash Value | $62,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $62,800,000 | | Federal Tax(24%) | $15,072,000 | | Additional Federal Tax | $8,124,330 | | State Tax(7.25%) | $4,553,000 | | Net Lumpsum Payment | $35,050,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,971,681 |
$689,852
$142,947 |
$1,138,882 |
| 2 |
$2,070,324 |
$726,350
$150,098 |
$1,193,876 |
| 3 |
$2,173,814 |
$764,642
$157,602 |
$1,251,570 |
| 4 |
$2,282,544 |
$804,872
$165,484 |
$1,312,188 |
| 5 |
$2,396,645 |
$847,089
$173,757 |
$1,375,799 |
| 6 |
$2,516,510 |
$891,439
$182,447 |
$1,442,624 |
| 7 |
$2,642,270 |
$937,970
$191,565 |
$1,512,735 |
| 8 |
$2,774,449 |
$986,877
$201,148 |
$1,586,424 |
| 9 |
$2,913,178 |
$1,038,206
$211,205 |
$1,663,767 |
| 10 |
$3,058,850 |
$1,092,105
$221,767 |
$1,744,978 |
| 11 |
$3,211,727 |
$1,148,669
$232,850 |
$1,830,208 |
| 12 |
$3,372,333 |
$1,208,094
$244,494 |
$1,919,745 |
| 13 |
$3,540,930 |
$1,270,474
$256,717 |
$2,013,739 |
| 14 |
$3,718,042 |
$1,336,006
$269,558 |
$2,112,478 |
| 15 |
$3,903,931 |
$1,404,785
$283,035 |
$2,216,111 |
| 16 |
$4,099,121 |
$1,477,005
$297,186 |
$2,324,930 |
| 17 |
$4,304,005 |
$1,552,812
$312,040 |
$2,439,153 |
| 18 |
$4,519,238 |
$1,632,448
$327,645 |
$2,559,145 |
| 19 |
$4,745,213 |
$1,716,059
$344,028 |
$2,685,126 |
| 20 |
$4,982,454 |
$1,803,838
$361,228 |
$2,817,388 |
| 21 |
$5,231,616 |
$1,896,028
$379,292 |
$2,956,296 |
| 22 |
$5,493,223 |
$1,992,823
$398,259 |
$3,102,141 |
| 23 |
$5,767,799 |
$2,094,416
$418,165 |
$3,255,218 |
| 24 |
$6,056,261 |
$2,201,147
$439,079 |
$3,416,035 |
| 25 |
$6,359,002 |
$2,313,161
$461,028 |
$3,584,813 |
| 26 |
$6,677,070 |
$2,430,846
$484,088 |
$3,762,136 |
| 27 |
$7,010,858 |
$2,554,348
$508,287 |
$3,948,223 |
| 28 |
$7,361,414 |
$2,684,054
$533,703 |
$4,143,657 |
| 29 |
$7,729,524 |
$2,820,254
$560,390 |
$4,348,880 |
| 30 |
$8,115,974 |
$2,963,241
$588,408 |
$4,564,325 |
|
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