The jackpot for the Powerball draw on Wed Nov 13, 2024, is projected to be $113 Million, with an option for a cash payout of $53.4 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 Colorado residents, the state will deduct 4% from your lottery earnings.
| Colorado Powerball Jackpot/Cash Option for Wed Nov 13, 2024 |
|---|
| Draw Date | Wed Nov 13, 2024 | | Projected Jackpot | $113,000,000 | | Cash Value | $53,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $53,400,000 | | Federal Tax(24%) | $12,816,000 | | Additional Federal Tax | $6,902,330 | | State Tax(4%) | $2,136,000 | | Net Lumpsum Payment | $31,545,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$68,031 |
$1,043,119 |
| 2 |
$1,785,852 |
$621,096
$71,434 |
$1,093,322 |
| 3 |
$1,875,122 |
$654,126
$75,005 |
$1,145,991 |
| 4 |
$1,968,912 |
$688,828
$78,756 |
$1,201,328 |
| 5 |
$2,067,335 |
$725,244
$82,693 |
$1,259,398 |
| 6 |
$2,170,730 |
$763,500
$86,829 |
$1,320,401 |
| 7 |
$2,279,210 |
$803,638
$91,168 |
$1,384,404 |
| 8 |
$2,393,227 |
$845,824
$95,729 |
$1,451,674 |
| 9 |
$2,512,894 |
$890,101
$100,516 |
$1,522,277 |
| 10 |
$2,638,550 |
$936,594
$105,542 |
$1,596,414 |
| 11 |
$2,770,421 |
$985,386
$110,817 |
$1,674,218 |
| 12 |
$2,908,959 |
$1,036,645
$116,358 |
$1,755,956 |
| 13 |
$3,054,390 |
$1,090,455
$122,176 |
$1,841,759 |
| 14 |
$3,207,166 |
$1,146,982
$128,287 |
$1,931,897 |
| 15 |
$3,367,513 |
$1,206,310
$134,701 |
$2,026,502 |
| 16 |
$3,535,883 |
$1,268,607
$141,435 |
$2,125,841 |
| 17 |
$3,712,615 |
$1,333,998
$148,505 |
$2,230,112 |
| 18 |
$3,898,274 |
$1,402,692
$155,931 |
$2,339,651 |
| 19 |
$4,093,199 |
$1,474,814
$163,728 |
$2,454,657 |
| 20 |
$4,297,842 |
$1,550,532
$171,914 |
$2,575,396 |
| 21 |
$4,512,768 |
$1,630,055
$180,511 |
$2,702,202 |
| 22 |
$4,738,429 |
$1,713,549
$189,537 |
$2,835,343 |
| 23 |
$4,975,277 |
$1,801,183
$199,011 |
$2,975,083 |
| 24 |
$5,224,103 |
$1,893,248
$208,964 |
$3,121,891 |
| 25 |
$5,485,246 |
$1,989,871
$219,410 |
$3,275,965 |
| 26 |
$5,759,610 |
$2,091,386
$230,384 |
$3,437,840 |
| 27 |
$6,047,534 |
$2,197,918
$241,901 |
$3,607,715 |
| 28 |
$6,349,922 |
$2,309,802
$253,997 |
$3,786,123 |
| 29 |
$6,667,452 |
$2,427,288
$266,698 |
$3,973,466 |
| 30 |
$7,000,802 |
$2,550,627
$280,032 |
$4,170,143 |
|
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