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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut 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(6.99%) | $4,627,380 | | Net Lumpsum Payment | $37,118,290 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$152,549 |
$1,262,029 |
| 2 |
$2,291,580 |
$808,215
$160,181 |
$1,323,184 |
| 3 |
$2,406,130 |
$850,598
$168,188 |
$1,387,344 |
| 4 |
$2,526,480 |
$895,128
$176,601 |
$1,454,751 |
| 5 |
$2,652,775 |
$941,857
$185,429 |
$1,525,489 |
| 6 |
$2,785,450 |
$990,947
$194,703 |
$1,599,800 |
| 7 |
$2,924,650 |
$1,042,451
$204,433 |
$1,677,766 |
| 8 |
$3,070,955 |
$1,096,584
$214,660 |
$1,759,711 |
| 9 |
$3,224,510 |
$1,153,399
$225,393 |
$1,845,718 |
| 10 |
$3,385,750 |
$1,213,058
$236,664 |
$1,936,028 |
| 11 |
$3,554,965 |
$1,275,667
$248,492 |
$2,030,806 |
| 12 |
$3,732,735 |
$1,341,442
$260,918 |
$2,130,375 |
| 13 |
$3,919,350 |
$1,410,490
$273,963 |
$2,234,897 |
| 14 |
$4,115,390 |
$1,483,025
$287,666 |
$2,344,699 |
| 15 |
$4,321,145 |
$1,559,154
$302,048 |
$2,459,943 |
| 16 |
$4,537,195 |
$1,639,093
$317,150 |
$2,580,952 |
| 17 |
$4,763,975 |
$1,723,001
$333,002 |
$2,707,972 |
| 18 |
$5,002,210 |
$1,811,148
$349,654 |
$2,841,408 |
| 19 |
$5,252,335 |
$1,903,694
$367,138 |
$2,981,503 |
| 20 |
$5,514,930 |
$2,000,854
$385,494 |
$3,128,582 |
| 21 |
$5,790,720 |
$2,102,897
$404,771 |
$3,283,052 |
| 22 |
$6,080,285 |
$2,210,036
$425,012 |
$3,445,237 |
| 23 |
$6,384,205 |
$2,322,486
$446,256 |
$3,615,463 |
| 24 |
$6,703,495 |
$2,440,624
$468,574 |
$3,794,297 |
| 25 |
$7,038,590 |
$2,564,609
$491,997 |
$3,981,984 |
| 26 |
$7,390,650 |
$2,694,871
$516,606 |
$4,179,173 |
| 27 |
$7,760,110 |
$2,831,571
$542,432 |
$4,386,107 |
| 28 |
$8,148,130 |
$2,975,138
$569,554 |
$4,603,438 |
| 29 |
$8,555,580 |
$3,125,895
$598,035 |
$4,831,650 |
| 30 |
$8,983,330 |
$3,284,162
$627,935 |
$5,071,233 |
|
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