Jackpot Analysis Florida Powerball

Jackpot Analysis for Florida Powerball
The jackpot for the Powerball draw on Sat Jun 15, 2024, is projected to be $34 Million, with an option for a cash payout of $16 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 Florida, the bright side is you won't have to pay any state taxes on your lottery prize.

Florida Powerball Jackpot/Cash Option for Sat Jun 15, 2024
Draw DateSat Jun 15, 2024
Projected Jackpot$34,000,000
Cash Value$16,000,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$16,000,000
Federal Tax(24%)$3,840,000
Additional Federal Tax$2,040,330
State Tax(0%)$0
Net Lumpsum Payment$10,119,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $511,734 $149,672
$0
$362,062
2 $537,336 $159,145
$0
$378,191
3 $564,196 $169,083
$0
$395,113
4 $592,416 $179,524
$0
$412,892
5 $622,030 $190,481
$0
$431,549
6 $653,140 $201,992
$0
$451,148
7 $685,780 $214,069
$0
$471,711
8 $720,086 $226,762
$0
$493,324
9 $756,092 $240,084
$0
$516,008
10 $793,900 $254,073
$0
$539,827
11 $833,578 $268,754
$0
$564,824
12 $875,262 $284,177
$0
$591,085
13 $919,020 $300,368
$0
$618,652
14 $964,988 $317,376
$0
$647,612
15 $1,013,234 $335,227
$0
$678,007
16 $1,063,894 $353,971
$0
$709,923
17 $1,117,070 $373,646
$0
$743,424
18 $1,172,932 $394,315
$0
$778,617
19 $1,231,582 $416,016
$0
$815,566
20 $1,293,156 $438,798
$0
$854,358
21 $1,357,824 $462,725
$0
$895,099
22 $1,425,722 $487,848
$0
$937,874
23 $1,496,986 $514,215
$0
$982,771
24 $1,571,854 $541,916
$0
$1,029,938
25 $1,650,428 $570,989
$0
$1,079,439
26 $1,732,980 $601,533
$0
$1,131,447
27 $1,819,612 $633,587
$0
$1,186,025
28 $1,910,596 $667,251
$0
$1,243,345
29 $2,006,136 $702,601
$0
$1,303,535
30 $2,106,436 $739,712
$0
$1,366,724