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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia 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(5.75%) | $3,806,500 | | Net Lumpsum Payment | $37,939,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$125,488 |
$1,289,090 |
| 2 |
$2,291,580 |
$808,215
$131,766 |
$1,351,599 |
| 3 |
$2,406,130 |
$850,598
$138,352 |
$1,417,180 |
| 4 |
$2,526,480 |
$895,128
$145,273 |
$1,486,079 |
| 5 |
$2,652,775 |
$941,857
$152,535 |
$1,558,383 |
| 6 |
$2,785,450 |
$990,947
$160,163 |
$1,634,340 |
| 7 |
$2,924,650 |
$1,042,451
$168,167 |
$1,714,032 |
| 8 |
$3,070,955 |
$1,096,584
$176,580 |
$1,797,791 |
| 9 |
$3,224,510 |
$1,153,399
$185,409 |
$1,885,702 |
| 10 |
$3,385,750 |
$1,213,058
$194,681 |
$1,978,011 |
| 11 |
$3,554,965 |
$1,275,667
$204,410 |
$2,074,888 |
| 12 |
$3,732,735 |
$1,341,442
$214,632 |
$2,176,661 |
| 13 |
$3,919,350 |
$1,410,490
$225,363 |
$2,283,497 |
| 14 |
$4,115,390 |
$1,483,025
$236,635 |
$2,395,730 |
| 15 |
$4,321,145 |
$1,559,154
$248,466 |
$2,513,525 |
| 16 |
$4,537,195 |
$1,639,093
$260,889 |
$2,637,213 |
| 17 |
$4,763,975 |
$1,723,001
$273,929 |
$2,767,045 |
| 18 |
$5,002,210 |
$1,811,148
$287,627 |
$2,903,435 |
| 19 |
$5,252,335 |
$1,903,694
$302,009 |
$3,046,632 |
| 20 |
$5,514,930 |
$2,000,854
$317,108 |
$3,196,968 |
| 21 |
$5,790,720 |
$2,102,897
$332,966 |
$3,354,857 |
| 22 |
$6,080,285 |
$2,210,036
$349,616 |
$3,520,633 |
| 23 |
$6,384,205 |
$2,322,486
$367,092 |
$3,694,627 |
| 24 |
$6,703,495 |
$2,440,624
$385,451 |
$3,877,420 |
| 25 |
$7,038,590 |
$2,564,609
$404,719 |
$4,069,262 |
| 26 |
$7,390,650 |
$2,694,871
$424,962 |
$4,270,817 |
| 27 |
$7,760,110 |
$2,831,571
$446,206 |
$4,482,333 |
| 28 |
$8,148,130 |
$2,975,138
$468,517 |
$4,704,475 |
| 29 |
$8,555,580 |
$3,125,895
$491,946 |
$4,937,739 |
| 30 |
$8,983,330 |
$3,284,162
$516,541 |
$5,182,627 |
|
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