The jackpot for the Powerball draw on Sat Nov 2, 2024, is projected to be $54 Million, with an option for a cash payout of $25.8 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia Powerball Jackpot/Cash Option for Sat Nov 2, 2024 |
|---|
| Draw Date | Sat Nov 2, 2024 | | Projected Jackpot | $54,000,000 | | Cash Value | $25,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $25,800,000 | | Federal Tax(24%) | $6,192,000 | | Additional Federal Tax | $3,314,330 | | State Tax(5.75%) | $1,483,500 | | Net Lumpsum Payment | $14,810,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$812,754 |
$261,049
$46,733 |
$504,972 |
| 2 |
$853,416 |
$276,094
$49,071 |
$528,251 |
| 3 |
$896,076 |
$291,879
$51,524 |
$552,673 |
| 4 |
$940,896 |
$308,462
$54,102 |
$578,332 |
| 5 |
$987,930 |
$325,864
$56,806 |
$605,260 |
| 6 |
$1,037,340 |
$344,146
$59,647 |
$633,547 |
| 7 |
$1,089,180 |
$363,327
$62,628 |
$663,225 |
| 8 |
$1,143,666 |
$383,487
$65,761 |
$694,418 |
| 9 |
$1,200,852 |
$404,646
$69,049 |
$727,157 |
| 10 |
$1,260,900 |
$426,863
$72,502 |
$761,535 |
| 11 |
$1,323,918 |
$450,180
$76,125 |
$797,613 |
| 12 |
$1,390,122 |
$474,676
$79,932 |
$835,514 |
| 13 |
$1,459,620 |
$500,390
$83,928 |
$875,302 |
| 14 |
$1,532,628 |
$527,403
$88,126 |
$917,099 |
| 15 |
$1,609,254 |
$555,754
$92,532 |
$960,968 |
| 16 |
$1,689,714 |
$585,525
$97,159 |
$1,007,030 |
| 17 |
$1,774,170 |
$616,773
$102,015 |
$1,055,382 |
| 18 |
$1,862,892 |
$649,600
$107,116 |
$1,106,176 |
| 19 |
$1,956,042 |
$684,066
$112,472 |
$1,159,504 |
| 20 |
$2,053,836 |
$720,250
$118,096 |
$1,215,490 |
| 21 |
$2,156,544 |
$758,252
$124,001 |
$1,274,291 |
| 22 |
$2,264,382 |
$798,152
$130,202 |
$1,336,028 |
| 23 |
$2,377,566 |
$840,030
$136,710 |
$1,400,826 |
| 24 |
$2,496,474 |
$884,026
$143,547 |
$1,468,901 |
| 25 |
$2,621,268 |
$930,200
$150,723 |
$1,540,345 |
| 26 |
$2,752,380 |
$978,711
$158,262 |
$1,615,407 |
| 27 |
$2,889,972 |
$1,029,620
$166,173 |
$1,694,179 |
| 28 |
$3,034,476 |
$1,083,087
$174,482 |
$1,776,907 |
| 29 |
$3,186,216 |
$1,139,230
$183,207 |
$1,863,779 |
| 30 |
$3,345,516 |
$1,198,171
$192,367 |
$1,954,978 |
|
|
