The jackpot for the Powerball draw on Sat Dec 21, 2024, is projected to be $88 Million, with an option for a cash payout of $41 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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa Powerball Jackpot/Cash Option for Sat Dec 21, 2024 |
|---|
| Draw Date | Sat Dec 21, 2024 | | Projected Jackpot | $88,000,000 | | Cash Value | $41,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,000,000 | | Federal Tax(24%) | $9,840,000 | | Additional Federal Tax | $5,290,330 | | State Tax(5%) | $2,050,000 | | Net Lumpsum Payment | $23,819,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$66,224 |
$807,873 |
| 2 |
$1,390,752 |
$474,909
$69,538 |
$846,305 |
| 3 |
$1,460,272 |
$500,631
$73,014 |
$886,627 |
| 4 |
$1,533,312 |
$527,656
$76,666 |
$928,990 |
| 5 |
$1,609,960 |
$556,016
$80,498 |
$973,446 |
| 6 |
$1,690,480 |
$585,808
$84,524 |
$1,020,148 |
| 7 |
$1,774,960 |
$617,066
$88,748 |
$1,069,146 |
| 8 |
$1,863,752 |
$649,919
$93,188 |
$1,120,645 |
| 9 |
$1,956,944 |
$684,400
$97,847 |
$1,174,697 |
| 10 |
$2,054,800 |
$720,606
$102,740 |
$1,231,454 |
| 11 |
$2,157,496 |
$758,604
$107,875 |
$1,291,017 |
| 12 |
$2,265,384 |
$798,522
$113,269 |
$1,353,593 |
| 13 |
$2,378,640 |
$840,427
$118,932 |
$1,419,281 |
| 14 |
$2,497,616 |
$884,448
$124,881 |
$1,488,287 |
| 15 |
$2,622,488 |
$930,651
$131,124 |
$1,560,713 |
| 16 |
$2,753,608 |
$979,165
$137,680 |
$1,636,763 |
| 17 |
$2,891,240 |
$1,030,089
$144,562 |
$1,716,589 |
| 18 |
$3,035,824 |
$1,083,585
$151,791 |
$1,800,448 |
| 19 |
$3,187,624 |
$1,139,751
$159,381 |
$1,888,492 |
| 20 |
$3,346,992 |
$1,198,717
$167,350 |
$1,980,925 |
| 21 |
$3,514,368 |
$1,260,647
$175,718 |
$2,078,003 |
| 22 |
$3,690,104 |
$1,325,669
$184,505 |
$2,179,930 |
| 23 |
$3,874,552 |
$1,393,915
$193,728 |
$2,286,909 |
| 24 |
$4,068,328 |
$1,465,612
$203,416 |
$2,399,300 |
| 25 |
$4,271,696 |
$1,540,858
$213,585 |
$2,517,253 |
| 26 |
$4,485,360 |
$1,619,914
$224,268 |
$2,641,178 |
| 27 |
$4,709,584 |
$1,702,876
$235,479 |
$2,771,229 |
| 28 |
$4,945,072 |
$1,790,007
$247,254 |
$2,907,811 |
| 29 |
$5,192,352 |
$1,881,501
$259,618 |
$3,051,233 |
| 30 |
$5,451,952 |
$1,977,553
$272,598 |
$3,201,801 |
|
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