The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 Nov 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(5%) | $3,935,000 | | Net Lumpsum Payment | $45,685,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$128,686 |
$1,532,428 |
| 2 |
$2,702,484 |
$960,249
$135,124 |
$1,607,111 |
| 3 |
$2,837,574 |
$1,010,233
$141,879 |
$1,685,462 |
| 4 |
$2,979,504 |
$1,062,747
$148,975 |
$1,767,782 |
| 5 |
$3,128,445 |
$1,117,855
$156,422 |
$1,854,168 |
| 6 |
$3,284,910 |
$1,175,747
$164,246 |
$1,944,917 |
| 7 |
$3,449,070 |
$1,236,486
$172,454 |
$2,040,130 |
| 8 |
$3,621,609 |
$1,300,326
$181,080 |
$2,140,203 |
| 9 |
$3,802,698 |
$1,367,329
$190,135 |
$2,245,234 |
| 10 |
$3,992,850 |
$1,437,685
$199,643 |
$2,355,522 |
| 11 |
$4,192,407 |
$1,511,521
$209,620 |
$2,471,266 |
| 12 |
$4,402,053 |
$1,589,090
$220,103 |
$2,592,860 |
| 13 |
$4,622,130 |
$1,670,518
$231,107 |
$2,720,505 |
| 14 |
$4,853,322 |
$1,756,060
$242,666 |
$2,854,596 |
| 15 |
$5,095,971 |
$1,845,840
$254,799 |
$2,995,332 |
| 16 |
$5,350,761 |
$1,940,112
$267,538 |
$3,143,111 |
| 17 |
$5,618,205 |
$2,039,066
$280,910 |
$3,298,229 |
| 18 |
$5,899,158 |
$2,143,019
$294,958 |
$3,461,181 |
| 19 |
$6,194,133 |
$2,252,160
$309,707 |
$3,632,266 |
| 20 |
$6,503,814 |
$2,366,742
$325,191 |
$3,811,881 |
| 21 |
$6,829,056 |
$2,487,081
$341,453 |
$4,000,522 |
| 22 |
$7,170,543 |
$2,613,431
$358,527 |
$4,198,585 |
| 23 |
$7,528,959 |
$2,746,045
$376,448 |
$4,406,466 |
| 24 |
$7,905,501 |
$2,885,366
$395,275 |
$4,624,860 |
| 25 |
$8,300,682 |
$3,031,583
$415,034 |
$4,854,065 |
| 26 |
$8,715,870 |
$3,185,202
$435,794 |
$5,094,874 |
| 27 |
$9,151,578 |
$3,346,414
$457,579 |
$5,347,585 |
| 28 |
$9,609,174 |
$3,515,725
$480,459 |
$5,612,990 |
| 29 |
$10,089,684 |
$3,693,513
$504,484 |
$5,891,687 |
| 30 |
$10,594,134 |
$3,880,160
$529,707 |
$6,184,267 |
|
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