The jackpot for the Powerball draw on Mon Dec 23, 2024, is projected to be $103 Million, with an option for a cash payout of $47 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 Massachusetts residents, the state will deduct 5% from your lottery earnings.
| Massachusetts Powerball Jackpot/Cash Option for Mon Dec 23, 2024 |
|---|
| Draw Date | Mon Dec 23, 2024 | | Projected Jackpot | $103,000,000 | | Cash Value | $47,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $47,000,000 | | Federal Tax(24%) | $11,280,000 | | Additional Federal Tax | $6,070,330 | | State Tax(5%) | $2,350,000 | | Net Lumpsum Payment | $27,299,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,550,253 |
$533,924
$77,513 |
$938,816 |
| 2 |
$1,627,812 |
$562,621
$81,391 |
$983,800 |
| 3 |
$1,709,182 |
$592,728
$85,459 |
$1,030,995 |
| 4 |
$1,794,672 |
$624,359
$89,734 |
$1,080,579 |
| 5 |
$1,884,385 |
$657,553
$94,219 |
$1,132,613 |
| 6 |
$1,978,630 |
$692,423
$98,932 |
$1,187,275 |
| 7 |
$2,077,510 |
$729,009
$103,876 |
$1,244,625 |
| 8 |
$2,181,437 |
$767,462
$109,072 |
$1,304,903 |
| 9 |
$2,290,514 |
$807,821
$114,526 |
$1,368,167 |
| 10 |
$2,405,050 |
$850,199
$120,253 |
$1,434,598 |
| 11 |
$2,525,251 |
$894,673
$126,263 |
$1,504,315 |
| 12 |
$2,651,529 |
$941,396
$132,576 |
$1,577,557 |
| 13 |
$2,784,090 |
$990,444
$139,205 |
$1,654,441 |
| 14 |
$2,923,346 |
$1,041,968
$146,167 |
$1,735,211 |
| 15 |
$3,069,503 |
$1,096,046
$153,475 |
$1,819,982 |
| 16 |
$3,222,973 |
$1,152,830
$161,149 |
$1,908,994 |
| 17 |
$3,384,065 |
$1,212,434
$169,203 |
$2,002,428 |
| 18 |
$3,553,294 |
$1,275,049
$177,665 |
$2,100,580 |
| 19 |
$3,730,969 |
$1,340,789
$186,548 |
$2,203,632 |
| 20 |
$3,917,502 |
$1,409,806
$195,875 |
$2,311,821 |
| 21 |
$4,113,408 |
$1,482,291
$205,670 |
$2,425,447 |
| 22 |
$4,319,099 |
$1,558,397
$215,955 |
$2,544,747 |
| 23 |
$4,534,987 |
$1,638,276
$226,749 |
$2,669,962 |
| 24 |
$4,761,793 |
$1,722,194
$238,090 |
$2,801,509 |
| 25 |
$4,999,826 |
$1,810,266
$249,991 |
$2,939,569 |
| 26 |
$5,249,910 |
$1,902,797
$262,496 |
$3,084,617 |
| 27 |
$5,512,354 |
$1,999,901
$275,618 |
$3,236,835 |
| 28 |
$5,787,982 |
$2,101,884
$289,399 |
$3,396,699 |
| 29 |
$6,077,412 |
$2,208,973
$303,871 |
$3,564,568 |
| 30 |
$6,381,262 |
$2,321,397
$319,063 |
$3,740,802 |
|
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