The jackpot for the Powerball draw on Wed Dec 4, 2024, is projected to be $240 Million, with an option for a cash payout of $113.6 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 Maine residents, the state will deduct 5% from your lottery earnings.
| Maine Powerball Jackpot/Cash Option for Wed Dec 4, 2024 |
|---|
| Draw Date | Wed Dec 4, 2024 | | Projected Jackpot | $240,000,000 | | Cash Value | $113,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $113,600,000 | | Federal Tax(24%) | $27,264,000 | | Additional Federal Tax | $14,728,330 | | State Tax(5%) | $5,680,000 | | Net Lumpsum Payment | $65,927,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,612,240 |
$1,296,859
$180,612 |
$2,134,769 |
| 2 |
$3,792,960 |
$1,363,726
$189,648 |
$2,239,586 |
| 3 |
$3,982,560 |
$1,433,878
$199,128 |
$2,349,554 |
| 4 |
$4,181,760 |
$1,507,582
$209,088 |
$2,465,090 |
| 5 |
$4,390,800 |
$1,584,926
$219,540 |
$2,586,334 |
| 6 |
$4,610,400 |
$1,666,178
$230,520 |
$2,713,702 |
| 7 |
$4,840,800 |
$1,751,426
$242,040 |
$2,847,334 |
| 8 |
$5,082,960 |
$1,841,026
$254,148 |
$2,987,786 |
| 9 |
$5,337,120 |
$1,935,065
$266,856 |
$3,135,199 |
| 10 |
$5,604,000 |
$2,033,810
$280,200 |
$3,289,990 |
| 11 |
$5,884,080 |
$2,137,440
$294,204 |
$3,452,436 |
| 12 |
$6,178,320 |
$2,246,309
$308,916 |
$3,623,095 |
| 13 |
$6,487,200 |
$2,360,594
$324,360 |
$3,802,246 |
| 14 |
$6,811,680 |
$2,480,652
$340,584 |
$3,990,444 |
| 15 |
$7,152,240 |
$2,606,659
$357,612 |
$4,187,969 |
| 16 |
$7,509,840 |
$2,738,971
$375,492 |
$4,395,377 |
| 17 |
$7,885,200 |
$2,877,854
$394,260 |
$4,613,086 |
| 18 |
$8,279,520 |
$3,023,753
$413,976 |
$4,841,791 |
| 19 |
$8,693,520 |
$3,176,933
$434,676 |
$5,081,911 |
| 20 |
$9,128,160 |
$3,337,750
$456,408 |
$5,334,002 |
| 21 |
$9,584,640 |
$3,506,647
$479,232 |
$5,598,761 |
| 22 |
$10,063,920 |
$3,683,981
$503,196 |
$5,876,743 |
| 23 |
$10,566,960 |
$3,870,106
$528,348 |
$6,168,506 |
| 24 |
$11,095,440 |
$4,065,643
$554,772 |
$6,475,025 |
| 25 |
$11,650,080 |
$4,270,860
$582,504 |
$6,796,716 |
| 26 |
$12,232,800 |
$4,486,466
$611,640 |
$7,134,694 |
| 27 |
$12,844,320 |
$4,712,729
$642,216 |
$7,489,375 |
| 28 |
$13,486,560 |
$4,950,358
$674,328 |
$7,861,874 |
| 29 |
$14,160,960 |
$5,199,886
$708,048 |
$8,253,026 |
| 30 |
$14,868,960 |
$5,461,846
$743,448 |
$8,663,666 |
|
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