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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $8,236,000 | | Net Lumpsum Payment | $63,371,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,612,240 |
$1,296,859
$261,887 |
$2,053,494 |
| 2 |
$3,792,960 |
$1,363,726
$274,990 |
$2,154,244 |
| 3 |
$3,982,560 |
$1,433,878
$288,736 |
$2,259,946 |
| 4 |
$4,181,760 |
$1,507,582
$303,178 |
$2,371,000 |
| 5 |
$4,390,800 |
$1,584,926
$318,333 |
$2,487,541 |
| 6 |
$4,610,400 |
$1,666,178
$334,254 |
$2,609,968 |
| 7 |
$4,840,800 |
$1,751,426
$350,958 |
$2,738,416 |
| 8 |
$5,082,960 |
$1,841,026
$368,515 |
$2,873,419 |
| 9 |
$5,337,120 |
$1,935,065
$386,941 |
$3,015,114 |
| 10 |
$5,604,000 |
$2,033,810
$406,290 |
$3,163,900 |
| 11 |
$5,884,080 |
$2,137,440
$426,596 |
$3,320,044 |
| 12 |
$6,178,320 |
$2,246,309
$447,928 |
$3,484,083 |
| 13 |
$6,487,200 |
$2,360,594
$470,322 |
$3,656,284 |
| 14 |
$6,811,680 |
$2,480,652
$493,847 |
$3,837,181 |
| 15 |
$7,152,240 |
$2,606,659
$518,537 |
$4,027,044 |
| 16 |
$7,509,840 |
$2,738,971
$544,463 |
$4,226,406 |
| 17 |
$7,885,200 |
$2,877,854
$571,677 |
$4,435,669 |
| 18 |
$8,279,520 |
$3,023,753
$600,265 |
$4,655,502 |
| 19 |
$8,693,520 |
$3,176,933
$630,280 |
$4,886,307 |
| 20 |
$9,128,160 |
$3,337,750
$661,792 |
$5,128,618 |
| 21 |
$9,584,640 |
$3,506,647
$694,886 |
$5,383,107 |
| 22 |
$10,063,920 |
$3,683,981
$729,634 |
$5,650,305 |
| 23 |
$10,566,960 |
$3,870,106
$766,105 |
$5,930,749 |
| 24 |
$11,095,440 |
$4,065,643
$804,419 |
$6,225,378 |
| 25 |
$11,650,080 |
$4,270,860
$844,631 |
$6,534,589 |
| 26 |
$12,232,800 |
$4,486,466
$886,878 |
$6,859,456 |
| 27 |
$12,844,320 |
$4,712,729
$931,213 |
$7,200,378 |
| 28 |
$13,486,560 |
$4,950,358
$977,776 |
$7,558,426 |
| 29 |
$14,160,960 |
$5,199,886
$1,026,670 |
$7,934,404 |
| 30 |
$14,868,960 |
$5,461,846
$1,078,000 |
$8,329,114 |
|
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