The jackpot for the Powerball draw on Sat Nov 2, 2024, is projected to be $54 Million, with an option for a cash payout of $25.8 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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana Powerball Jackpot/Cash Option for Sat Nov 2, 2024 |
|---|
| Draw Date | Sat Nov 2, 2024 | | Projected Jackpot | $54,000,000 | | Cash Value | $25,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $25,800,000 | | Federal Tax(24%) | $6,192,000 | | Additional Federal Tax | $3,314,330 | | State Tax(6.75%) | $1,741,500 | | Net Lumpsum Payment | $14,552,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$812,754 |
$261,049
$54,861 |
$496,844 |
| 2 |
$853,416 |
$276,094
$57,606 |
$519,716 |
| 3 |
$896,076 |
$291,879
$60,485 |
$543,712 |
| 4 |
$940,896 |
$308,462
$63,510 |
$568,924 |
| 5 |
$987,930 |
$325,864
$66,685 |
$595,381 |
| 6 |
$1,037,340 |
$344,146
$70,020 |
$623,174 |
| 7 |
$1,089,180 |
$363,327
$73,520 |
$652,333 |
| 8 |
$1,143,666 |
$383,487
$77,197 |
$682,982 |
| 9 |
$1,200,852 |
$404,646
$81,058 |
$715,148 |
| 10 |
$1,260,900 |
$426,863
$85,111 |
$748,926 |
| 11 |
$1,323,918 |
$450,180
$89,364 |
$784,374 |
| 12 |
$1,390,122 |
$474,676
$93,833 |
$821,613 |
| 13 |
$1,459,620 |
$500,390
$98,524 |
$860,706 |
| 14 |
$1,532,628 |
$527,403
$103,452 |
$901,773 |
| 15 |
$1,609,254 |
$555,754
$108,625 |
$944,875 |
| 16 |
$1,689,714 |
$585,525
$114,056 |
$990,133 |
| 17 |
$1,774,170 |
$616,773
$119,756 |
$1,037,641 |
| 18 |
$1,862,892 |
$649,600
$125,745 |
$1,087,547 |
| 19 |
$1,956,042 |
$684,066
$132,033 |
$1,139,943 |
| 20 |
$2,053,836 |
$720,250
$138,634 |
$1,194,952 |
| 21 |
$2,156,544 |
$758,252
$145,567 |
$1,252,725 |
| 22 |
$2,264,382 |
$798,152
$152,846 |
$1,313,384 |
| 23 |
$2,377,566 |
$840,030
$160,486 |
$1,377,050 |
| 24 |
$2,496,474 |
$884,026
$168,512 |
$1,443,936 |
| 25 |
$2,621,268 |
$930,200
$176,936 |
$1,514,132 |
| 26 |
$2,752,380 |
$978,711
$185,786 |
$1,587,883 |
| 27 |
$2,889,972 |
$1,029,620
$195,073 |
$1,665,279 |
| 28 |
$3,034,476 |
$1,083,087
$204,827 |
$1,746,562 |
| 29 |
$3,186,216 |
$1,139,230
$215,070 |
$1,831,916 |
| 30 |
$3,345,516 |
$1,198,171
$225,822 |
$1,921,523 |
|
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