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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $1,875,300 | | Net Lumpsum Payment | $27,774,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,550,253 |
$533,924
$61,855 |
$954,474 |
| 2 |
$1,627,812 |
$562,621
$64,950 |
$1,000,241 |
| 3 |
$1,709,182 |
$592,728
$68,196 |
$1,048,258 |
| 4 |
$1,794,672 |
$624,359
$71,607 |
$1,098,706 |
| 5 |
$1,884,385 |
$657,553
$75,187 |
$1,151,645 |
| 6 |
$1,978,630 |
$692,423
$78,947 |
$1,207,260 |
| 7 |
$2,077,510 |
$729,009
$82,893 |
$1,265,608 |
| 8 |
$2,181,437 |
$767,462
$87,039 |
$1,326,936 |
| 9 |
$2,290,514 |
$807,821
$91,392 |
$1,391,301 |
| 10 |
$2,405,050 |
$850,199
$95,961 |
$1,458,890 |
| 11 |
$2,525,251 |
$894,673
$100,758 |
$1,529,820 |
| 12 |
$2,651,529 |
$941,396
$105,796 |
$1,604,337 |
| 13 |
$2,784,090 |
$990,444
$111,085 |
$1,682,561 |
| 14 |
$2,923,346 |
$1,041,968
$116,642 |
$1,764,736 |
| 15 |
$3,069,503 |
$1,096,046
$122,473 |
$1,850,984 |
| 16 |
$3,222,973 |
$1,152,830
$128,597 |
$1,941,546 |
| 17 |
$3,384,065 |
$1,212,434
$135,024 |
$2,036,607 |
| 18 |
$3,553,294 |
$1,275,049
$141,776 |
$2,136,469 |
| 19 |
$3,730,969 |
$1,340,789
$148,866 |
$2,241,314 |
| 20 |
$3,917,502 |
$1,409,806
$156,308 |
$2,351,388 |
| 21 |
$4,113,408 |
$1,482,291
$164,125 |
$2,466,992 |
| 22 |
$4,319,099 |
$1,558,397
$172,332 |
$2,588,370 |
| 23 |
$4,534,987 |
$1,638,276
$180,946 |
$2,715,765 |
| 24 |
$4,761,793 |
$1,722,194
$189,996 |
$2,849,603 |
| 25 |
$4,999,826 |
$1,810,266
$199,493 |
$2,990,067 |
| 26 |
$5,249,910 |
$1,902,797
$209,471 |
$3,137,642 |
| 27 |
$5,512,354 |
$1,999,901
$219,943 |
$3,292,510 |
| 28 |
$5,787,982 |
$2,101,884
$230,940 |
$3,455,158 |
| 29 |
$6,077,412 |
$2,208,973
$242,489 |
$3,625,950 |
| 30 |
$6,381,262 |
$2,321,397
$254,612 |
$3,805,253 |
|
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