The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 Sat Nov 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(3.99%) | $3,140,130 | | Net Lumpsum Payment | $46,480,540 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$102,691 |
$1,558,423 |
| 2 |
$2,702,484 |
$960,249
$107,829 |
$1,634,406 |
| 3 |
$2,837,574 |
$1,010,233
$113,219 |
$1,714,122 |
| 4 |
$2,979,504 |
$1,062,747
$118,882 |
$1,797,875 |
| 5 |
$3,128,445 |
$1,117,855
$124,825 |
$1,885,765 |
| 6 |
$3,284,910 |
$1,175,747
$131,068 |
$1,978,095 |
| 7 |
$3,449,070 |
$1,236,486
$137,618 |
$2,074,966 |
| 8 |
$3,621,609 |
$1,300,326
$144,502 |
$2,176,781 |
| 9 |
$3,802,698 |
$1,367,329
$151,728 |
$2,283,641 |
| 10 |
$3,992,850 |
$1,437,685
$159,315 |
$2,395,850 |
| 11 |
$4,192,407 |
$1,511,521
$167,277 |
$2,513,609 |
| 12 |
$4,402,053 |
$1,589,090
$175,642 |
$2,637,321 |
| 13 |
$4,622,130 |
$1,670,518
$184,423 |
$2,767,189 |
| 14 |
$4,853,322 |
$1,756,060
$193,648 |
$2,903,614 |
| 15 |
$5,095,971 |
$1,845,840
$203,329 |
$3,046,802 |
| 16 |
$5,350,761 |
$1,940,112
$213,495 |
$3,197,154 |
| 17 |
$5,618,205 |
$2,039,066
$224,166 |
$3,354,973 |
| 18 |
$5,899,158 |
$2,143,019
$235,376 |
$3,520,763 |
| 19 |
$6,194,133 |
$2,252,160
$247,146 |
$3,694,827 |
| 20 |
$6,503,814 |
$2,366,742
$259,502 |
$3,877,570 |
| 21 |
$6,829,056 |
$2,487,081
$272,479 |
$4,069,496 |
| 22 |
$7,170,543 |
$2,613,431
$286,105 |
$4,271,007 |
| 23 |
$7,528,959 |
$2,746,045
$300,405 |
$4,482,509 |
| 24 |
$7,905,501 |
$2,885,366
$315,429 |
$4,704,706 |
| 25 |
$8,300,682 |
$3,031,583
$331,197 |
$4,937,902 |
| 26 |
$8,715,870 |
$3,185,202
$347,763 |
$5,182,905 |
| 27 |
$9,151,578 |
$3,346,414
$365,148 |
$5,440,016 |
| 28 |
$9,609,174 |
$3,515,725
$383,406 |
$5,710,043 |
| 29 |
$10,089,684 |
$3,693,513
$402,578 |
$5,993,593 |
| 30 |
$10,594,134 |
$3,880,160
$422,706 |
$6,291,268 |
|
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