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 those living in South Dakota, the bright side is you won't have to pay any state taxes on your lottery prize.
South Dakota Powerball Jackpot/Cash Option for Sat Nov 2, 2024 |
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Draw Date | Sat Nov 2, 2024 | Projected Jackpot | $54,000,000 | Cash Value | $25,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $25,800,000 | Federal Tax(24%) | $6,192,000 | Additional Federal Tax | $3,314,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $16,293,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$812,754 |
$261,049 $0 |
$551,705 |
2 |
$853,416 |
$276,094 $0 |
$577,322 |
3 |
$896,076 |
$291,879 $0 |
$604,197 |
4 |
$940,896 |
$308,462 $0 |
$632,434 |
5 |
$987,930 |
$325,864 $0 |
$662,066 |
6 |
$1,037,340 |
$344,146 $0 |
$693,194 |
7 |
$1,089,180 |
$363,327 $0 |
$725,853 |
8 |
$1,143,666 |
$383,487 $0 |
$760,179 |
9 |
$1,200,852 |
$404,646 $0 |
$796,206 |
10 |
$1,260,900 |
$426,863 $0 |
$834,037 |
11 |
$1,323,918 |
$450,180 $0 |
$873,738 |
12 |
$1,390,122 |
$474,676 $0 |
$915,446 |
13 |
$1,459,620 |
$500,390 $0 |
$959,230 |
14 |
$1,532,628 |
$527,403 $0 |
$1,005,225 |
15 |
$1,609,254 |
$555,754 $0 |
$1,053,500 |
16 |
$1,689,714 |
$585,525 $0 |
$1,104,189 |
17 |
$1,774,170 |
$616,773 $0 |
$1,157,397 |
18 |
$1,862,892 |
$649,600 $0 |
$1,213,292 |
19 |
$1,956,042 |
$684,066 $0 |
$1,271,976 |
20 |
$2,053,836 |
$720,250 $0 |
$1,333,586 |
21 |
$2,156,544 |
$758,252 $0 |
$1,398,292 |
22 |
$2,264,382 |
$798,152 $0 |
$1,466,230 |
23 |
$2,377,566 |
$840,030 $0 |
$1,537,536 |
24 |
$2,496,474 |
$884,026 $0 |
$1,612,448 |
25 |
$2,621,268 |
$930,200 $0 |
$1,691,068 |
26 |
$2,752,380 |
$978,711 $0 |
$1,773,669 |
27 |
$2,889,972 |
$1,029,620 $0 |
$1,860,352 |
28 |
$3,034,476 |
$1,083,087 $0 |
$1,951,389 |
29 |
$3,186,216 |
$1,139,230 $0 |
$2,046,986 |
30 |
$3,345,516 |
$1,198,171 $0 |
$2,147,345 |
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