Jackpot Analysis Tennessee Powerball

Jackpot Analysis for Tennessee Powerball
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 Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.

Tennessee Powerball Jackpot/Cash Option for Sat Nov 2, 2024
Draw DateSat 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(0%)$0
Net Lumpsum Payment$16,293,670
Annuity Payment in 30 Installations
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