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 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(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 |
|
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