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 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 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(0%) | $0 | | Net Lumpsum Payment | $29,649,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,550,253 |
$533,924
$0 |
$1,016,329 |
| 2 |
$1,627,812 |
$562,621
$0 |
$1,065,191 |
| 3 |
$1,709,182 |
$592,728
$0 |
$1,116,454 |
| 4 |
$1,794,672 |
$624,359
$0 |
$1,170,313 |
| 5 |
$1,884,385 |
$657,553
$0 |
$1,226,832 |
| 6 |
$1,978,630 |
$692,423
$0 |
$1,286,207 |
| 7 |
$2,077,510 |
$729,009
$0 |
$1,348,501 |
| 8 |
$2,181,437 |
$767,462
$0 |
$1,413,975 |
| 9 |
$2,290,514 |
$807,821
$0 |
$1,482,693 |
| 10 |
$2,405,050 |
$850,199
$0 |
$1,554,851 |
| 11 |
$2,525,251 |
$894,673
$0 |
$1,630,578 |
| 12 |
$2,651,529 |
$941,396
$0 |
$1,710,133 |
| 13 |
$2,784,090 |
$990,444
$0 |
$1,793,646 |
| 14 |
$2,923,346 |
$1,041,968
$0 |
$1,881,378 |
| 15 |
$3,069,503 |
$1,096,046
$0 |
$1,973,457 |
| 16 |
$3,222,973 |
$1,152,830
$0 |
$2,070,143 |
| 17 |
$3,384,065 |
$1,212,434
$0 |
$2,171,631 |
| 18 |
$3,553,294 |
$1,275,049
$0 |
$2,278,245 |
| 19 |
$3,730,969 |
$1,340,789
$0 |
$2,390,180 |
| 20 |
$3,917,502 |
$1,409,806
$0 |
$2,507,696 |
| 21 |
$4,113,408 |
$1,482,291
$0 |
$2,631,117 |
| 22 |
$4,319,099 |
$1,558,397
$0 |
$2,760,702 |
| 23 |
$4,534,987 |
$1,638,276
$0 |
$2,896,711 |
| 24 |
$4,761,793 |
$1,722,194
$0 |
$3,039,599 |
| 25 |
$4,999,826 |
$1,810,266
$0 |
$3,189,560 |
| 26 |
$5,249,910 |
$1,902,797
$0 |
$3,347,113 |
| 27 |
$5,512,354 |
$1,999,901
$0 |
$3,512,453 |
| 28 |
$5,787,982 |
$2,101,884
$0 |
$3,686,098 |
| 29 |
$6,077,412 |
$2,208,973
$0 |
$3,868,439 |
| 30 |
$6,381,262 |
$2,321,397
$0 |
$4,059,865 |
|
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