The jackpot for the Powerball draw on Mon Dec 30, 2024, is projected to be $163 Million, with an option for a cash payout of $73.9 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 Texas, the bright side is you won't have to pay any state taxes on your lottery prize.
| Texas Powerball Jackpot/Cash Option for Mon Dec 30, 2024 |
|---|
| Draw Date | Mon Dec 30, 2024 | | Projected Jackpot | $163,000,000 | | Cash Value | $73,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $73,900,000 | | Federal Tax(24%) | $17,736,000 | | Additional Federal Tax | $9,567,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $46,596,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,453,313 |
$868,056
$0 |
$1,585,257 |
| 2 |
$2,576,052 |
$913,470
$0 |
$1,662,582 |
| 3 |
$2,704,822 |
$961,115
$0 |
$1,743,707 |
| 4 |
$2,840,112 |
$1,011,172
$0 |
$1,828,940 |
| 5 |
$2,982,085 |
$1,063,702
$0 |
$1,918,383 |
| 6 |
$3,131,230 |
$1,118,885
$0 |
$2,012,345 |
| 7 |
$3,287,710 |
$1,176,783
$0 |
$2,110,927 |
| 8 |
$3,452,177 |
$1,237,636
$0 |
$2,214,541 |
| 9 |
$3,624,794 |
$1,301,504
$0 |
$2,323,290 |
| 10 |
$3,806,050 |
$1,368,569
$0 |
$2,437,481 |
| 11 |
$3,996,271 |
$1,438,951
$0 |
$2,557,320 |
| 12 |
$4,196,109 |
$1,512,891
$0 |
$2,683,218 |
| 13 |
$4,405,890 |
$1,590,510
$0 |
$2,815,380 |
| 14 |
$4,626,266 |
$1,672,049
$0 |
$2,954,217 |
| 15 |
$4,857,563 |
$1,757,629
$0 |
$3,099,934 |
| 16 |
$5,100,433 |
$1,847,491
$0 |
$3,252,942 |
| 17 |
$5,355,365 |
$1,941,815
$0 |
$3,413,550 |
| 18 |
$5,623,174 |
$2,040,905
$0 |
$3,582,269 |
| 19 |
$5,904,349 |
$2,144,940
$0 |
$3,759,409 |
| 20 |
$6,199,542 |
$2,254,161
$0 |
$3,945,381 |
| 21 |
$6,509,568 |
$2,368,871
$0 |
$4,140,697 |
| 22 |
$6,835,079 |
$2,489,310
$0 |
$4,345,769 |
| 23 |
$7,176,727 |
$2,615,719
$0 |
$4,561,008 |
| 24 |
$7,535,653 |
$2,748,522
$0 |
$4,787,131 |
| 25 |
$7,912,346 |
$2,887,898
$0 |
$5,024,448 |
| 26 |
$8,308,110 |
$3,034,331
$0 |
$5,273,779 |
| 27 |
$8,723,434 |
$3,188,001
$0 |
$5,535,433 |
| 28 |
$9,159,622 |
$3,349,391
$0 |
$5,810,231 |
| 29 |
$9,617,652 |
$3,518,862
$0 |
$6,098,790 |
| 30 |
$10,098,502 |
$3,696,776
$0 |
$6,401,726 |
|
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