The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia Powerball Jackpot/Cash Option for Sat Nov 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(4%) | $3,148,000 | | Net Lumpsum Payment | $46,472,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$102,949 |
$1,558,165 |
| 2 |
$2,702,484 |
$960,249
$108,099 |
$1,634,136 |
| 3 |
$2,837,574 |
$1,010,233
$113,503 |
$1,713,838 |
| 4 |
$2,979,504 |
$1,062,747
$119,180 |
$1,797,577 |
| 5 |
$3,128,445 |
$1,117,855
$125,138 |
$1,885,452 |
| 6 |
$3,284,910 |
$1,175,747
$131,396 |
$1,977,767 |
| 7 |
$3,449,070 |
$1,236,486
$137,963 |
$2,074,621 |
| 8 |
$3,621,609 |
$1,300,326
$144,864 |
$2,176,419 |
| 9 |
$3,802,698 |
$1,367,329
$152,108 |
$2,283,261 |
| 10 |
$3,992,850 |
$1,437,685
$159,714 |
$2,395,451 |
| 11 |
$4,192,407 |
$1,511,521
$167,696 |
$2,513,190 |
| 12 |
$4,402,053 |
$1,589,090
$176,082 |
$2,636,881 |
| 13 |
$4,622,130 |
$1,670,518
$184,885 |
$2,766,727 |
| 14 |
$4,853,322 |
$1,756,060
$194,133 |
$2,903,129 |
| 15 |
$5,095,971 |
$1,845,840
$203,839 |
$3,046,292 |
| 16 |
$5,350,761 |
$1,940,112
$214,030 |
$3,196,619 |
| 17 |
$5,618,205 |
$2,039,066
$224,728 |
$3,354,411 |
| 18 |
$5,899,158 |
$2,143,019
$235,966 |
$3,520,173 |
| 19 |
$6,194,133 |
$2,252,160
$247,765 |
$3,694,208 |
| 20 |
$6,503,814 |
$2,366,742
$260,153 |
$3,876,919 |
| 21 |
$6,829,056 |
$2,487,081
$273,162 |
$4,068,813 |
| 22 |
$7,170,543 |
$2,613,431
$286,822 |
$4,270,290 |
| 23 |
$7,528,959 |
$2,746,045
$301,158 |
$4,481,756 |
| 24 |
$7,905,501 |
$2,885,366
$316,220 |
$4,703,915 |
| 25 |
$8,300,682 |
$3,031,583
$332,027 |
$4,937,072 |
| 26 |
$8,715,870 |
$3,185,202
$348,635 |
$5,182,033 |
| 27 |
$9,151,578 |
$3,346,414
$366,063 |
$5,439,101 |
| 28 |
$9,609,174 |
$3,515,725
$384,367 |
$5,709,082 |
| 29 |
$10,089,684 |
$3,693,513
$403,587 |
$5,992,584 |
| 30 |
$10,594,134 |
$3,880,160
$423,765 |
$6,290,209 |
|
|
