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 Virginia residents, the state will deduct 4% from your lottery earnings.
Virginia Powerball Jackpot/Cash Option for Sat Nov 2, 2024 |
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Draw Date | Sat Nov 2, 2024 | Projected Jackpot | $54,000,000 | Cash Value | $25,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $25,800,000 | Federal Tax(24%) | $6,192,000 | Additional Federal Tax | $3,314,330 | State Tax(4%) | $1,032,000 | Net Lumpsum Payment | $15,261,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$812,754 |
$261,049 $32,510 |
$519,195 |
2 |
$853,416 |
$276,094 $34,137 |
$543,185 |
3 |
$896,076 |
$291,879 $35,843 |
$568,354 |
4 |
$940,896 |
$308,462 $37,636 |
$594,798 |
5 |
$987,930 |
$325,864 $39,517 |
$622,549 |
6 |
$1,037,340 |
$344,146 $41,494 |
$651,700 |
7 |
$1,089,180 |
$363,327 $43,567 |
$682,286 |
8 |
$1,143,666 |
$383,487 $45,747 |
$714,432 |
9 |
$1,200,852 |
$404,646 $48,034 |
$748,172 |
10 |
$1,260,900 |
$426,863 $50,436 |
$783,601 |
11 |
$1,323,918 |
$450,180 $52,957 |
$820,781 |
12 |
$1,390,122 |
$474,676 $55,605 |
$859,841 |
13 |
$1,459,620 |
$500,390 $58,385 |
$900,845 |
14 |
$1,532,628 |
$527,403 $61,305 |
$943,920 |
15 |
$1,609,254 |
$555,754 $64,370 |
$989,130 |
16 |
$1,689,714 |
$585,525 $67,589 |
$1,036,600 |
17 |
$1,774,170 |
$616,773 $70,967 |
$1,086,430 |
18 |
$1,862,892 |
$649,600 $74,516 |
$1,138,776 |
19 |
$1,956,042 |
$684,066 $78,242 |
$1,193,734 |
20 |
$2,053,836 |
$720,250 $82,153 |
$1,251,433 |
21 |
$2,156,544 |
$758,252 $86,262 |
$1,312,030 |
22 |
$2,264,382 |
$798,152 $90,575 |
$1,375,655 |
23 |
$2,377,566 |
$840,030 $95,103 |
$1,442,433 |
24 |
$2,496,474 |
$884,026 $99,859 |
$1,512,589 |
25 |
$2,621,268 |
$930,200 $104,851 |
$1,586,217 |
26 |
$2,752,380 |
$978,711 $110,095 |
$1,663,574 |
27 |
$2,889,972 |
$1,029,620 $115,599 |
$1,744,753 |
28 |
$3,034,476 |
$1,083,087 $121,379 |
$1,830,010 |
29 |
$3,186,216 |
$1,139,230 $127,449 |
$1,919,537 |
30 |
$3,345,516 |
$1,198,171 $133,821 |
$2,013,524 |
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