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 |
|---|
| 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(4%) | $1,032,000 | | Net Lumpsum Payment | $15,261,670 |
| Annuity Payment in 30 Installations |
|---|
| 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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