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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont 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(6%) | $1,548,000 | | Net Lumpsum Payment | $14,745,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$812,754 |
$261,049
$48,765 |
$502,940 |
| 2 |
$853,416 |
$276,094
$51,205 |
$526,117 |
| 3 |
$896,076 |
$291,879
$53,765 |
$550,432 |
| 4 |
$940,896 |
$308,462
$56,454 |
$575,980 |
| 5 |
$987,930 |
$325,864
$59,276 |
$602,790 |
| 6 |
$1,037,340 |
$344,146
$62,240 |
$630,954 |
| 7 |
$1,089,180 |
$363,327
$65,351 |
$660,502 |
| 8 |
$1,143,666 |
$383,487
$68,620 |
$691,559 |
| 9 |
$1,200,852 |
$404,646
$72,051 |
$724,155 |
| 10 |
$1,260,900 |
$426,863
$75,654 |
$758,383 |
| 11 |
$1,323,918 |
$450,180
$79,435 |
$794,303 |
| 12 |
$1,390,122 |
$474,676
$83,407 |
$832,039 |
| 13 |
$1,459,620 |
$500,390
$87,577 |
$871,653 |
| 14 |
$1,532,628 |
$527,403
$91,958 |
$913,267 |
| 15 |
$1,609,254 |
$555,754
$96,555 |
$956,945 |
| 16 |
$1,689,714 |
$585,525
$101,383 |
$1,002,806 |
| 17 |
$1,774,170 |
$616,773
$106,450 |
$1,050,947 |
| 18 |
$1,862,892 |
$649,600
$111,774 |
$1,101,518 |
| 19 |
$1,956,042 |
$684,066
$117,363 |
$1,154,613 |
| 20 |
$2,053,836 |
$720,250
$123,230 |
$1,210,356 |
| 21 |
$2,156,544 |
$758,252
$129,393 |
$1,268,899 |
| 22 |
$2,264,382 |
$798,152
$135,863 |
$1,330,367 |
| 23 |
$2,377,566 |
$840,030
$142,654 |
$1,394,882 |
| 24 |
$2,496,474 |
$884,026
$149,788 |
$1,462,660 |
| 25 |
$2,621,268 |
$930,200
$157,276 |
$1,533,792 |
| 26 |
$2,752,380 |
$978,711
$165,143 |
$1,608,526 |
| 27 |
$2,889,972 |
$1,029,620
$173,398 |
$1,686,954 |
| 28 |
$3,034,476 |
$1,083,087
$182,069 |
$1,769,320 |
| 29 |
$3,186,216 |
$1,139,230
$191,173 |
$1,855,813 |
| 30 |
$3,345,516 |
$1,198,171
$200,731 |
$1,946,614 |
|
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