The jackpot for the Powerball draw on Sat Dec 28, 2024, is projected to be $145 Million, with an option for a cash payout of $66.2 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 Dec 28, 2024 |
|---|
| Draw Date | Sat Dec 28, 2024 | | Projected Jackpot | $145,000,000 | | Cash Value | $66,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $66,200,000 | | Federal Tax(24%) | $15,888,000 | | Additional Federal Tax | $8,566,330 | | State Tax(6%) | $3,972,000 | | Net Lumpsum Payment | $37,773,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$130,944 |
$1,283,634 |
| 2 |
$2,291,580 |
$808,215
$137,495 |
$1,345,870 |
| 3 |
$2,406,130 |
$850,598
$144,368 |
$1,411,164 |
| 4 |
$2,526,480 |
$895,128
$151,589 |
$1,479,763 |
| 5 |
$2,652,775 |
$941,857
$159,167 |
$1,551,751 |
| 6 |
$2,785,450 |
$990,947
$167,127 |
$1,627,376 |
| 7 |
$2,924,650 |
$1,042,451
$175,479 |
$1,706,720 |
| 8 |
$3,070,955 |
$1,096,584
$184,257 |
$1,790,114 |
| 9 |
$3,224,510 |
$1,153,399
$193,471 |
$1,877,640 |
| 10 |
$3,385,750 |
$1,213,058
$203,145 |
$1,969,547 |
| 11 |
$3,554,965 |
$1,275,667
$213,298 |
$2,066,000 |
| 12 |
$3,732,735 |
$1,341,442
$223,964 |
$2,167,329 |
| 13 |
$3,919,350 |
$1,410,490
$235,161 |
$2,273,699 |
| 14 |
$4,115,390 |
$1,483,025
$246,923 |
$2,385,442 |
| 15 |
$4,321,145 |
$1,559,154
$259,269 |
$2,502,722 |
| 16 |
$4,537,195 |
$1,639,093
$272,232 |
$2,625,870 |
| 17 |
$4,763,975 |
$1,723,001
$285,839 |
$2,755,135 |
| 18 |
$5,002,210 |
$1,811,148
$300,133 |
$2,890,929 |
| 19 |
$5,252,335 |
$1,903,694
$315,140 |
$3,033,501 |
| 20 |
$5,514,930 |
$2,000,854
$330,896 |
$3,183,180 |
| 21 |
$5,790,720 |
$2,102,897
$347,443 |
$3,340,380 |
| 22 |
$6,080,285 |
$2,210,036
$364,817 |
$3,505,432 |
| 23 |
$6,384,205 |
$2,322,486
$383,052 |
$3,678,667 |
| 24 |
$6,703,495 |
$2,440,624
$402,210 |
$3,860,661 |
| 25 |
$7,038,590 |
$2,564,609
$422,315 |
$4,051,666 |
| 26 |
$7,390,650 |
$2,694,871
$443,439 |
$4,252,340 |
| 27 |
$7,760,110 |
$2,831,571
$465,607 |
$4,462,932 |
| 28 |
$8,148,130 |
$2,975,138
$488,888 |
$4,684,104 |
| 29 |
$8,555,580 |
$3,125,895
$513,335 |
$4,916,350 |
| 30 |
$8,983,330 |
$3,284,162
$539,000 |
$5,160,168 |
|
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