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 those living in Washington, the bright side is you won't have to pay any state taxes on your lottery prize.
Washington 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(0%) | $0 | Net Lumpsum Payment | $16,293,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$812,754 |
$261,049 $0 |
$551,705 |
2 |
$853,416 |
$276,094 $0 |
$577,322 |
3 |
$896,076 |
$291,879 $0 |
$604,197 |
4 |
$940,896 |
$308,462 $0 |
$632,434 |
5 |
$987,930 |
$325,864 $0 |
$662,066 |
6 |
$1,037,340 |
$344,146 $0 |
$693,194 |
7 |
$1,089,180 |
$363,327 $0 |
$725,853 |
8 |
$1,143,666 |
$383,487 $0 |
$760,179 |
9 |
$1,200,852 |
$404,646 $0 |
$796,206 |
10 |
$1,260,900 |
$426,863 $0 |
$834,037 |
11 |
$1,323,918 |
$450,180 $0 |
$873,738 |
12 |
$1,390,122 |
$474,676 $0 |
$915,446 |
13 |
$1,459,620 |
$500,390 $0 |
$959,230 |
14 |
$1,532,628 |
$527,403 $0 |
$1,005,225 |
15 |
$1,609,254 |
$555,754 $0 |
$1,053,500 |
16 |
$1,689,714 |
$585,525 $0 |
$1,104,189 |
17 |
$1,774,170 |
$616,773 $0 |
$1,157,397 |
18 |
$1,862,892 |
$649,600 $0 |
$1,213,292 |
19 |
$1,956,042 |
$684,066 $0 |
$1,271,976 |
20 |
$2,053,836 |
$720,250 $0 |
$1,333,586 |
21 |
$2,156,544 |
$758,252 $0 |
$1,398,292 |
22 |
$2,264,382 |
$798,152 $0 |
$1,466,230 |
23 |
$2,377,566 |
$840,030 $0 |
$1,537,536 |
24 |
$2,496,474 |
$884,026 $0 |
$1,612,448 |
25 |
$2,621,268 |
$930,200 $0 |
$1,691,068 |
26 |
$2,752,380 |
$978,711 $0 |
$1,773,669 |
27 |
$2,889,972 |
$1,029,620 $0 |
$1,860,352 |
28 |
$3,034,476 |
$1,083,087 $0 |
$1,951,389 |
29 |
$3,186,216 |
$1,139,230 $0 |
$2,046,986 |
30 |
$3,345,516 |
$1,198,171 $0 |
$2,147,345 |
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