The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 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 Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas Powerball Jackpot/Cash Option for Sat Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(4.9%) | $3,008,600 | | Net Lumpsum Payment | $35,713,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$95,875 |
$1,176,472 |
| 2 |
$2,054,520 |
$720,503
$100,671 |
$1,233,346 |
| 3 |
$2,157,220 |
$758,502
$105,704 |
$1,293,014 |
| 4 |
$2,265,120 |
$798,425
$110,991 |
$1,355,704 |
| 5 |
$2,378,350 |
$840,320
$116,539 |
$1,421,491 |
| 6 |
$2,497,300 |
$884,331
$122,368 |
$1,490,601 |
| 7 |
$2,622,100 |
$930,507
$128,483 |
$1,563,110 |
| 8 |
$2,753,270 |
$979,040
$134,910 |
$1,639,320 |
| 9 |
$2,890,940 |
$1,029,978
$141,656 |
$1,719,306 |
| 10 |
$3,035,500 |
$1,083,465
$148,740 |
$1,803,295 |
| 11 |
$3,187,210 |
$1,139,598
$156,173 |
$1,891,439 |
| 12 |
$3,346,590 |
$1,198,569
$163,983 |
$1,984,038 |
| 13 |
$3,513,900 |
$1,260,473
$172,181 |
$2,081,246 |
| 14 |
$3,689,660 |
$1,325,505
$180,793 |
$2,183,362 |
| 15 |
$3,874,130 |
$1,393,758
$189,832 |
$2,290,540 |
| 16 |
$4,067,830 |
$1,465,427
$199,324 |
$2,403,079 |
| 17 |
$4,271,150 |
$1,540,656
$209,286 |
$2,521,208 |
| 18 |
$4,484,740 |
$1,619,684
$219,752 |
$2,645,304 |
| 19 |
$4,708,990 |
$1,702,657
$230,741 |
$2,775,592 |
| 20 |
$4,944,420 |
$1,789,766
$242,277 |
$2,912,377 |
| 21 |
$5,191,680 |
$1,881,252
$254,392 |
$3,056,036 |
| 22 |
$5,451,290 |
$1,977,308
$267,113 |
$3,206,869 |
| 23 |
$5,723,770 |
$2,078,125
$280,465 |
$3,365,180 |
| 24 |
$6,010,030 |
$2,184,041
$294,491 |
$3,531,498 |
| 25 |
$6,310,460 |
$2,295,201
$309,213 |
$3,706,046 |
| 26 |
$6,626,100 |
$2,411,987
$324,679 |
$3,889,434 |
| 27 |
$6,957,340 |
$2,534,546
$340,910 |
$4,081,884 |
| 28 |
$7,305,220 |
$2,663,262
$357,956 |
$4,284,002 |
| 29 |
$7,670,520 |
$2,798,423
$375,855 |
$4,496,242 |
| 30 |
$8,054,020 |
$2,940,318
$394,647 |
$4,719,055 |
|
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