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 Arizona residents, the state will deduct 2.5% from your lottery earnings.
| Arizona 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(2.5%) | $1,535,000 | | Net Lumpsum Payment | $37,186,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$48,916 |
$1,223,431 |
| 2 |
$2,054,520 |
$720,503
$51,363 |
$1,282,654 |
| 3 |
$2,157,220 |
$758,502
$53,931 |
$1,344,787 |
| 4 |
$2,265,120 |
$798,425
$56,628 |
$1,410,067 |
| 5 |
$2,378,350 |
$840,320
$59,459 |
$1,478,571 |
| 6 |
$2,497,300 |
$884,331
$62,433 |
$1,550,536 |
| 7 |
$2,622,100 |
$930,507
$65,553 |
$1,626,040 |
| 8 |
$2,753,270 |
$979,040
$68,832 |
$1,705,398 |
| 9 |
$2,890,940 |
$1,029,978
$72,274 |
$1,788,688 |
| 10 |
$3,035,500 |
$1,083,465
$75,888 |
$1,876,147 |
| 11 |
$3,187,210 |
$1,139,598
$79,680 |
$1,967,932 |
| 12 |
$3,346,590 |
$1,198,569
$83,665 |
$2,064,356 |
| 13 |
$3,513,900 |
$1,260,473
$87,848 |
$2,165,579 |
| 14 |
$3,689,660 |
$1,325,505
$92,242 |
$2,271,913 |
| 15 |
$3,874,130 |
$1,393,758
$96,853 |
$2,383,519 |
| 16 |
$4,067,830 |
$1,465,427
$101,696 |
$2,500,707 |
| 17 |
$4,271,150 |
$1,540,656
$106,779 |
$2,623,715 |
| 18 |
$4,484,740 |
$1,619,684
$112,119 |
$2,752,937 |
| 19 |
$4,708,990 |
$1,702,657
$117,725 |
$2,888,608 |
| 20 |
$4,944,420 |
$1,789,766
$123,611 |
$3,031,043 |
| 21 |
$5,191,680 |
$1,881,252
$129,792 |
$3,180,636 |
| 22 |
$5,451,290 |
$1,977,308
$136,282 |
$3,337,700 |
| 23 |
$5,723,770 |
$2,078,125
$143,094 |
$3,502,551 |
| 24 |
$6,010,030 |
$2,184,041
$150,251 |
$3,675,738 |
| 25 |
$6,310,460 |
$2,295,201
$157,762 |
$3,857,497 |
| 26 |
$6,626,100 |
$2,411,987
$165,653 |
$4,048,460 |
| 27 |
$6,957,340 |
$2,534,546
$173,934 |
$4,248,860 |
| 28 |
$7,305,220 |
$2,663,262
$182,631 |
$4,459,327 |
| 29 |
$7,670,520 |
$2,798,423
$191,763 |
$4,680,334 |
| 30 |
$8,054,020 |
$2,940,318
$201,351 |
$4,912,351 |
|
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