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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut 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(6.99%) | $4,291,860 | | Net Lumpsum Payment | $34,429,810 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$136,768 |
$1,135,579 |
| 2 |
$2,054,520 |
$720,503
$143,611 |
$1,190,406 |
| 3 |
$2,157,220 |
$758,502
$150,790 |
$1,247,928 |
| 4 |
$2,265,120 |
$798,425
$158,332 |
$1,308,363 |
| 5 |
$2,378,350 |
$840,320
$166,247 |
$1,371,783 |
| 6 |
$2,497,300 |
$884,331
$174,561 |
$1,438,408 |
| 7 |
$2,622,100 |
$930,507
$183,285 |
$1,508,308 |
| 8 |
$2,753,270 |
$979,040
$192,454 |
$1,581,776 |
| 9 |
$2,890,940 |
$1,029,978
$202,077 |
$1,658,885 |
| 10 |
$3,035,500 |
$1,083,465
$212,181 |
$1,739,854 |
| 11 |
$3,187,210 |
$1,139,598
$222,786 |
$1,824,826 |
| 12 |
$3,346,590 |
$1,198,569
$233,927 |
$1,914,094 |
| 13 |
$3,513,900 |
$1,260,473
$245,622 |
$2,007,805 |
| 14 |
$3,689,660 |
$1,325,505
$257,907 |
$2,106,248 |
| 15 |
$3,874,130 |
$1,393,758
$270,802 |
$2,209,570 |
| 16 |
$4,067,830 |
$1,465,427
$284,341 |
$2,318,062 |
| 17 |
$4,271,150 |
$1,540,656
$298,553 |
$2,431,941 |
| 18 |
$4,484,740 |
$1,619,684
$313,483 |
$2,551,573 |
| 19 |
$4,708,990 |
$1,702,657
$329,158 |
$2,677,175 |
| 20 |
$4,944,420 |
$1,789,766
$345,615 |
$2,809,039 |
| 21 |
$5,191,680 |
$1,881,252
$362,898 |
$2,947,530 |
| 22 |
$5,451,290 |
$1,977,308
$381,045 |
$3,092,937 |
| 23 |
$5,723,770 |
$2,078,125
$400,092 |
$3,245,553 |
| 24 |
$6,010,030 |
$2,184,041
$420,101 |
$3,405,888 |
| 25 |
$6,310,460 |
$2,295,201
$441,101 |
$3,574,158 |
| 26 |
$6,626,100 |
$2,411,987
$463,164 |
$3,750,949 |
| 27 |
$6,957,340 |
$2,534,546
$486,318 |
$3,936,476 |
| 28 |
$7,305,220 |
$2,663,262
$510,635 |
$4,131,323 |
| 29 |
$7,670,520 |
$2,798,423
$536,169 |
$4,335,928 |
| 30 |
$8,054,020 |
$2,940,318
$562,976 |
$4,550,726 |
|
|
