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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC 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(10.75%) | $6,600,500 | | Net Lumpsum Payment | $32,121,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$210,338 |
$1,062,009 |
| 2 |
$2,054,520 |
$720,503
$220,861 |
$1,113,156 |
| 3 |
$2,157,220 |
$758,502
$231,901 |
$1,166,817 |
| 4 |
$2,265,120 |
$798,425
$243,500 |
$1,223,195 |
| 5 |
$2,378,350 |
$840,320
$255,673 |
$1,282,357 |
| 6 |
$2,497,300 |
$884,331
$268,460 |
$1,344,509 |
| 7 |
$2,622,100 |
$930,507
$281,876 |
$1,409,717 |
| 8 |
$2,753,270 |
$979,040
$295,977 |
$1,478,253 |
| 9 |
$2,890,940 |
$1,029,978
$310,776 |
$1,550,186 |
| 10 |
$3,035,500 |
$1,083,465
$326,316 |
$1,625,719 |
| 11 |
$3,187,210 |
$1,139,598
$342,625 |
$1,704,987 |
| 12 |
$3,346,590 |
$1,198,569
$359,758 |
$1,788,263 |
| 13 |
$3,513,900 |
$1,260,473
$377,744 |
$1,875,683 |
| 14 |
$3,689,660 |
$1,325,505
$396,638 |
$1,967,517 |
| 15 |
$3,874,130 |
$1,393,758
$416,469 |
$2,063,903 |
| 16 |
$4,067,830 |
$1,465,427
$437,292 |
$2,165,111 |
| 17 |
$4,271,150 |
$1,540,656
$459,149 |
$2,271,345 |
| 18 |
$4,484,740 |
$1,619,684
$482,110 |
$2,382,946 |
| 19 |
$4,708,990 |
$1,702,657
$506,216 |
$2,500,117 |
| 20 |
$4,944,420 |
$1,789,766
$531,525 |
$2,623,129 |
| 21 |
$5,191,680 |
$1,881,252
$558,106 |
$2,752,322 |
| 22 |
$5,451,290 |
$1,977,308
$586,014 |
$2,887,968 |
| 23 |
$5,723,770 |
$2,078,125
$615,305 |
$3,030,340 |
| 24 |
$6,010,030 |
$2,184,041
$646,078 |
$3,179,911 |
| 25 |
$6,310,460 |
$2,295,201
$678,374 |
$3,336,885 |
| 26 |
$6,626,100 |
$2,411,987
$712,306 |
$3,501,807 |
| 27 |
$6,957,340 |
$2,534,546
$747,914 |
$3,674,880 |
| 28 |
$7,305,220 |
$2,663,262
$785,311 |
$3,856,647 |
| 29 |
$7,670,520 |
$2,798,423
$824,581 |
$4,047,516 |
| 30 |
$8,054,020 |
$2,940,318
$865,807 |
$4,247,895 |
|
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