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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia 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(5.75%) | $3,530,500 | | Net Lumpsum Payment | $35,191,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$112,506 |
$1,159,841 |
| 2 |
$2,054,520 |
$720,503
$118,135 |
$1,215,882 |
| 3 |
$2,157,220 |
$758,502
$124,040 |
$1,274,678 |
| 4 |
$2,265,120 |
$798,425
$130,244 |
$1,336,451 |
| 5 |
$2,378,350 |
$840,320
$136,755 |
$1,401,275 |
| 6 |
$2,497,300 |
$884,331
$143,595 |
$1,469,374 |
| 7 |
$2,622,100 |
$930,507
$150,771 |
$1,540,822 |
| 8 |
$2,753,270 |
$979,040
$158,313 |
$1,615,917 |
| 9 |
$2,890,940 |
$1,029,978
$166,229 |
$1,694,733 |
| 10 |
$3,035,500 |
$1,083,465
$174,541 |
$1,777,494 |
| 11 |
$3,187,210 |
$1,139,598
$183,265 |
$1,864,347 |
| 12 |
$3,346,590 |
$1,198,569
$192,429 |
$1,955,592 |
| 13 |
$3,513,900 |
$1,260,473
$202,049 |
$2,051,378 |
| 14 |
$3,689,660 |
$1,325,505
$212,155 |
$2,152,000 |
| 15 |
$3,874,130 |
$1,393,758
$222,762 |
$2,257,610 |
| 16 |
$4,067,830 |
$1,465,427
$233,900 |
$2,368,503 |
| 17 |
$4,271,150 |
$1,540,656
$245,591 |
$2,484,903 |
| 18 |
$4,484,740 |
$1,619,684
$257,873 |
$2,607,183 |
| 19 |
$4,708,990 |
$1,702,657
$270,767 |
$2,735,566 |
| 20 |
$4,944,420 |
$1,789,766
$284,304 |
$2,870,350 |
| 21 |
$5,191,680 |
$1,881,252
$298,522 |
$3,011,906 |
| 22 |
$5,451,290 |
$1,977,308
$313,449 |
$3,160,533 |
| 23 |
$5,723,770 |
$2,078,125
$329,117 |
$3,316,528 |
| 24 |
$6,010,030 |
$2,184,041
$345,577 |
$3,480,412 |
| 25 |
$6,310,460 |
$2,295,201
$362,851 |
$3,652,408 |
| 26 |
$6,626,100 |
$2,411,987
$381,001 |
$3,833,112 |
| 27 |
$6,957,340 |
$2,534,546
$400,047 |
$4,022,747 |
| 28 |
$7,305,220 |
$2,663,262
$420,050 |
$4,221,908 |
| 29 |
$7,670,520 |
$2,798,423
$441,055 |
$4,431,042 |
| 30 |
$8,054,020 |
$2,940,318
$463,106 |
$4,650,596 |
|
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