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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa 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%) | $3,070,000 | | Net Lumpsum Payment | $35,651,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$97,832 |
$1,174,515 |
| 2 |
$2,054,520 |
$720,503
$102,726 |
$1,231,291 |
| 3 |
$2,157,220 |
$758,502
$107,861 |
$1,290,857 |
| 4 |
$2,265,120 |
$798,425
$113,256 |
$1,353,439 |
| 5 |
$2,378,350 |
$840,320
$118,918 |
$1,419,112 |
| 6 |
$2,497,300 |
$884,331
$124,865 |
$1,488,104 |
| 7 |
$2,622,100 |
$930,507
$131,105 |
$1,560,488 |
| 8 |
$2,753,270 |
$979,040
$137,664 |
$1,636,566 |
| 9 |
$2,890,940 |
$1,029,978
$144,547 |
$1,716,415 |
| 10 |
$3,035,500 |
$1,083,465
$151,775 |
$1,800,260 |
| 11 |
$3,187,210 |
$1,139,598
$159,361 |
$1,888,251 |
| 12 |
$3,346,590 |
$1,198,569
$167,330 |
$1,980,691 |
| 13 |
$3,513,900 |
$1,260,473
$175,695 |
$2,077,732 |
| 14 |
$3,689,660 |
$1,325,505
$184,483 |
$2,179,672 |
| 15 |
$3,874,130 |
$1,393,758
$193,707 |
$2,286,665 |
| 16 |
$4,067,830 |
$1,465,427
$203,392 |
$2,399,011 |
| 17 |
$4,271,150 |
$1,540,656
$213,558 |
$2,516,936 |
| 18 |
$4,484,740 |
$1,619,684
$224,237 |
$2,640,819 |
| 19 |
$4,708,990 |
$1,702,657
$235,450 |
$2,770,883 |
| 20 |
$4,944,420 |
$1,789,766
$247,221 |
$2,907,433 |
| 21 |
$5,191,680 |
$1,881,252
$259,584 |
$3,050,844 |
| 22 |
$5,451,290 |
$1,977,308
$272,565 |
$3,201,417 |
| 23 |
$5,723,770 |
$2,078,125
$286,189 |
$3,359,456 |
| 24 |
$6,010,030 |
$2,184,041
$300,502 |
$3,525,487 |
| 25 |
$6,310,460 |
$2,295,201
$315,523 |
$3,699,736 |
| 26 |
$6,626,100 |
$2,411,987
$331,305 |
$3,882,808 |
| 27 |
$6,957,340 |
$2,534,546
$347,867 |
$4,074,927 |
| 28 |
$7,305,220 |
$2,663,262
$365,261 |
$4,276,697 |
| 29 |
$7,670,520 |
$2,798,423
$383,526 |
$4,488,571 |
| 30 |
$8,054,020 |
$2,940,318
$402,701 |
$4,711,001 |
|
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