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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $3,561,200 | | Net Lumpsum Payment | $35,160,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$113,485 |
$1,158,862 |
| 2 |
$2,054,520 |
$720,503
$119,162 |
$1,214,855 |
| 3 |
$2,157,220 |
$758,502
$125,119 |
$1,273,599 |
| 4 |
$2,265,120 |
$798,425
$131,377 |
$1,335,318 |
| 5 |
$2,378,350 |
$840,320
$137,944 |
$1,400,086 |
| 6 |
$2,497,300 |
$884,331
$144,843 |
$1,468,126 |
| 7 |
$2,622,100 |
$930,507
$152,082 |
$1,539,511 |
| 8 |
$2,753,270 |
$979,040
$159,690 |
$1,614,540 |
| 9 |
$2,890,940 |
$1,029,978
$167,675 |
$1,693,287 |
| 10 |
$3,035,500 |
$1,083,465
$176,059 |
$1,775,976 |
| 11 |
$3,187,210 |
$1,139,598
$184,858 |
$1,862,754 |
| 12 |
$3,346,590 |
$1,198,569
$194,102 |
$1,953,919 |
| 13 |
$3,513,900 |
$1,260,473
$203,806 |
$2,049,621 |
| 14 |
$3,689,660 |
$1,325,505
$214,000 |
$2,150,155 |
| 15 |
$3,874,130 |
$1,393,758
$224,700 |
$2,255,672 |
| 16 |
$4,067,830 |
$1,465,427
$235,934 |
$2,366,469 |
| 17 |
$4,271,150 |
$1,540,656
$247,727 |
$2,482,767 |
| 18 |
$4,484,740 |
$1,619,684
$260,115 |
$2,604,941 |
| 19 |
$4,708,990 |
$1,702,657
$273,121 |
$2,733,212 |
| 20 |
$4,944,420 |
$1,789,766
$286,776 |
$2,867,878 |
| 21 |
$5,191,680 |
$1,881,252
$301,117 |
$3,009,311 |
| 22 |
$5,451,290 |
$1,977,308
$316,175 |
$3,157,807 |
| 23 |
$5,723,770 |
$2,078,125
$331,979 |
$3,313,666 |
| 24 |
$6,010,030 |
$2,184,041
$348,582 |
$3,477,407 |
| 25 |
$6,310,460 |
$2,295,201
$366,007 |
$3,649,252 |
| 26 |
$6,626,100 |
$2,411,987
$384,314 |
$3,829,799 |
| 27 |
$6,957,340 |
$2,534,546
$403,526 |
$4,019,268 |
| 28 |
$7,305,220 |
$2,663,262
$423,703 |
$4,218,255 |
| 29 |
$7,670,520 |
$2,798,423
$444,890 |
$4,427,207 |
| 30 |
$8,054,020 |
$2,940,318
$467,133 |
$4,646,569 |
|
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