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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky 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(4.5%) | $2,763,000 | | Net Lumpsum Payment | $35,958,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$88,048 |
$1,184,299 |
| 2 |
$2,054,520 |
$720,503
$92,453 |
$1,241,564 |
| 3 |
$2,157,220 |
$758,502
$97,075 |
$1,301,643 |
| 4 |
$2,265,120 |
$798,425
$101,930 |
$1,364,765 |
| 5 |
$2,378,350 |
$840,320
$107,026 |
$1,431,004 |
| 6 |
$2,497,300 |
$884,331
$112,379 |
$1,500,590 |
| 7 |
$2,622,100 |
$930,507
$117,995 |
$1,573,598 |
| 8 |
$2,753,270 |
$979,040
$123,897 |
$1,650,333 |
| 9 |
$2,890,940 |
$1,029,978
$130,092 |
$1,730,870 |
| 10 |
$3,035,500 |
$1,083,465
$136,598 |
$1,815,437 |
| 11 |
$3,187,210 |
$1,139,598
$143,424 |
$1,904,188 |
| 12 |
$3,346,590 |
$1,198,569
$150,597 |
$1,997,424 |
| 13 |
$3,513,900 |
$1,260,473
$158,126 |
$2,095,301 |
| 14 |
$3,689,660 |
$1,325,505
$166,035 |
$2,198,120 |
| 15 |
$3,874,130 |
$1,393,758
$174,336 |
$2,306,036 |
| 16 |
$4,067,830 |
$1,465,427
$183,052 |
$2,419,351 |
| 17 |
$4,271,150 |
$1,540,656
$192,202 |
$2,538,292 |
| 18 |
$4,484,740 |
$1,619,684
$201,813 |
$2,663,243 |
| 19 |
$4,708,990 |
$1,702,657
$211,905 |
$2,794,428 |
| 20 |
$4,944,420 |
$1,789,766
$222,499 |
$2,932,155 |
| 21 |
$5,191,680 |
$1,881,252
$233,626 |
$3,076,802 |
| 22 |
$5,451,290 |
$1,977,308
$245,308 |
$3,228,674 |
| 23 |
$5,723,770 |
$2,078,125
$257,570 |
$3,388,075 |
| 24 |
$6,010,030 |
$2,184,041
$270,451 |
$3,555,538 |
| 25 |
$6,310,460 |
$2,295,201
$283,971 |
$3,731,288 |
| 26 |
$6,626,100 |
$2,411,987
$298,175 |
$3,915,938 |
| 27 |
$6,957,340 |
$2,534,546
$313,080 |
$4,109,714 |
| 28 |
$7,305,220 |
$2,663,262
$328,735 |
$4,313,223 |
| 29 |
$7,670,520 |
$2,798,423
$345,173 |
$4,526,924 |
| 30 |
$8,054,020 |
$2,940,318
$362,431 |
$4,751,271 |
|
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