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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $4,451,500 | | Net Lumpsum Payment | $34,270,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$141,856 |
$1,130,491 |
| 2 |
$2,054,520 |
$720,503
$148,953 |
$1,185,064 |
| 3 |
$2,157,220 |
$758,502
$156,398 |
$1,242,320 |
| 4 |
$2,265,120 |
$798,425
$164,221 |
$1,302,474 |
| 5 |
$2,378,350 |
$840,320
$172,430 |
$1,365,600 |
| 6 |
$2,497,300 |
$884,331
$181,054 |
$1,431,915 |
| 7 |
$2,622,100 |
$930,507
$190,102 |
$1,501,491 |
| 8 |
$2,753,270 |
$979,040
$199,612 |
$1,574,618 |
| 9 |
$2,890,940 |
$1,029,978
$209,593 |
$1,651,369 |
| 10 |
$3,035,500 |
$1,083,465
$220,074 |
$1,731,961 |
| 11 |
$3,187,210 |
$1,139,598
$231,073 |
$1,816,539 |
| 12 |
$3,346,590 |
$1,198,569
$242,628 |
$1,905,393 |
| 13 |
$3,513,900 |
$1,260,473
$254,758 |
$1,998,669 |
| 14 |
$3,689,660 |
$1,325,505
$267,500 |
$2,096,655 |
| 15 |
$3,874,130 |
$1,393,758
$280,874 |
$2,199,498 |
| 16 |
$4,067,830 |
$1,465,427
$294,918 |
$2,307,485 |
| 17 |
$4,271,150 |
$1,540,656
$309,658 |
$2,420,836 |
| 18 |
$4,484,740 |
$1,619,684
$325,144 |
$2,539,912 |
| 19 |
$4,708,990 |
$1,702,657
$341,402 |
$2,664,931 |
| 20 |
$4,944,420 |
$1,789,766
$358,470 |
$2,796,184 |
| 21 |
$5,191,680 |
$1,881,252
$376,397 |
$2,934,031 |
| 22 |
$5,451,290 |
$1,977,308
$395,219 |
$3,078,763 |
| 23 |
$5,723,770 |
$2,078,125
$414,973 |
$3,230,672 |
| 24 |
$6,010,030 |
$2,184,041
$435,727 |
$3,390,262 |
| 25 |
$6,310,460 |
$2,295,201
$457,508 |
$3,557,751 |
| 26 |
$6,626,100 |
$2,411,987
$480,392 |
$3,733,721 |
| 27 |
$6,957,340 |
$2,534,546
$504,407 |
$3,918,387 |
| 28 |
$7,305,220 |
$2,663,262
$529,628 |
$4,112,330 |
| 29 |
$7,670,520 |
$2,798,423
$556,113 |
$4,315,984 |
| 30 |
$8,054,020 |
$2,940,318
$583,916 |
$4,529,786 |
|
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