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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana 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(6.75%) | $4,144,500 | | Net Lumpsum Payment | $34,577,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$132,073 |
$1,140,274 |
| 2 |
$2,054,520 |
$720,503
$138,680 |
$1,195,337 |
| 3 |
$2,157,220 |
$758,502
$145,612 |
$1,253,106 |
| 4 |
$2,265,120 |
$798,425
$152,896 |
$1,313,799 |
| 5 |
$2,378,350 |
$840,320
$160,539 |
$1,377,491 |
| 6 |
$2,497,300 |
$884,331
$168,568 |
$1,444,401 |
| 7 |
$2,622,100 |
$930,507
$176,992 |
$1,514,601 |
| 8 |
$2,753,270 |
$979,040
$185,846 |
$1,588,384 |
| 9 |
$2,890,940 |
$1,029,978
$195,138 |
$1,665,824 |
| 10 |
$3,035,500 |
$1,083,465
$204,896 |
$1,747,139 |
| 11 |
$3,187,210 |
$1,139,598
$215,137 |
$1,832,475 |
| 12 |
$3,346,590 |
$1,198,569
$225,895 |
$1,922,126 |
| 13 |
$3,513,900 |
$1,260,473
$237,188 |
$2,016,239 |
| 14 |
$3,689,660 |
$1,325,505
$249,052 |
$2,115,103 |
| 15 |
$3,874,130 |
$1,393,758
$261,504 |
$2,218,868 |
| 16 |
$4,067,830 |
$1,465,427
$274,579 |
$2,327,824 |
| 17 |
$4,271,150 |
$1,540,656
$288,303 |
$2,442,191 |
| 18 |
$4,484,740 |
$1,619,684
$302,720 |
$2,562,336 |
| 19 |
$4,708,990 |
$1,702,657
$317,857 |
$2,688,476 |
| 20 |
$4,944,420 |
$1,789,766
$333,748 |
$2,820,906 |
| 21 |
$5,191,680 |
$1,881,252
$350,438 |
$2,959,990 |
| 22 |
$5,451,290 |
$1,977,308
$367,962 |
$3,106,020 |
| 23 |
$5,723,770 |
$2,078,125
$386,354 |
$3,259,291 |
| 24 |
$6,010,030 |
$2,184,041
$405,677 |
$3,420,312 |
| 25 |
$6,310,460 |
$2,295,201
$425,956 |
$3,589,303 |
| 26 |
$6,626,100 |
$2,411,987
$447,262 |
$3,766,851 |
| 27 |
$6,957,340 |
$2,534,546
$469,620 |
$3,953,174 |
| 28 |
$7,305,220 |
$2,663,262
$493,102 |
$4,148,856 |
| 29 |
$7,670,520 |
$2,798,423
$517,760 |
$4,354,337 |
| 30 |
$8,054,020 |
$2,940,318
$543,646 |
$4,570,056 |
|
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