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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $2,449,860 | | Net Lumpsum Payment | $36,271,810 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$78,070 |
$1,194,277 |
| 2 |
$2,054,520 |
$720,503
$81,975 |
$1,252,042 |
| 3 |
$2,157,220 |
$758,502
$86,073 |
$1,312,645 |
| 4 |
$2,265,120 |
$798,425
$90,378 |
$1,376,317 |
| 5 |
$2,378,350 |
$840,320
$94,896 |
$1,443,134 |
| 6 |
$2,497,300 |
$884,331
$99,642 |
$1,513,327 |
| 7 |
$2,622,100 |
$930,507
$104,622 |
$1,586,971 |
| 8 |
$2,753,270 |
$979,040
$109,855 |
$1,664,375 |
| 9 |
$2,890,940 |
$1,029,978
$115,349 |
$1,745,613 |
| 10 |
$3,035,500 |
$1,083,465
$121,116 |
$1,830,919 |
| 11 |
$3,187,210 |
$1,139,598
$127,170 |
$1,920,442 |
| 12 |
$3,346,590 |
$1,198,569
$133,529 |
$2,014,492 |
| 13 |
$3,513,900 |
$1,260,473
$140,205 |
$2,113,222 |
| 14 |
$3,689,660 |
$1,325,505
$147,217 |
$2,216,938 |
| 15 |
$3,874,130 |
$1,393,758
$154,578 |
$2,325,794 |
| 16 |
$4,067,830 |
$1,465,427
$162,306 |
$2,440,097 |
| 17 |
$4,271,150 |
$1,540,656
$170,419 |
$2,560,075 |
| 18 |
$4,484,740 |
$1,619,684
$178,941 |
$2,686,115 |
| 19 |
$4,708,990 |
$1,702,657
$187,889 |
$2,818,444 |
| 20 |
$4,944,420 |
$1,789,766
$197,282 |
$2,957,372 |
| 21 |
$5,191,680 |
$1,881,252
$207,148 |
$3,103,280 |
| 22 |
$5,451,290 |
$1,977,308
$217,506 |
$3,256,476 |
| 23 |
$5,723,770 |
$2,078,125
$228,378 |
$3,417,267 |
| 24 |
$6,010,030 |
$2,184,041
$239,800 |
$3,586,189 |
| 25 |
$6,310,460 |
$2,295,201
$251,787 |
$3,763,472 |
| 26 |
$6,626,100 |
$2,411,987
$264,381 |
$3,949,732 |
| 27 |
$6,957,340 |
$2,534,546
$277,598 |
$4,145,196 |
| 28 |
$7,305,220 |
$2,663,262
$291,478 |
$4,350,480 |
| 29 |
$7,670,520 |
$2,798,423
$306,054 |
$4,566,043 |
| 30 |
$8,054,020 |
$2,940,318
$321,355 |
$4,792,347 |
|
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