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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
Pennsylvania Powerball Jackpot/Cash Option for Sat Nov 16, 2024 |
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Draw Date | Sat Nov 16, 2024 | Projected Jackpot | $130,000,000 | Cash Value | $61,400,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $61,400,000 | Federal Tax(24%) | $14,736,000 | Additional Federal Tax | $7,942,330 | State Tax(3.07%) | $1,884,980 | Net Lumpsum Payment | $36,836,690 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,956,630 |
$684,283 $60,069 |
$1,212,278 |
2 |
$2,054,520 |
$720,503 $63,074 |
$1,270,943 |
3 |
$2,157,220 |
$758,502 $66,227 |
$1,332,491 |
4 |
$2,265,120 |
$798,425 $69,539 |
$1,397,156 |
5 |
$2,378,350 |
$840,320 $73,015 |
$1,465,015 |
6 |
$2,497,300 |
$884,331 $76,667 |
$1,536,302 |
7 |
$2,622,100 |
$930,507 $80,498 |
$1,611,095 |
8 |
$2,753,270 |
$979,040 $84,525 |
$1,689,705 |
9 |
$2,890,940 |
$1,029,978 $88,752 |
$1,772,210 |
10 |
$3,035,500 |
$1,083,465 $93,190 |
$1,858,845 |
11 |
$3,187,210 |
$1,139,598 $97,847 |
$1,949,765 |
12 |
$3,346,590 |
$1,198,569 $102,740 |
$2,045,281 |
13 |
$3,513,900 |
$1,260,473 $107,877 |
$2,145,550 |
14 |
$3,689,660 |
$1,325,505 $113,273 |
$2,250,882 |
15 |
$3,874,130 |
$1,393,758 $118,936 |
$2,361,436 |
16 |
$4,067,830 |
$1,465,427 $124,882 |
$2,477,521 |
17 |
$4,271,150 |
$1,540,656 $131,124 |
$2,599,370 |
18 |
$4,484,740 |
$1,619,684 $137,682 |
$2,727,374 |
19 |
$4,708,990 |
$1,702,657 $144,566 |
$2,861,767 |
20 |
$4,944,420 |
$1,789,766 $151,794 |
$3,002,860 |
21 |
$5,191,680 |
$1,881,252 $159,385 |
$3,151,043 |
22 |
$5,451,290 |
$1,977,308 $167,355 |
$3,306,627 |
23 |
$5,723,770 |
$2,078,125 $175,720 |
$3,469,925 |
24 |
$6,010,030 |
$2,184,041 $184,508 |
$3,641,481 |
25 |
$6,310,460 |
$2,295,201 $193,731 |
$3,821,528 |
26 |
$6,626,100 |
$2,411,987 $203,421 |
$4,010,692 |
27 |
$6,957,340 |
$2,534,546 $213,590 |
$4,209,204 |
28 |
$7,305,220 |
$2,663,262 $224,270 |
$4,417,688 |
29 |
$7,670,520 |
$2,798,423 $235,485 |
$4,636,612 |
30 |
$8,054,020 |
$2,940,318 $247,258 |
$4,866,444 |
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