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 those living in Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.
| Tennessee 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(0%) | $0 | | Net Lumpsum Payment | $38,721,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$0 |
$1,272,347 |
| 2 |
$2,054,520 |
$720,503
$0 |
$1,334,017 |
| 3 |
$2,157,220 |
$758,502
$0 |
$1,398,718 |
| 4 |
$2,265,120 |
$798,425
$0 |
$1,466,695 |
| 5 |
$2,378,350 |
$840,320
$0 |
$1,538,030 |
| 6 |
$2,497,300 |
$884,331
$0 |
$1,612,969 |
| 7 |
$2,622,100 |
$930,507
$0 |
$1,691,593 |
| 8 |
$2,753,270 |
$979,040
$0 |
$1,774,230 |
| 9 |
$2,890,940 |
$1,029,978
$0 |
$1,860,962 |
| 10 |
$3,035,500 |
$1,083,465
$0 |
$1,952,035 |
| 11 |
$3,187,210 |
$1,139,598
$0 |
$2,047,612 |
| 12 |
$3,346,590 |
$1,198,569
$0 |
$2,148,021 |
| 13 |
$3,513,900 |
$1,260,473
$0 |
$2,253,427 |
| 14 |
$3,689,660 |
$1,325,505
$0 |
$2,364,155 |
| 15 |
$3,874,130 |
$1,393,758
$0 |
$2,480,372 |
| 16 |
$4,067,830 |
$1,465,427
$0 |
$2,602,403 |
| 17 |
$4,271,150 |
$1,540,656
$0 |
$2,730,494 |
| 18 |
$4,484,740 |
$1,619,684
$0 |
$2,865,056 |
| 19 |
$4,708,990 |
$1,702,657
$0 |
$3,006,333 |
| 20 |
$4,944,420 |
$1,789,766
$0 |
$3,154,654 |
| 21 |
$5,191,680 |
$1,881,252
$0 |
$3,310,428 |
| 22 |
$5,451,290 |
$1,977,308
$0 |
$3,473,982 |
| 23 |
$5,723,770 |
$2,078,125
$0 |
$3,645,645 |
| 24 |
$6,010,030 |
$2,184,041
$0 |
$3,825,989 |
| 25 |
$6,310,460 |
$2,295,201
$0 |
$4,015,259 |
| 26 |
$6,626,100 |
$2,411,987
$0 |
$4,214,113 |
| 27 |
$6,957,340 |
$2,534,546
$0 |
$4,422,794 |
| 28 |
$7,305,220 |
$2,663,262
$0 |
$4,641,958 |
| 29 |
$7,670,520 |
$2,798,423
$0 |
$4,872,097 |
| 30 |
$8,054,020 |
$2,940,318
$0 |
$5,113,702 |
|
|
