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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $2,456,000 | | Net Lumpsum Payment | $36,265,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$78,265 |
$1,194,082 |
| 2 |
$2,054,520 |
$720,503
$82,181 |
$1,251,836 |
| 3 |
$2,157,220 |
$758,502
$86,289 |
$1,312,429 |
| 4 |
$2,265,120 |
$798,425
$90,605 |
$1,376,090 |
| 5 |
$2,378,350 |
$840,320
$95,134 |
$1,442,896 |
| 6 |
$2,497,300 |
$884,331
$99,892 |
$1,513,077 |
| 7 |
$2,622,100 |
$930,507
$104,884 |
$1,586,709 |
| 8 |
$2,753,270 |
$979,040
$110,131 |
$1,664,099 |
| 9 |
$2,890,940 |
$1,029,978
$115,638 |
$1,745,324 |
| 10 |
$3,035,500 |
$1,083,465
$121,420 |
$1,830,615 |
| 11 |
$3,187,210 |
$1,139,598
$127,488 |
$1,920,124 |
| 12 |
$3,346,590 |
$1,198,569
$133,864 |
$2,014,157 |
| 13 |
$3,513,900 |
$1,260,473
$140,556 |
$2,112,871 |
| 14 |
$3,689,660 |
$1,325,505
$147,586 |
$2,216,569 |
| 15 |
$3,874,130 |
$1,393,758
$154,965 |
$2,325,407 |
| 16 |
$4,067,830 |
$1,465,427
$162,713 |
$2,439,690 |
| 17 |
$4,271,150 |
$1,540,656
$170,846 |
$2,559,648 |
| 18 |
$4,484,740 |
$1,619,684
$179,390 |
$2,685,666 |
| 19 |
$4,708,990 |
$1,702,657
$188,360 |
$2,817,973 |
| 20 |
$4,944,420 |
$1,789,766
$197,777 |
$2,956,877 |
| 21 |
$5,191,680 |
$1,881,252
$207,667 |
$3,102,761 |
| 22 |
$5,451,290 |
$1,977,308
$218,052 |
$3,255,930 |
| 23 |
$5,723,770 |
$2,078,125
$228,951 |
$3,416,694 |
| 24 |
$6,010,030 |
$2,184,041
$240,401 |
$3,585,588 |
| 25 |
$6,310,460 |
$2,295,201
$252,418 |
$3,762,841 |
| 26 |
$6,626,100 |
$2,411,987
$265,044 |
$3,949,069 |
| 27 |
$6,957,340 |
$2,534,546
$278,294 |
$4,144,500 |
| 28 |
$7,305,220 |
$2,663,262
$292,209 |
$4,349,749 |
| 29 |
$7,670,520 |
$2,798,423
$306,821 |
$4,565,276 |
| 30 |
$8,054,020 |
$2,940,318
$322,161 |
$4,791,541 |
|
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