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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont 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%) | $3,684,000 | | Net Lumpsum Payment | $35,037,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$117,398 |
$1,154,949 |
| 2 |
$2,054,520 |
$720,503
$123,271 |
$1,210,746 |
| 3 |
$2,157,220 |
$758,502
$129,433 |
$1,269,285 |
| 4 |
$2,265,120 |
$798,425
$135,907 |
$1,330,788 |
| 5 |
$2,378,350 |
$840,320
$142,701 |
$1,395,329 |
| 6 |
$2,497,300 |
$884,331
$149,838 |
$1,463,131 |
| 7 |
$2,622,100 |
$930,507
$157,326 |
$1,534,267 |
| 8 |
$2,753,270 |
$979,040
$165,196 |
$1,609,034 |
| 9 |
$2,890,940 |
$1,029,978
$173,456 |
$1,687,506 |
| 10 |
$3,035,500 |
$1,083,465
$182,130 |
$1,769,905 |
| 11 |
$3,187,210 |
$1,139,598
$191,233 |
$1,856,379 |
| 12 |
$3,346,590 |
$1,198,569
$200,795 |
$1,947,226 |
| 13 |
$3,513,900 |
$1,260,473
$210,834 |
$2,042,593 |
| 14 |
$3,689,660 |
$1,325,505
$221,380 |
$2,142,775 |
| 15 |
$3,874,130 |
$1,393,758
$232,448 |
$2,247,924 |
| 16 |
$4,067,830 |
$1,465,427
$244,070 |
$2,358,333 |
| 17 |
$4,271,150 |
$1,540,656
$256,269 |
$2,474,225 |
| 18 |
$4,484,740 |
$1,619,684
$269,084 |
$2,595,972 |
| 19 |
$4,708,990 |
$1,702,657
$282,539 |
$2,723,794 |
| 20 |
$4,944,420 |
$1,789,766
$296,665 |
$2,857,989 |
| 21 |
$5,191,680 |
$1,881,252
$311,501 |
$2,998,927 |
| 22 |
$5,451,290 |
$1,977,308
$327,077 |
$3,146,905 |
| 23 |
$5,723,770 |
$2,078,125
$343,426 |
$3,302,219 |
| 24 |
$6,010,030 |
$2,184,041
$360,602 |
$3,465,387 |
| 25 |
$6,310,460 |
$2,295,201
$378,628 |
$3,636,631 |
| 26 |
$6,626,100 |
$2,411,987
$397,566 |
$3,816,547 |
| 27 |
$6,957,340 |
$2,534,546
$417,440 |
$4,005,354 |
| 28 |
$7,305,220 |
$2,663,262
$438,313 |
$4,203,645 |
| 29 |
$7,670,520 |
$2,798,423
$460,231 |
$4,411,866 |
| 30 |
$8,054,020 |
$2,940,318
$483,241 |
$4,630,461 |
|
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