Jackpot Analysis California Powerball

Jackpot Analysis for California Powerball
The jackpot for the Powerball draw on Wed Jun 19, 2024, is projected to be $56 Million, with an option for a cash payout of $27 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 California, the bright side is you won't have to pay any state taxes on your lottery prize.

California Powerball Jackpot/Cash Option for Wed Jun 19, 2024
Draw DateWed Jun 19, 2024
Projected Jackpot$56,000,000
Cash Value$27,000,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$27,000,000
Federal Tax(24%)$6,480,000
Additional Federal Tax$3,470,330
State Tax(0%)$0
Net Lumpsum Payment$17,049,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $842,856 $272,187
$0
$570,669
2 $885,024 $287,789
$0
$597,235
3 $929,264 $304,158
$0
$625,106
4 $975,744 $321,356
$0
$654,388
5 $1,024,520 $339,403
$0
$685,117
6 $1,075,760 $358,362
$0
$717,398
7 $1,129,520 $378,253
$0
$751,267
8 $1,186,024 $399,159
$0
$786,865
9 $1,245,328 $421,102
$0
$824,226
10 $1,307,600 $444,142
$0
$863,458
11 $1,372,952 $468,323
$0
$904,629
12 $1,441,608 $493,725
$0
$947,883
13 $1,513,680 $520,392
$0
$993,288
14 $1,589,392 $548,405
$0
$1,040,987
15 $1,668,856 $577,807
$0
$1,091,049
16 $1,752,296 $608,680
$0
$1,143,616
17 $1,839,880 $641,086
$0
$1,198,794
18 $1,931,888 $675,129
$0
$1,256,759
19 $2,028,488 $710,871
$0
$1,317,617
20 $2,129,904 $748,395
$0
$1,381,509
21 $2,236,416 $787,804
$0
$1,448,612
22 $2,348,248 $829,182
$0
$1,519,066
23 $2,465,624 $872,611
$0
$1,593,013
24 $2,588,936 $918,237
$0
$1,670,699
25 $2,718,352 $966,121
$0
$1,752,231
26 $2,854,320 $1,016,429
$0
$1,837,891
27 $2,997,008 $1,069,223
$0
$1,927,785
28 $3,146,864 $1,124,670
$0
$2,022,194
29 $3,304,224 $1,182,893
$0
$2,121,331
30 $3,469,424 $1,244,017
$0
$2,225,407