The jackpot for the Powerball draw on Wed Oct 30, 2024, is projected to be $39 Million, with an option for a cash payout of $18.6 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
Georgia Powerball Jackpot/Cash Option for Wed Oct 30, 2024 |
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Draw Date | Wed Oct 30, 2024 | Projected Jackpot | $39,000,000 | Cash Value | $18,600,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $18,600,000 | Federal Tax(24%) | $4,464,000 | Additional Federal Tax | $2,378,330 | State Tax(5.75%) | $1,069,500 | Net Lumpsum Payment | $10,688,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$586,989 |
$177,516 $33,752 |
$375,721 |
2 |
$616,356 |
$188,382 $35,440 |
$392,534 |
3 |
$647,166 |
$199,782 $37,212 |
$410,172 |
4 |
$679,536 |
$211,759 $39,073 |
$428,704 |
5 |
$713,505 |
$224,327 $41,027 |
$448,151 |
6 |
$749,190 |
$237,531 $43,078 |
$468,581 |
7 |
$786,630 |
$251,383 $45,231 |
$490,016 |
8 |
$825,981 |
$265,943 $47,494 |
$512,544 |
9 |
$867,282 |
$281,225 $49,869 |
$536,188 |
10 |
$910,650 |
$297,271 $52,362 |
$561,017 |
11 |
$956,163 |
$314,111 $54,979 |
$587,073 |
12 |
$1,003,977 |
$331,802 $57,729 |
$614,446 |
13 |
$1,054,170 |
$350,373 $60,615 |
$643,182 |
14 |
$1,106,898 |
$369,883 $63,647 |
$673,368 |
15 |
$1,162,239 |
$390,359 $66,829 |
$705,051 |
16 |
$1,220,349 |
$411,860 $70,170 |
$738,319 |
17 |
$1,281,345 |
$434,428 $73,677 |
$773,240 |
18 |
$1,345,422 |
$458,137 $77,362 |
$809,923 |
19 |
$1,412,697 |
$483,028 $81,230 |
$848,439 |
20 |
$1,483,326 |
$509,161 $85,291 |
$888,874 |
21 |
$1,557,504 |
$536,607 $89,556 |
$931,341 |
22 |
$1,635,387 |
$565,424 $94,035 |
$975,928 |
23 |
$1,717,131 |
$595,669 $98,735 |
$1,022,727 |
24 |
$1,803,009 |
$627,444 $103,673 |
$1,071,892 |
25 |
$1,893,138 |
$660,791 $108,855 |
$1,123,492 |
26 |
$1,987,830 |
$695,827 $114,300 |
$1,177,703 |
27 |
$2,087,202 |
$732,595 $120,014 |
$1,234,593 |
28 |
$2,191,566 |
$771,210 $126,015 |
$1,294,341 |
29 |
$2,301,156 |
$811,758 $132,316 |
$1,357,082 |
30 |
$2,416,206 |
$854,327 $138,932 |
$1,422,947 |
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