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 |
|---|
| Draw Date | Wed Oct 30, 2024 | | Projected Jackpot | $39,000,000 | | Cash Value | $18,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| 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 |
|---|
| 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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