The jackpot for the Powerball draw on Sat Nov 30, 2024, is projected to be $214 Million, with an option for a cash payout of $99 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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa Powerball Jackpot/Cash Option for Sat Nov 30, 2024 |
|---|
| Draw Date | Sat Nov 30, 2024 | | Projected Jackpot | $214,000,000 | | Cash Value | $99,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $99,000,000 | | Federal Tax(24%) | $23,760,000 | | Additional Federal Tax | $12,830,330 | | State Tax(5%) | $4,950,000 | | Net Lumpsum Payment | $57,459,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,220,914 |
$1,152,069
$161,046 |
$1,907,799 |
| 2 |
$3,382,056 |
$1,211,691
$169,103 |
$2,001,262 |
| 3 |
$3,551,116 |
$1,274,243
$177,556 |
$2,099,317 |
| 4 |
$3,728,736 |
$1,339,963
$186,437 |
$2,202,336 |
| 5 |
$3,915,130 |
$1,408,928
$195,757 |
$2,310,445 |
| 6 |
$4,110,940 |
$1,481,378
$205,547 |
$2,424,015 |
| 7 |
$4,316,380 |
$1,557,391
$215,819 |
$2,543,170 |
| 8 |
$4,532,306 |
$1,637,284
$226,615 |
$2,668,407 |
| 9 |
$4,758,932 |
$1,721,135
$237,947 |
$2,799,850 |
| 10 |
$4,996,900 |
$1,809,183
$249,845 |
$2,937,872 |
| 11 |
$5,246,638 |
$1,901,586
$262,332 |
$3,082,720 |
| 12 |
$5,509,002 |
$1,998,661
$275,450 |
$3,234,891 |
| 13 |
$5,784,420 |
$2,100,566
$289,221 |
$3,394,633 |
| 14 |
$6,073,748 |
$2,207,617
$303,687 |
$3,562,444 |
| 15 |
$6,377,414 |
$2,319,974
$318,871 |
$3,738,569 |
| 16 |
$6,696,274 |
$2,437,952
$334,814 |
$3,923,508 |
| 17 |
$7,030,970 |
$2,561,789
$351,549 |
$4,117,632 |
| 18 |
$7,382,572 |
$2,691,882
$369,129 |
$4,321,561 |
| 19 |
$7,751,722 |
$2,828,468
$387,586 |
$4,535,668 |
| 20 |
$8,139,276 |
$2,971,863
$406,964 |
$4,760,449 |
| 21 |
$8,546,304 |
$3,122,463
$427,315 |
$4,996,526 |
| 22 |
$8,973,662 |
$3,280,585
$448,683 |
$5,244,394 |
| 23 |
$9,422,206 |
$3,446,547
$471,110 |
$5,504,549 |
| 24 |
$9,893,434 |
$3,620,901
$494,672 |
$5,777,861 |
| 25 |
$10,387,988 |
$3,803,886
$519,399 |
$6,064,703 |
| 26 |
$10,907,580 |
$3,996,135
$545,379 |
$6,366,066 |
| 27 |
$11,452,852 |
$4,197,886
$572,643 |
$6,682,323 |
| 28 |
$12,025,516 |
$4,409,771
$601,276 |
$7,014,469 |
| 29 |
$12,626,856 |
$4,632,267
$631,343 |
$7,363,246 |
| 30 |
$13,258,156 |
$4,865,848
$662,908 |
$7,729,400 |
|
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