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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa 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%) | $930,000 | | Net Lumpsum Payment | $10,827,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$586,989 |
$177,516
$29,349 |
$380,124 |
| 2 |
$616,356 |
$188,382
$30,818 |
$397,156 |
| 3 |
$647,166 |
$199,782
$32,358 |
$415,026 |
| 4 |
$679,536 |
$211,759
$33,977 |
$433,800 |
| 5 |
$713,505 |
$224,327
$35,675 |
$453,503 |
| 6 |
$749,190 |
$237,531
$37,460 |
$474,199 |
| 7 |
$786,630 |
$251,383
$39,332 |
$495,915 |
| 8 |
$825,981 |
$265,943
$41,299 |
$518,739 |
| 9 |
$867,282 |
$281,225
$43,364 |
$542,693 |
| 10 |
$910,650 |
$297,271
$45,533 |
$567,846 |
| 11 |
$956,163 |
$314,111
$47,808 |
$594,244 |
| 12 |
$1,003,977 |
$331,802
$50,199 |
$621,976 |
| 13 |
$1,054,170 |
$350,373
$52,709 |
$651,088 |
| 14 |
$1,106,898 |
$369,883
$55,345 |
$681,670 |
| 15 |
$1,162,239 |
$390,359
$58,112 |
$713,768 |
| 16 |
$1,220,349 |
$411,860
$61,017 |
$747,472 |
| 17 |
$1,281,345 |
$434,428
$64,067 |
$782,850 |
| 18 |
$1,345,422 |
$458,137
$67,271 |
$820,014 |
| 19 |
$1,412,697 |
$483,028
$70,635 |
$859,034 |
| 20 |
$1,483,326 |
$509,161
$74,166 |
$899,999 |
| 21 |
$1,557,504 |
$536,607
$77,875 |
$943,022 |
| 22 |
$1,635,387 |
$565,424
$81,769 |
$988,194 |
| 23 |
$1,717,131 |
$595,669
$85,857 |
$1,035,605 |
| 24 |
$1,803,009 |
$627,444
$90,150 |
$1,085,415 |
| 25 |
$1,893,138 |
$660,791
$94,657 |
$1,137,690 |
| 26 |
$1,987,830 |
$695,827
$99,392 |
$1,192,611 |
| 27 |
$2,087,202 |
$732,595
$104,360 |
$1,250,247 |
| 28 |
$2,191,566 |
$771,210
$109,578 |
$1,310,778 |
| 29 |
$2,301,156 |
$811,758
$115,058 |
$1,374,340 |
| 30 |
$2,416,206 |
$854,327
$120,810 |
$1,441,069 |
|
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