Jackpot Analysis Iowa Powerball

Jackpot Analysis for Iowa Powerball
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 DateWed 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