The jackpot for the Powerball draw on Sat Dec 14, 2024, is projected to be $45 Million, with an option for a cash payout of $21.7 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 Massachusetts residents, the state will deduct 5% from your lottery earnings.
| Massachusetts Powerball Jackpot/Cash Option for Sat Dec 14, 2024 |
|---|
| Draw Date | Sat Dec 14, 2024 | | Projected Jackpot | $45,000,000 | | Cash Value | $21,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $21,700,000 | | Federal Tax(24%) | $5,208,000 | | Additional Federal Tax | $2,781,330 | | State Tax(5%) | $1,085,000 | | Net Lumpsum Payment | $12,625,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$677,295 |
$210,930
$33,865 |
$432,500 |
| 2 |
$711,180 |
$223,467
$35,559 |
$452,154 |
| 3 |
$746,730 |
$236,620
$37,337 |
$472,773 |
| 4 |
$784,080 |
$250,440
$39,204 |
$494,436 |
| 5 |
$823,275 |
$264,942
$41,164 |
$517,169 |
| 6 |
$864,450 |
$280,177
$43,223 |
$541,050 |
| 7 |
$907,650 |
$296,161
$45,383 |
$566,106 |
| 8 |
$953,055 |
$312,961
$47,653 |
$592,441 |
| 9 |
$1,000,710 |
$330,593
$50,036 |
$620,081 |
| 10 |
$1,050,750 |
$349,108
$52,538 |
$649,104 |
| 11 |
$1,103,265 |
$368,538
$55,163 |
$679,564 |
| 12 |
$1,158,435 |
$388,951
$57,922 |
$711,562 |
| 13 |
$1,216,350 |
$410,380
$60,818 |
$745,152 |
| 14 |
$1,277,190 |
$432,891
$63,860 |
$780,439 |
| 15 |
$1,341,045 |
$456,517
$67,052 |
$817,476 |
| 16 |
$1,408,095 |
$481,326
$70,405 |
$856,364 |
| 17 |
$1,478,475 |
$507,366
$73,924 |
$897,185 |
| 18 |
$1,552,410 |
$534,722
$77,621 |
$940,067 |
| 19 |
$1,630,035 |
$563,443
$81,502 |
$985,090 |
| 20 |
$1,711,530 |
$593,596
$85,577 |
$1,032,357 |
| 21 |
$1,797,120 |
$625,265
$89,856 |
$1,081,999 |
| 22 |
$1,886,985 |
$658,515
$94,349 |
$1,134,121 |
| 23 |
$1,981,305 |
$693,413
$99,065 |
$1,188,827 |
| 24 |
$2,080,395 |
$730,077
$104,020 |
$1,246,298 |
| 25 |
$2,184,390 |
$768,555
$109,220 |
$1,306,615 |
| 26 |
$2,293,650 |
$808,981
$114,683 |
$1,369,986 |
| 27 |
$2,408,310 |
$851,405
$120,416 |
$1,436,489 |
| 28 |
$2,528,730 |
$895,960
$126,437 |
$1,506,333 |
| 29 |
$2,655,180 |
$942,747
$132,759 |
$1,579,674 |
| 30 |
$2,787,930 |
$991,864
$139,397 |
$1,656,669 |
|
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