The jackpot for the Powerball draw on Mon Oct 14, 2024, is projected to be $388 Million, with an option for a cash payout of $186.7 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 Maine residents, the state will deduct 5% from your lottery earnings.
| Maine Powerball Jackpot/Cash Option for Mon Oct 14, 2024 |
|---|
| Draw Date | Mon Oct 14, 2024 | | Projected Jackpot | $388,000,000 | | Cash Value | $186,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $186,700,000 | | Federal Tax(24%) | $44,808,000 | | Additional Federal Tax | $24,231,330 | | State Tax(5%) | $9,335,000 | | Net Lumpsum Payment | $108,325,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,839,788 |
$2,121,052
$291,989 |
$3,426,747 |
| 2 |
$6,131,952 |
$2,229,153
$306,598 |
$3,596,201 |
| 3 |
$6,438,472 |
$2,342,565
$321,924 |
$3,773,983 |
| 4 |
$6,760,512 |
$2,461,720
$338,026 |
$3,960,766 |
| 5 |
$7,098,460 |
$2,586,761
$354,923 |
$4,156,776 |
| 6 |
$7,453,480 |
$2,718,118
$372,674 |
$4,362,688 |
| 7 |
$7,825,960 |
$2,855,936
$391,298 |
$4,578,726 |
| 8 |
$8,217,452 |
$3,000,788
$410,873 |
$4,805,791 |
| 9 |
$8,628,344 |
$3,152,818
$431,417 |
$5,044,109 |
| 10 |
$9,059,800 |
$3,312,456
$452,990 |
$5,294,354 |
| 11 |
$9,512,596 |
$3,479,991
$475,630 |
$5,556,975 |
| 12 |
$9,988,284 |
$3,655,995
$499,414 |
$5,832,875 |
| 13 |
$10,487,640 |
$3,840,757
$524,382 |
$6,122,501 |
| 14 |
$11,012,216 |
$4,034,850
$550,611 |
$6,426,755 |
| 15 |
$11,562,788 |
$4,238,562
$578,139 |
$6,746,087 |
| 16 |
$12,140,908 |
$4,452,466
$607,045 |
$7,081,397 |
| 17 |
$12,747,740 |
$4,676,994
$637,387 |
$7,433,359 |
| 18 |
$13,385,224 |
$4,912,863
$669,261 |
$7,803,100 |
| 19 |
$14,054,524 |
$5,160,504
$702,726 |
$8,191,294 |
| 20 |
$14,757,192 |
$5,420,491
$737,860 |
$8,598,841 |
| 21 |
$15,495,168 |
$5,693,543
$774,758 |
$9,026,867 |
| 22 |
$16,270,004 |
$5,980,232
$813,500 |
$9,476,272 |
| 23 |
$17,083,252 |
$6,281,134
$854,163 |
$9,947,955 |
| 24 |
$17,937,628 |
$6,597,253
$896,881 |
$10,443,494 |
| 25 |
$18,834,296 |
$6,929,020
$941,715 |
$10,963,561 |
| 26 |
$19,776,360 |
$7,277,584
$988,818 |
$11,509,958 |
| 27 |
$20,764,984 |
$7,643,374
$1,038,249 |
$12,083,361 |
| 28 |
$21,803,272 |
$8,027,541
$1,090,164 |
$12,685,567 |
| 29 |
$22,893,552 |
$8,430,945
$1,144,678 |
$13,317,929 |
| 30 |
$24,038,152 |
$8,854,447
$1,201,908 |
$13,981,797 |
|
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