The jackpot for the Powerball draw on Sat Jul 27, 2024, is projected to be $131 Million, with an option for a cash payout of $62.8 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 Sat Jul 27, 2024 |
|---|
| Draw Date | Sat Jul 27, 2024 | | Projected Jackpot | $131,000,000 | | Cash Value | $62,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $62,800,000 | | Federal Tax(24%) | $15,072,000 | | Additional Federal Tax | $8,124,330 | | State Tax(5%) | $3,140,000 | | Net Lumpsum Payment | $36,463,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,971,681 |
$689,852
$98,584 |
$1,183,245 |
| 2 |
$2,070,324 |
$726,350
$103,516 |
$1,240,458 |
| 3 |
$2,173,814 |
$764,642
$108,691 |
$1,300,481 |
| 4 |
$2,282,544 |
$804,872
$114,127 |
$1,363,545 |
| 5 |
$2,396,645 |
$847,089
$119,832 |
$1,429,724 |
| 6 |
$2,516,510 |
$891,439
$125,826 |
$1,499,245 |
| 7 |
$2,642,270 |
$937,970
$132,114 |
$1,572,186 |
| 8 |
$2,774,449 |
$986,877
$138,722 |
$1,648,850 |
| 9 |
$2,913,178 |
$1,038,206
$145,659 |
$1,729,313 |
| 10 |
$3,058,850 |
$1,092,105
$152,943 |
$1,813,802 |
| 11 |
$3,211,727 |
$1,148,669
$160,586 |
$1,902,472 |
| 12 |
$3,372,333 |
$1,208,094
$168,617 |
$1,995,622 |
| 13 |
$3,540,930 |
$1,270,474
$177,047 |
$2,093,409 |
| 14 |
$3,718,042 |
$1,336,006
$185,902 |
$2,196,134 |
| 15 |
$3,903,931 |
$1,404,785
$195,197 |
$2,303,949 |
| 16 |
$4,099,121 |
$1,477,005
$204,956 |
$2,417,160 |
| 17 |
$4,304,005 |
$1,552,812
$215,200 |
$2,535,993 |
| 18 |
$4,519,238 |
$1,632,448
$225,962 |
$2,660,828 |
| 19 |
$4,745,213 |
$1,716,059
$237,261 |
$2,791,893 |
| 20 |
$4,982,454 |
$1,803,838
$249,123 |
$2,929,493 |
| 21 |
$5,231,616 |
$1,896,028
$261,581 |
$3,074,007 |
| 22 |
$5,493,223 |
$1,992,823
$274,661 |
$3,225,739 |
| 23 |
$5,767,799 |
$2,094,416
$288,390 |
$3,384,993 |
| 24 |
$6,056,261 |
$2,201,147
$302,813 |
$3,552,301 |
| 25 |
$6,359,002 |
$2,313,161
$317,950 |
$3,727,891 |
| 26 |
$6,677,070 |
$2,430,846
$333,854 |
$3,912,370 |
| 27 |
$7,010,858 |
$2,554,348
$350,543 |
$4,105,967 |
| 28 |
$7,361,414 |
$2,684,054
$368,071 |
$4,309,289 |
| 29 |
$7,729,524 |
$2,820,254
$386,476 |
$4,522,794 |
| 30 |
$8,115,974 |
$2,963,241
$405,799 |
$4,746,934 |
|
|
