The jackpot for the Powerball draw on Mon Sep 16, 2024, is projected to be $165 Million, with an option for a cash payout of $83.8 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota Powerball Jackpot/Cash Option for Mon Sep 16, 2024 |
|---|
| Draw Date | Mon Sep 16, 2024 | | Projected Jackpot | $165,000,000 | | Cash Value | $83,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $83,800,000 | | Federal Tax(24%) | $20,112,000 | | Additional Federal Tax | $10,854,330 | | State Tax(7.25%) | $6,075,500 | | Net Lumpsum Payment | $46,758,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,483,415 |
$879,194
$180,048 |
$1,424,173 |
| 2 |
$2,607,660 |
$925,165
$189,055 |
$1,493,440 |
| 3 |
$2,738,010 |
$973,394
$198,506 |
$1,566,110 |
| 4 |
$2,874,960 |
$1,024,066
$208,435 |
$1,642,459 |
| 5 |
$3,018,675 |
$1,077,240
$218,854 |
$1,722,581 |
| 6 |
$3,169,650 |
$1,133,101
$229,800 |
$1,806,749 |
| 7 |
$3,328,050 |
$1,191,709
$241,284 |
$1,895,057 |
| 8 |
$3,494,535 |
$1,253,308
$253,354 |
$1,987,873 |
| 9 |
$3,669,270 |
$1,317,960
$266,022 |
$2,085,288 |
| 10 |
$3,852,750 |
$1,385,848
$279,324 |
$2,187,578 |
| 11 |
$4,045,305 |
$1,457,093
$293,285 |
$2,294,927 |
| 12 |
$4,247,595 |
$1,531,941
$307,951 |
$2,407,703 |
| 13 |
$4,459,950 |
$1,610,512
$323,346 |
$2,526,092 |
| 14 |
$4,683,030 |
$1,693,051
$339,520 |
$2,650,459 |
| 15 |
$4,917,165 |
$1,779,681
$356,494 |
$2,780,990 |
| 16 |
$5,163,015 |
$1,870,646
$374,319 |
$2,918,050 |
| 17 |
$5,421,075 |
$1,966,128
$393,028 |
$3,061,919 |
| 18 |
$5,692,170 |
$2,066,433
$412,682 |
$3,213,055 |
| 19 |
$5,976,795 |
$2,171,745
$433,318 |
$3,371,732 |
| 20 |
$6,275,610 |
$2,282,306
$454,982 |
$3,538,322 |
| 21 |
$6,589,440 |
$2,398,423
$477,734 |
$3,713,283 |
| 22 |
$6,918,945 |
$2,520,340
$501,624 |
$3,896,981 |
| 23 |
$7,264,785 |
$2,648,301
$526,697 |
$4,089,787 |
| 24 |
$7,628,115 |
$2,782,733
$553,038 |
$4,292,344 |
| 25 |
$8,009,430 |
$2,923,819
$580,684 |
$4,504,927 |
| 26 |
$8,410,050 |
$3,072,049
$609,729 |
$4,728,272 |
| 27 |
$8,830,470 |
$3,227,604
$640,209 |
$4,962,657 |
| 28 |
$9,272,010 |
$3,390,974
$672,221 |
$5,208,815 |
| 29 |
$9,735,660 |
$3,562,525
$705,835 |
$5,467,300 |
| 30 |
$10,222,410 |
$3,742,622
$741,125 |
$5,738,663 |
|
|
