The jackpot for the Powerball draw on Sat Nov 30, 2024, is projected to be $214 Million, with an option for a cash payout of $99 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 Sat Nov 30, 2024 |
|---|
| Draw Date | Sat Nov 30, 2024 | | Projected Jackpot | $214,000,000 | | Cash Value | $99,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $99,000,000 | | Federal Tax(24%) | $23,760,000 | | Additional Federal Tax | $12,830,330 | | State Tax(7.25%) | $7,177,500 | | Net Lumpsum Payment | $55,232,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,220,914 |
$1,152,069
$233,516 |
$1,835,329 |
| 2 |
$3,382,056 |
$1,211,691
$245,199 |
$1,925,166 |
| 3 |
$3,551,116 |
$1,274,243
$257,456 |
$2,019,417 |
| 4 |
$3,728,736 |
$1,339,963
$270,333 |
$2,118,440 |
| 5 |
$3,915,130 |
$1,408,928
$283,847 |
$2,222,355 |
| 6 |
$4,110,940 |
$1,481,378
$298,043 |
$2,331,519 |
| 7 |
$4,316,380 |
$1,557,391
$312,938 |
$2,446,051 |
| 8 |
$4,532,306 |
$1,637,284
$328,592 |
$2,566,430 |
| 9 |
$4,758,932 |
$1,721,135
$345,023 |
$2,692,774 |
| 10 |
$4,996,900 |
$1,809,183
$362,275 |
$2,825,442 |
| 11 |
$5,246,638 |
$1,901,586
$380,381 |
$2,964,671 |
| 12 |
$5,509,002 |
$1,998,661
$399,403 |
$3,110,938 |
| 13 |
$5,784,420 |
$2,100,566
$419,370 |
$3,264,484 |
| 14 |
$6,073,748 |
$2,207,617
$440,347 |
$3,425,784 |
| 15 |
$6,377,414 |
$2,319,974
$462,363 |
$3,595,077 |
| 16 |
$6,696,274 |
$2,437,952
$485,480 |
$3,772,842 |
| 17 |
$7,030,970 |
$2,561,789
$509,745 |
$3,959,436 |
| 18 |
$7,382,572 |
$2,691,882
$535,236 |
$4,155,454 |
| 19 |
$7,751,722 |
$2,828,468
$562,000 |
$4,361,254 |
| 20 |
$8,139,276 |
$2,971,863
$590,098 |
$4,577,315 |
| 21 |
$8,546,304 |
$3,122,463
$619,607 |
$4,804,234 |
| 22 |
$8,973,662 |
$3,280,585
$650,590 |
$5,042,487 |
| 23 |
$9,422,206 |
$3,446,547
$683,110 |
$5,292,549 |
| 24 |
$9,893,434 |
$3,620,901
$717,274 |
$5,555,259 |
| 25 |
$10,387,988 |
$3,803,886
$753,129 |
$5,830,973 |
| 26 |
$10,907,580 |
$3,996,135
$790,800 |
$6,120,645 |
| 27 |
$11,452,852 |
$4,197,886
$830,332 |
$6,424,634 |
| 28 |
$12,025,516 |
$4,409,771
$871,850 |
$6,743,895 |
| 29 |
$12,626,856 |
$4,632,267
$915,447 |
$7,079,142 |
| 30 |
$13,258,156 |
$4,865,848
$961,216 |
$7,431,092 |
|
|
