The jackpot for the Powerball draw on Wed Oct 23, 2024, is projected to be $478 Million, with an option for a cash payout of $230.5 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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana Powerball Jackpot/Cash Option for Wed Oct 23, 2024 |
|---|
| Draw Date | Wed Oct 23, 2024 | | Projected Jackpot | $478,000,000 | | Cash Value | $230,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $230,500,000 | | Federal Tax(24%) | $55,320,000 | | Additional Federal Tax | $29,925,330 | | State Tax(6.75%) | $15,558,750 | | Net Lumpsum Payment | $129,695,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,194,378 |
$2,622,250
$485,621 |
$4,086,507 |
| 2 |
$7,554,312 |
$2,755,426
$509,916 |
$4,288,970 |
| 3 |
$7,931,932 |
$2,895,145
$535,405 |
$4,501,382 |
| 4 |
$8,328,672 |
$3,041,939
$562,185 |
$4,724,548 |
| 5 |
$8,745,010 |
$3,195,984
$590,288 |
$4,958,738 |
| 6 |
$9,182,380 |
$3,357,811
$619,811 |
$5,204,758 |
| 7 |
$9,641,260 |
$3,527,597
$650,785 |
$5,462,878 |
| 8 |
$10,123,562 |
$3,706,048
$683,340 |
$5,734,174 |
| 9 |
$10,629,764 |
$3,893,343
$717,509 |
$6,018,912 |
| 10 |
$11,161,300 |
$4,090,011
$753,388 |
$6,317,901 |
| 11 |
$11,719,126 |
$4,296,407
$791,041 |
$6,631,678 |
| 12 |
$12,305,154 |
$4,513,237
$830,598 |
$6,961,319 |
| 13 |
$12,920,340 |
$4,740,856
$872,123 |
$7,307,361 |
| 14 |
$13,566,596 |
$4,979,971
$915,745 |
$7,670,880 |
| 15 |
$14,244,878 |
$5,230,935
$961,529 |
$8,052,414 |
| 16 |
$14,957,098 |
$5,494,457
$1,009,604 |
$8,453,037 |
| 17 |
$15,704,690 |
$5,771,066
$1,060,067 |
$8,873,557 |
| 18 |
$16,490,044 |
$6,061,647
$1,113,078 |
$9,315,319 |
| 19 |
$17,314,594 |
$6,366,730
$1,168,735 |
$9,779,129 |
| 20 |
$18,180,252 |
$6,687,024
$1,227,167 |
$10,266,061 |
| 21 |
$19,089,408 |
$7,023,411
$1,288,535 |
$10,777,462 |
| 22 |
$20,043,974 |
$7,376,601
$1,352,968 |
$11,314,405 |
| 23 |
$21,045,862 |
$7,747,299
$1,420,596 |
$11,877,967 |
| 24 |
$22,098,418 |
$8,136,745
$1,491,643 |
$12,470,030 |
| 25 |
$23,203,076 |
$8,545,469
$1,566,208 |
$13,091,399 |
| 26 |
$24,363,660 |
$8,974,885
$1,644,547 |
$13,744,228 |
| 27 |
$25,581,604 |
$9,425,524
$1,726,758 |
$14,429,322 |
| 28 |
$26,860,732 |
$9,898,801
$1,813,099 |
$15,148,832 |
| 29 |
$28,203,912 |
$10,395,778
$1,903,764 |
$15,904,370 |
| 30 |
$29,614,012 |
$10,917,515
$1,998,946 |
$16,697,551 |
|
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