The jackpot for the Powerball draw on Sat Dec 14, 2024, is projected to be $45 Million, with an option for a cash payout of $21.7 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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio Powerball Jackpot/Cash Option for Sat Dec 14, 2024 |
|---|
| Draw Date | Sat Dec 14, 2024 | | Projected Jackpot | $45,000,000 | | Cash Value | $21,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $21,700,000 | | Federal Tax(24%) | $5,208,000 | | Additional Federal Tax | $2,781,330 | | State Tax(3.99%) | $865,830 | | Net Lumpsum Payment | $12,844,840 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$677,295 |
$210,930
$27,024 |
$439,341 |
| 2 |
$711,180 |
$223,467
$28,376 |
$459,337 |
| 3 |
$746,730 |
$236,620
$29,795 |
$480,315 |
| 4 |
$784,080 |
$250,440
$31,285 |
$502,355 |
| 5 |
$823,275 |
$264,942
$32,849 |
$525,484 |
| 6 |
$864,450 |
$280,177
$34,492 |
$549,781 |
| 7 |
$907,650 |
$296,161
$36,215 |
$575,274 |
| 8 |
$953,055 |
$312,961
$38,027 |
$602,067 |
| 9 |
$1,000,710 |
$330,593
$39,928 |
$630,189 |
| 10 |
$1,050,750 |
$349,108
$41,925 |
$659,717 |
| 11 |
$1,103,265 |
$368,538
$44,020 |
$690,707 |
| 12 |
$1,158,435 |
$388,951
$46,222 |
$723,262 |
| 13 |
$1,216,350 |
$410,380
$48,532 |
$757,438 |
| 14 |
$1,277,190 |
$432,891
$50,960 |
$793,339 |
| 15 |
$1,341,045 |
$456,517
$53,508 |
$831,020 |
| 16 |
$1,408,095 |
$481,326
$56,183 |
$870,586 |
| 17 |
$1,478,475 |
$507,366
$58,991 |
$912,118 |
| 18 |
$1,552,410 |
$534,722
$61,941 |
$955,747 |
| 19 |
$1,630,035 |
$563,443
$65,038 |
$1,001,554 |
| 20 |
$1,711,530 |
$593,596
$68,290 |
$1,049,644 |
| 21 |
$1,797,120 |
$625,265
$71,705 |
$1,100,150 |
| 22 |
$1,886,985 |
$658,515
$75,291 |
$1,153,179 |
| 23 |
$1,981,305 |
$693,413
$79,054 |
$1,208,838 |
| 24 |
$2,080,395 |
$730,077
$83,008 |
$1,267,310 |
| 25 |
$2,184,390 |
$768,555
$87,157 |
$1,328,678 |
| 26 |
$2,293,650 |
$808,981
$91,517 |
$1,393,152 |
| 27 |
$2,408,310 |
$851,405
$96,092 |
$1,460,813 |
| 28 |
$2,528,730 |
$895,960
$100,896 |
$1,531,874 |
| 29 |
$2,655,180 |
$942,747
$105,942 |
$1,606,491 |
| 30 |
$2,787,930 |
$991,864
$111,238 |
$1,684,828 |
|
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