The jackpot for the Powerball draw on Wed Oct 30, 2024, is projected to be $39 Million, with an option for a cash payout of $18.6 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 Oklahoma residents, the state will deduct 4.75% from your lottery earnings.
| Oklahoma Powerball Jackpot/Cash Option for Wed Oct 30, 2024 |
|---|
| Draw Date | Wed Oct 30, 2024 | | Projected Jackpot | $39,000,000 | | Cash Value | $18,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $18,600,000 | | Federal Tax(24%) | $4,464,000 | | Additional Federal Tax | $2,378,330 | | State Tax(4.75%) | $883,500 | | Net Lumpsum Payment | $10,874,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$586,989 |
$177,516
$27,882 |
$381,591 |
| 2 |
$616,356 |
$188,382
$29,277 |
$398,697 |
| 3 |
$647,166 |
$199,782
$30,740 |
$416,644 |
| 4 |
$679,536 |
$211,759
$32,278 |
$435,499 |
| 5 |
$713,505 |
$224,327
$33,891 |
$455,287 |
| 6 |
$749,190 |
$237,531
$35,587 |
$476,072 |
| 7 |
$786,630 |
$251,383
$37,365 |
$497,882 |
| 8 |
$825,981 |
$265,943
$39,234 |
$520,804 |
| 9 |
$867,282 |
$281,225
$41,196 |
$544,861 |
| 10 |
$910,650 |
$297,271
$43,256 |
$570,123 |
| 11 |
$956,163 |
$314,111
$45,418 |
$596,634 |
| 12 |
$1,003,977 |
$331,802
$47,689 |
$624,486 |
| 13 |
$1,054,170 |
$350,373
$50,073 |
$653,724 |
| 14 |
$1,106,898 |
$369,883
$52,578 |
$684,437 |
| 15 |
$1,162,239 |
$390,359
$55,206 |
$716,674 |
| 16 |
$1,220,349 |
$411,860
$57,967 |
$750,522 |
| 17 |
$1,281,345 |
$434,428
$60,864 |
$786,053 |
| 18 |
$1,345,422 |
$458,137
$63,908 |
$823,377 |
| 19 |
$1,412,697 |
$483,028
$67,103 |
$862,566 |
| 20 |
$1,483,326 |
$509,161
$70,458 |
$903,707 |
| 21 |
$1,557,504 |
$536,607
$73,981 |
$946,916 |
| 22 |
$1,635,387 |
$565,424
$77,681 |
$992,282 |
| 23 |
$1,717,131 |
$595,669
$81,564 |
$1,039,898 |
| 24 |
$1,803,009 |
$627,444
$85,643 |
$1,089,922 |
| 25 |
$1,893,138 |
$660,791
$89,924 |
$1,142,423 |
| 26 |
$1,987,830 |
$695,827
$94,422 |
$1,197,581 |
| 27 |
$2,087,202 |
$732,595
$99,142 |
$1,255,465 |
| 28 |
$2,191,566 |
$771,210
$104,099 |
$1,316,257 |
| 29 |
$2,301,156 |
$811,758
$109,305 |
$1,380,093 |
| 30 |
$2,416,206 |
$854,327
$114,770 |
$1,447,109 |
|
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