The jackpot for the Powerball draw on Wed Dec 11, 2024, is projected to be $30 Million, with an option for a cash payout of $14.5 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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania Powerball Jackpot/Cash Option for Wed Dec 11, 2024 |
|---|
| Draw Date | Wed Dec 11, 2024 | | Projected Jackpot | $30,000,000 | | Cash Value | $14,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $14,500,000 | | Federal Tax(24%) | $3,480,000 | | Additional Federal Tax | $1,845,330 | | State Tax(3.07%) | $445,150 | | Net Lumpsum Payment | $8,729,520 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$13,862 |
$310,272 |
| 2 |
$474,120 |
$135,755
$14,555 |
$323,810 |
| 3 |
$497,820 |
$144,524
$15,283 |
$338,013 |
| 4 |
$522,720 |
$153,737
$16,048 |
$352,935 |
| 5 |
$548,850 |
$163,405
$16,850 |
$368,595 |
| 6 |
$576,300 |
$173,561
$17,692 |
$385,047 |
| 7 |
$605,100 |
$184,217
$18,577 |
$402,306 |
| 8 |
$635,370 |
$195,417
$19,506 |
$420,447 |
| 9 |
$667,140 |
$207,172
$20,481 |
$439,487 |
| 10 |
$700,500 |
$219,515
$21,505 |
$459,480 |
| 11 |
$735,510 |
$232,469
$22,580 |
$480,461 |
| 12 |
$772,290 |
$246,078
$23,709 |
$502,503 |
| 13 |
$810,900 |
$260,363
$24,895 |
$525,642 |
| 14 |
$851,460 |
$275,371
$26,140 |
$549,949 |
| 15 |
$894,030 |
$291,121
$27,447 |
$575,462 |
| 16 |
$938,730 |
$307,660
$28,819 |
$602,251 |
| 17 |
$985,650 |
$325,021
$30,259 |
$630,370 |
| 18 |
$1,034,940 |
$343,258
$31,773 |
$659,909 |
| 19 |
$1,086,690 |
$362,406
$33,361 |
$690,923 |
| 20 |
$1,141,020 |
$382,508
$35,029 |
$723,483 |
| 21 |
$1,198,080 |
$403,620
$36,781 |
$757,679 |
| 22 |
$1,257,990 |
$425,787
$38,620 |
$793,583 |
| 23 |
$1,320,870 |
$449,052
$40,551 |
$831,267 |
| 24 |
$1,386,930 |
$473,494
$42,579 |
$870,857 |
| 25 |
$1,456,260 |
$499,147
$44,707 |
$912,406 |
| 26 |
$1,529,100 |
$526,097
$46,943 |
$956,060 |
| 27 |
$1,605,540 |
$554,380
$49,290 |
$1,001,870 |
| 28 |
$1,685,820 |
$584,084
$51,755 |
$1,049,981 |
| 29 |
$1,770,120 |
$615,275
$54,343 |
$1,100,502 |
| 30 |
$1,858,620 |
$648,020
$57,060 |
$1,153,540 |
|
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