The jackpot for the Powerball draw on Mon Sep 16, 2024, is projected to be $165 Million, with an option for a cash payout of $83.8 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 those living in Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.
| Tennessee Powerball Jackpot/Cash Option for Mon Sep 16, 2024 |
|---|
| Draw Date | Mon Sep 16, 2024 | | Projected Jackpot | $165,000,000 | | Cash Value | $83,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $83,800,000 | | Federal Tax(24%) | $20,112,000 | | Additional Federal Tax | $10,854,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $52,833,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,483,415 |
$879,194
$0 |
$1,604,221 |
| 2 |
$2,607,660 |
$925,165
$0 |
$1,682,495 |
| 3 |
$2,738,010 |
$973,394
$0 |
$1,764,616 |
| 4 |
$2,874,960 |
$1,024,066
$0 |
$1,850,894 |
| 5 |
$3,018,675 |
$1,077,240
$0 |
$1,941,435 |
| 6 |
$3,169,650 |
$1,133,101
$0 |
$2,036,549 |
| 7 |
$3,328,050 |
$1,191,709
$0 |
$2,136,341 |
| 8 |
$3,494,535 |
$1,253,308
$0 |
$2,241,227 |
| 9 |
$3,669,270 |
$1,317,960
$0 |
$2,351,310 |
| 10 |
$3,852,750 |
$1,385,848
$0 |
$2,466,902 |
| 11 |
$4,045,305 |
$1,457,093
$0 |
$2,588,212 |
| 12 |
$4,247,595 |
$1,531,941
$0 |
$2,715,654 |
| 13 |
$4,459,950 |
$1,610,512
$0 |
$2,849,438 |
| 14 |
$4,683,030 |
$1,693,051
$0 |
$2,989,979 |
| 15 |
$4,917,165 |
$1,779,681
$0 |
$3,137,484 |
| 16 |
$5,163,015 |
$1,870,646
$0 |
$3,292,369 |
| 17 |
$5,421,075 |
$1,966,128
$0 |
$3,454,947 |
| 18 |
$5,692,170 |
$2,066,433
$0 |
$3,625,737 |
| 19 |
$5,976,795 |
$2,171,745
$0 |
$3,805,050 |
| 20 |
$6,275,610 |
$2,282,306
$0 |
$3,993,304 |
| 21 |
$6,589,440 |
$2,398,423
$0 |
$4,191,017 |
| 22 |
$6,918,945 |
$2,520,340
$0 |
$4,398,605 |
| 23 |
$7,264,785 |
$2,648,301
$0 |
$4,616,484 |
| 24 |
$7,628,115 |
$2,782,733
$0 |
$4,845,382 |
| 25 |
$8,009,430 |
$2,923,819
$0 |
$5,085,611 |
| 26 |
$8,410,050 |
$3,072,049
$0 |
$5,338,001 |
| 27 |
$8,830,470 |
$3,227,604
$0 |
$5,602,866 |
| 28 |
$9,272,010 |
$3,390,974
$0 |
$5,881,036 |
| 29 |
$9,735,660 |
$3,562,525
$0 |
$6,173,135 |
| 30 |
$10,222,410 |
$3,742,622
$0 |
$6,479,788 |
|
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