The jackpot for the Powerball draw on Sat Nov 30, 2024, is projected to be $214 Million, with an option for a cash payout of $99 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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia Powerball Jackpot/Cash Option for Sat Nov 30, 2024 |
|---|
| Draw Date | Sat Nov 30, 2024 | | Projected Jackpot | $214,000,000 | | Cash Value | $99,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $99,000,000 | | Federal Tax(24%) | $23,760,000 | | Additional Federal Tax | $12,830,330 | | State Tax(4%) | $3,960,000 | | Net Lumpsum Payment | $58,449,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,220,914 |
$1,152,069
$128,837 |
$1,940,008 |
| 2 |
$3,382,056 |
$1,211,691
$135,282 |
$2,035,083 |
| 3 |
$3,551,116 |
$1,274,243
$142,045 |
$2,134,828 |
| 4 |
$3,728,736 |
$1,339,963
$149,149 |
$2,239,624 |
| 5 |
$3,915,130 |
$1,408,928
$156,605 |
$2,349,597 |
| 6 |
$4,110,940 |
$1,481,378
$164,438 |
$2,465,124 |
| 7 |
$4,316,380 |
$1,557,391
$172,655 |
$2,586,334 |
| 8 |
$4,532,306 |
$1,637,284
$181,292 |
$2,713,730 |
| 9 |
$4,758,932 |
$1,721,135
$190,357 |
$2,847,440 |
| 10 |
$4,996,900 |
$1,809,183
$199,876 |
$2,987,841 |
| 11 |
$5,246,638 |
$1,901,586
$209,866 |
$3,135,186 |
| 12 |
$5,509,002 |
$1,998,661
$220,360 |
$3,289,981 |
| 13 |
$5,784,420 |
$2,100,566
$231,377 |
$3,452,477 |
| 14 |
$6,073,748 |
$2,207,617
$242,950 |
$3,623,181 |
| 15 |
$6,377,414 |
$2,319,974
$255,097 |
$3,802,343 |
| 16 |
$6,696,274 |
$2,437,952
$267,851 |
$3,990,471 |
| 17 |
$7,030,970 |
$2,561,789
$281,239 |
$4,187,942 |
| 18 |
$7,382,572 |
$2,691,882
$295,303 |
$4,395,387 |
| 19 |
$7,751,722 |
$2,828,468
$310,069 |
$4,613,185 |
| 20 |
$8,139,276 |
$2,971,863
$325,571 |
$4,841,842 |
| 21 |
$8,546,304 |
$3,122,463
$341,852 |
$5,081,989 |
| 22 |
$8,973,662 |
$3,280,585
$358,946 |
$5,334,131 |
| 23 |
$9,422,206 |
$3,446,547
$376,888 |
$5,598,771 |
| 24 |
$9,893,434 |
$3,620,901
$395,737 |
$5,876,796 |
| 25 |
$10,387,988 |
$3,803,886
$415,520 |
$6,168,582 |
| 26 |
$10,907,580 |
$3,996,135
$436,303 |
$6,475,142 |
| 27 |
$11,452,852 |
$4,197,886
$458,114 |
$6,796,852 |
| 28 |
$12,025,516 |
$4,409,771
$481,021 |
$7,134,724 |
| 29 |
$12,626,856 |
$4,632,267
$505,074 |
$7,489,515 |
| 30 |
$13,258,156 |
$4,865,848
$530,326 |
$7,861,982 |
|
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