The jackpot for the Powerball draw on Sat Jun 29, 2024, is projected to be $113 Million, with an option for a cash payout of $54.3 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 Arizona residents, the state will deduct 2.5% from your lottery earnings.
| Arizona Powerball Jackpot/Cash Option for Sat Jun 29, 2024 |
|---|
| Draw Date | Sat Jun 29, 2024 | | Projected Jackpot | $113,000,000 | | Cash Value | $54,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,300,000 | | Federal Tax(24%) | $13,032,000 | | Additional Federal Tax | $7,019,330 | | State Tax(2.5%) | $1,357,500 | | Net Lumpsum Payment | $32,891,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$42,519 |
$1,068,631 |
| 2 |
$1,785,852 |
$621,096
$44,646 |
$1,120,110 |
| 3 |
$1,875,122 |
$654,126
$46,878 |
$1,174,118 |
| 4 |
$1,968,912 |
$688,828
$49,223 |
$1,230,861 |
| 5 |
$2,067,335 |
$725,244
$51,683 |
$1,290,408 |
| 6 |
$2,170,730 |
$763,500
$54,268 |
$1,352,962 |
| 7 |
$2,279,210 |
$803,638
$56,980 |
$1,418,592 |
| 8 |
$2,393,227 |
$845,824
$59,831 |
$1,487,572 |
| 9 |
$2,512,894 |
$890,101
$62,822 |
$1,559,971 |
| 10 |
$2,638,550 |
$936,594
$65,964 |
$1,635,992 |
| 11 |
$2,770,421 |
$985,386
$69,261 |
$1,715,774 |
| 12 |
$2,908,959 |
$1,036,645
$72,724 |
$1,799,590 |
| 13 |
$3,054,390 |
$1,090,455
$76,360 |
$1,887,575 |
| 14 |
$3,207,166 |
$1,146,982
$80,179 |
$1,980,005 |
| 15 |
$3,367,513 |
$1,206,310
$84,188 |
$2,077,015 |
| 16 |
$3,535,883 |
$1,268,607
$88,397 |
$2,178,879 |
| 17 |
$3,712,615 |
$1,333,998
$92,815 |
$2,285,802 |
| 18 |
$3,898,274 |
$1,402,692
$97,457 |
$2,398,125 |
| 19 |
$4,093,199 |
$1,474,814
$102,330 |
$2,516,055 |
| 20 |
$4,297,842 |
$1,550,532
$107,446 |
$2,639,864 |
| 21 |
$4,512,768 |
$1,630,055
$112,819 |
$2,769,894 |
| 22 |
$4,738,429 |
$1,713,549
$118,461 |
$2,906,419 |
| 23 |
$4,975,277 |
$1,801,183
$124,382 |
$3,049,712 |
| 24 |
$5,224,103 |
$1,893,248
$130,603 |
$3,200,252 |
| 25 |
$5,485,246 |
$1,989,871
$137,131 |
$3,358,244 |
| 26 |
$5,759,610 |
$2,091,386
$143,990 |
$3,524,234 |
| 27 |
$6,047,534 |
$2,197,918
$151,188 |
$3,698,428 |
| 28 |
$6,349,922 |
$2,309,802
$158,748 |
$3,881,372 |
| 29 |
$6,667,452 |
$2,427,288
$166,686 |
$4,073,478 |
| 30 |
$7,000,802 |
$2,550,627
$175,020 |
$4,275,155 |
|
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