The jackpot for the Powerball draw on Sat Sep 28, 2024, is projected to be $243 Million, with an option for a cash payout of $122.2 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Sat Sep 28, 2024 |
|---|
| Draw Date | Sat Sep 28, 2024 | | Projected Jackpot | $243,000,000 | | Cash Value | $122,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $122,200,000 | | Federal Tax(24%) | $29,328,000 | | Additional Federal Tax | $15,846,330 | | State Tax(6.99%) | $8,541,780 | | Net Lumpsum Payment | $68,483,890 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,657,393 |
$1,313,566
$255,652 |
$2,088,175 |
| 2 |
$3,840,372 |
$1,381,268
$268,442 |
$2,190,662 |
| 3 |
$4,032,342 |
$1,452,297
$281,861 |
$2,298,184 |
| 4 |
$4,234,032 |
$1,526,922
$295,959 |
$2,411,151 |
| 5 |
$4,445,685 |
$1,605,234
$310,753 |
$2,529,698 |
| 6 |
$4,668,030 |
$1,687,501
$326,295 |
$2,654,234 |
| 7 |
$4,901,310 |
$1,773,815
$342,602 |
$2,784,893 |
| 8 |
$5,146,497 |
$1,864,534
$359,740 |
$2,922,223 |
| 9 |
$5,403,834 |
$1,959,749
$377,728 |
$3,066,357 |
| 10 |
$5,674,050 |
$2,059,729
$396,616 |
$3,217,705 |
| 11 |
$5,957,631 |
$2,164,654
$416,438 |
$3,376,539 |
| 12 |
$6,255,549 |
$2,274,884
$437,263 |
$3,543,402 |
| 13 |
$6,568,290 |
$2,390,598
$459,123 |
$3,718,569 |
| 14 |
$6,896,826 |
$2,512,156
$482,088 |
$3,902,582 |
| 15 |
$7,241,643 |
$2,639,738
$506,191 |
$4,095,714 |
| 16 |
$7,603,713 |
$2,773,704
$531,500 |
$4,298,509 |
| 17 |
$7,983,765 |
$2,914,323
$558,065 |
$4,511,377 |
| 18 |
$8,383,014 |
$3,062,046
$585,973 |
$4,734,995 |
| 19 |
$8,802,189 |
$3,217,140
$615,273 |
$4,969,776 |
| 20 |
$9,242,262 |
$3,379,967
$646,034 |
$5,216,261 |
| 21 |
$9,704,448 |
$3,550,976
$678,341 |
$5,475,131 |
| 22 |
$10,189,719 |
$3,730,526
$712,261 |
$5,746,932 |
| 23 |
$10,699,047 |
$3,918,978
$747,863 |
$6,032,206 |
| 24 |
$11,234,133 |
$4,116,960
$785,266 |
$6,331,907 |
| 25 |
$11,795,706 |
$4,324,742
$824,520 |
$6,646,444 |
| 26 |
$12,385,710 |
$4,543,043
$865,761 |
$6,976,906 |
| 27 |
$13,004,874 |
$4,772,134
$909,041 |
$7,323,699 |
| 28 |
$13,655,142 |
$5,012,733
$954,494 |
$7,687,915 |
| 29 |
$14,337,972 |
$5,265,380
$1,002,224 |
$8,070,368 |
| 30 |
$15,054,822 |
$5,530,615
$1,052,332 |
$8,471,875 |
|
|
