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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $7,087,600 | | Net Lumpsum Payment | $69,938,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,657,393 |
$1,313,566
$212,129 |
$2,131,698 |
| 2 |
$3,840,372 |
$1,381,268
$222,742 |
$2,236,362 |
| 3 |
$4,032,342 |
$1,452,297
$233,876 |
$2,346,169 |
| 4 |
$4,234,032 |
$1,526,922
$245,574 |
$2,461,536 |
| 5 |
$4,445,685 |
$1,605,234
$257,850 |
$2,582,601 |
| 6 |
$4,668,030 |
$1,687,501
$270,746 |
$2,709,783 |
| 7 |
$4,901,310 |
$1,773,815
$284,276 |
$2,843,219 |
| 8 |
$5,146,497 |
$1,864,534
$298,497 |
$2,983,466 |
| 9 |
$5,403,834 |
$1,959,749
$313,422 |
$3,130,663 |
| 10 |
$5,674,050 |
$2,059,729
$329,095 |
$3,285,226 |
| 11 |
$5,957,631 |
$2,164,654
$345,543 |
$3,447,434 |
| 12 |
$6,255,549 |
$2,274,884
$362,822 |
$3,617,843 |
| 13 |
$6,568,290 |
$2,390,598
$380,961 |
$3,796,731 |
| 14 |
$6,896,826 |
$2,512,156
$400,016 |
$3,984,654 |
| 15 |
$7,241,643 |
$2,639,738
$420,015 |
$4,181,890 |
| 16 |
$7,603,713 |
$2,773,704
$441,015 |
$4,388,994 |
| 17 |
$7,983,765 |
$2,914,323
$463,058 |
$4,606,384 |
| 18 |
$8,383,014 |
$3,062,046
$486,215 |
$4,834,753 |
| 19 |
$8,802,189 |
$3,217,140
$510,527 |
$5,074,522 |
| 20 |
$9,242,262 |
$3,379,967
$536,051 |
$5,326,244 |
| 21 |
$9,704,448 |
$3,550,976
$562,858 |
$5,590,614 |
| 22 |
$10,189,719 |
$3,730,526
$591,004 |
$5,868,189 |
| 23 |
$10,699,047 |
$3,918,978
$620,545 |
$6,159,524 |
| 24 |
$11,234,133 |
$4,116,960
$651,580 |
$6,465,593 |
| 25 |
$11,795,706 |
$4,324,742
$684,151 |
$6,786,813 |
| 26 |
$12,385,710 |
$4,543,043
$718,371 |
$7,124,296 |
| 27 |
$13,004,874 |
$4,772,134
$754,283 |
$7,478,457 |
| 28 |
$13,655,142 |
$5,012,733
$791,998 |
$7,850,411 |
| 29 |
$14,337,972 |
$5,265,380
$831,602 |
$8,240,990 |
| 30 |
$15,054,822 |
$5,530,615
$873,180 |
$8,651,027 |
|
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