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 Massachusetts residents, the state will deduct 5% from your lottery earnings.
| Massachusetts 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(5%) | $2,715,000 | | Net Lumpsum Payment | $31,533,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$85,038 |
$1,026,112 |
| 2 |
$1,785,852 |
$621,096
$89,293 |
$1,075,463 |
| 3 |
$1,875,122 |
$654,126
$93,756 |
$1,127,240 |
| 4 |
$1,968,912 |
$688,828
$98,446 |
$1,181,638 |
| 5 |
$2,067,335 |
$725,244
$103,367 |
$1,238,724 |
| 6 |
$2,170,730 |
$763,500
$108,537 |
$1,298,693 |
| 7 |
$2,279,210 |
$803,638
$113,961 |
$1,361,611 |
| 8 |
$2,393,227 |
$845,824
$119,661 |
$1,427,742 |
| 9 |
$2,512,894 |
$890,101
$125,645 |
$1,497,148 |
| 10 |
$2,638,550 |
$936,594
$131,928 |
$1,570,028 |
| 11 |
$2,770,421 |
$985,386
$138,521 |
$1,646,514 |
| 12 |
$2,908,959 |
$1,036,645
$145,448 |
$1,726,866 |
| 13 |
$3,054,390 |
$1,090,455
$152,720 |
$1,811,215 |
| 14 |
$3,207,166 |
$1,146,982
$160,358 |
$1,899,826 |
| 15 |
$3,367,513 |
$1,206,310
$168,376 |
$1,992,827 |
| 16 |
$3,535,883 |
$1,268,607
$176,794 |
$2,090,482 |
| 17 |
$3,712,615 |
$1,333,998
$185,631 |
$2,192,986 |
| 18 |
$3,898,274 |
$1,402,692
$194,914 |
$2,300,668 |
| 19 |
$4,093,199 |
$1,474,814
$204,660 |
$2,413,725 |
| 20 |
$4,297,842 |
$1,550,532
$214,892 |
$2,532,418 |
| 21 |
$4,512,768 |
$1,630,055
$225,638 |
$2,657,075 |
| 22 |
$4,738,429 |
$1,713,549
$236,921 |
$2,787,959 |
| 23 |
$4,975,277 |
$1,801,183
$248,764 |
$2,925,330 |
| 24 |
$5,224,103 |
$1,893,248
$261,205 |
$3,069,650 |
| 25 |
$5,485,246 |
$1,989,871
$274,262 |
$3,221,113 |
| 26 |
$5,759,610 |
$2,091,386
$287,981 |
$3,380,243 |
| 27 |
$6,047,534 |
$2,197,918
$302,377 |
$3,547,239 |
| 28 |
$6,349,922 |
$2,309,802
$317,496 |
$3,722,624 |
| 29 |
$6,667,452 |
$2,427,288
$333,373 |
$3,906,791 |
| 30 |
$7,000,802 |
$2,550,627
$350,040 |
$4,100,135 |
|
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