The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota Powerball Jackpot/Cash Option for Sat Nov 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(7.25%) | $5,705,750 | | Net Lumpsum Payment | $43,914,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$186,595 |
$1,474,519 |
| 2 |
$2,702,484 |
$960,249
$195,930 |
$1,546,305 |
| 3 |
$2,837,574 |
$1,010,233
$205,724 |
$1,621,617 |
| 4 |
$2,979,504 |
$1,062,747
$216,014 |
$1,700,743 |
| 5 |
$3,128,445 |
$1,117,855
$226,812 |
$1,783,778 |
| 6 |
$3,284,910 |
$1,175,747
$238,156 |
$1,871,007 |
| 7 |
$3,449,070 |
$1,236,486
$250,058 |
$1,962,526 |
| 8 |
$3,621,609 |
$1,300,326
$262,567 |
$2,058,716 |
| 9 |
$3,802,698 |
$1,367,329
$275,696 |
$2,159,673 |
| 10 |
$3,992,850 |
$1,437,685
$289,482 |
$2,265,683 |
| 11 |
$4,192,407 |
$1,511,521
$303,950 |
$2,376,936 |
| 12 |
$4,402,053 |
$1,589,090
$319,149 |
$2,493,814 |
| 13 |
$4,622,130 |
$1,670,518
$335,104 |
$2,616,508 |
| 14 |
$4,853,322 |
$1,756,060
$351,866 |
$2,745,396 |
| 15 |
$5,095,971 |
$1,845,840
$369,458 |
$2,880,673 |
| 16 |
$5,350,761 |
$1,940,112
$387,930 |
$3,022,719 |
| 17 |
$5,618,205 |
$2,039,066
$407,320 |
$3,171,819 |
| 18 |
$5,899,158 |
$2,143,019
$427,689 |
$3,328,450 |
| 19 |
$6,194,133 |
$2,252,160
$449,075 |
$3,492,898 |
| 20 |
$6,503,814 |
$2,366,742
$471,527 |
$3,665,545 |
| 21 |
$6,829,056 |
$2,487,081
$495,107 |
$3,846,868 |
| 22 |
$7,170,543 |
$2,613,431
$519,864 |
$4,037,248 |
| 23 |
$7,528,959 |
$2,746,045
$545,850 |
$4,237,064 |
| 24 |
$7,905,501 |
$2,885,366
$573,149 |
$4,446,986 |
| 25 |
$8,300,682 |
$3,031,583
$601,799 |
$4,667,300 |
| 26 |
$8,715,870 |
$3,185,202
$631,901 |
$4,898,767 |
| 27 |
$9,151,578 |
$3,346,414
$663,489 |
$5,141,675 |
| 28 |
$9,609,174 |
$3,515,725
$696,665 |
$5,396,784 |
| 29 |
$10,089,684 |
$3,693,513
$731,502 |
$5,664,669 |
| 30 |
$10,594,134 |
$3,880,160
$768,075 |
$5,945,899 |
|
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