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 Oregon residents, the state will deduct 8% from your lottery earnings.
| Oregon 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(8%) | $4,344,000 | | Net Lumpsum Payment | $29,904,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$136,061 |
$975,089 |
| 2 |
$1,785,852 |
$621,096
$142,868 |
$1,021,888 |
| 3 |
$1,875,122 |
$654,126
$150,010 |
$1,070,986 |
| 4 |
$1,968,912 |
$688,828
$157,513 |
$1,122,571 |
| 5 |
$2,067,335 |
$725,244
$165,387 |
$1,176,704 |
| 6 |
$2,170,730 |
$763,500
$173,658 |
$1,233,572 |
| 7 |
$2,279,210 |
$803,638
$182,337 |
$1,293,235 |
| 8 |
$2,393,227 |
$845,824
$191,458 |
$1,355,945 |
| 9 |
$2,512,894 |
$890,101
$201,032 |
$1,421,761 |
| 10 |
$2,638,550 |
$936,594
$211,084 |
$1,490,872 |
| 11 |
$2,770,421 |
$985,386
$221,634 |
$1,563,401 |
| 12 |
$2,908,959 |
$1,036,645
$232,717 |
$1,639,597 |
| 13 |
$3,054,390 |
$1,090,455
$244,351 |
$1,719,584 |
| 14 |
$3,207,166 |
$1,146,982
$256,573 |
$1,803,611 |
| 15 |
$3,367,513 |
$1,206,310
$269,401 |
$1,891,802 |
| 16 |
$3,535,883 |
$1,268,607
$282,871 |
$1,984,405 |
| 17 |
$3,712,615 |
$1,333,998
$297,009 |
$2,081,608 |
| 18 |
$3,898,274 |
$1,402,692
$311,862 |
$2,183,720 |
| 19 |
$4,093,199 |
$1,474,814
$327,456 |
$2,290,929 |
| 20 |
$4,297,842 |
$1,550,532
$343,827 |
$2,403,483 |
| 21 |
$4,512,768 |
$1,630,055
$361,021 |
$2,521,692 |
| 22 |
$4,738,429 |
$1,713,549
$379,074 |
$2,645,806 |
| 23 |
$4,975,277 |
$1,801,183
$398,022 |
$2,776,072 |
| 24 |
$5,224,103 |
$1,893,248
$417,928 |
$2,912,927 |
| 25 |
$5,485,246 |
$1,989,871
$438,820 |
$3,056,555 |
| 26 |
$5,759,610 |
$2,091,386
$460,769 |
$3,207,455 |
| 27 |
$6,047,534 |
$2,197,918
$483,803 |
$3,365,813 |
| 28 |
$6,349,922 |
$2,309,802
$507,994 |
$3,532,126 |
| 29 |
$6,667,452 |
$2,427,288
$533,396 |
$3,706,768 |
| 30 |
$7,000,802 |
$2,550,627
$560,064 |
$3,890,111 |
|
|
