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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $4,888,000 | | Net Lumpsum Payment | $72,137,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,657,393 |
$1,313,566
$146,296 |
$2,197,531 |
| 2 |
$3,840,372 |
$1,381,268
$153,615 |
$2,305,489 |
| 3 |
$4,032,342 |
$1,452,297
$161,294 |
$2,418,751 |
| 4 |
$4,234,032 |
$1,526,922
$169,361 |
$2,537,749 |
| 5 |
$4,445,685 |
$1,605,234
$177,827 |
$2,662,624 |
| 6 |
$4,668,030 |
$1,687,501
$186,721 |
$2,793,808 |
| 7 |
$4,901,310 |
$1,773,815
$196,052 |
$2,931,443 |
| 8 |
$5,146,497 |
$1,864,534
$205,860 |
$3,076,103 |
| 9 |
$5,403,834 |
$1,959,749
$216,153 |
$3,227,932 |
| 10 |
$5,674,050 |
$2,059,729
$226,962 |
$3,387,359 |
| 11 |
$5,957,631 |
$2,164,654
$238,305 |
$3,554,672 |
| 12 |
$6,255,549 |
$2,274,884
$250,222 |
$3,730,443 |
| 13 |
$6,568,290 |
$2,390,598
$262,732 |
$3,914,960 |
| 14 |
$6,896,826 |
$2,512,156
$275,873 |
$4,108,797 |
| 15 |
$7,241,643 |
$2,639,738
$289,666 |
$4,312,239 |
| 16 |
$7,603,713 |
$2,773,704
$304,149 |
$4,525,860 |
| 17 |
$7,983,765 |
$2,914,323
$319,351 |
$4,750,091 |
| 18 |
$8,383,014 |
$3,062,046
$335,321 |
$4,985,647 |
| 19 |
$8,802,189 |
$3,217,140
$352,088 |
$5,232,961 |
| 20 |
$9,242,262 |
$3,379,967
$369,690 |
$5,492,605 |
| 21 |
$9,704,448 |
$3,550,976
$388,178 |
$5,765,294 |
| 22 |
$10,189,719 |
$3,730,526
$407,589 |
$6,051,604 |
| 23 |
$10,699,047 |
$3,918,978
$427,962 |
$6,352,107 |
| 24 |
$11,234,133 |
$4,116,960
$449,365 |
$6,667,808 |
| 25 |
$11,795,706 |
$4,324,742
$471,828 |
$6,999,136 |
| 26 |
$12,385,710 |
$4,543,043
$495,428 |
$7,347,239 |
| 27 |
$13,004,874 |
$4,772,134
$520,195 |
$7,712,545 |
| 28 |
$13,655,142 |
$5,012,733
$546,206 |
$8,096,203 |
| 29 |
$14,337,972 |
$5,265,380
$573,519 |
$8,499,073 |
| 30 |
$15,054,822 |
$5,530,615
$602,193 |
$8,922,014 |
|
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