The jackpot for the Powerball draw on Mon Oct 7, 2024, is projected to be $315 Million, with an option for a cash payout of $154.9 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 those living in California, the bright side is you won't have to pay any state taxes on your lottery prize.
| California Powerball Jackpot/Cash Option for Mon Oct 7, 2024 |
|---|
| Draw Date | Mon Oct 7, 2024 | | Projected Jackpot | $315,000,000 | | Cash Value | $154,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $154,900,000 | | Federal Tax(24%) | $37,176,000 | | Additional Federal Tax | $20,097,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $97,626,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,741,065 |
$1,714,524
$0 |
$3,026,541 |
| 2 |
$4,978,260 |
$1,802,287
$0 |
$3,175,973 |
| 3 |
$5,227,110 |
$1,894,361
$0 |
$3,332,749 |
| 4 |
$5,488,560 |
$1,991,098
$0 |
$3,497,462 |
| 5 |
$5,762,925 |
$2,092,613
$0 |
$3,670,312 |
| 6 |
$6,051,150 |
$2,199,256
$0 |
$3,851,894 |
| 7 |
$6,353,550 |
$2,311,144
$0 |
$4,042,406 |
| 8 |
$6,671,385 |
$2,428,743
$0 |
$4,242,642 |
| 9 |
$7,004,970 |
$2,552,169
$0 |
$4,452,801 |
| 10 |
$7,355,250 |
$2,681,773
$0 |
$4,673,477 |
| 11 |
$7,722,855 |
$2,817,787
$0 |
$4,905,068 |
| 12 |
$8,109,045 |
$2,960,677
$0 |
$5,148,368 |
| 13 |
$8,514,450 |
$3,110,677
$0 |
$5,403,773 |
| 14 |
$8,940,330 |
$3,268,252
$0 |
$5,672,078 |
| 15 |
$9,387,315 |
$3,433,637
$0 |
$5,953,678 |
| 16 |
$9,856,665 |
$3,607,296
$0 |
$6,249,369 |
| 17 |
$10,349,325 |
$3,789,581
$0 |
$6,559,744 |
| 18 |
$10,866,870 |
$3,981,072
$0 |
$6,885,798 |
| 19 |
$11,410,245 |
$4,182,121
$0 |
$7,228,124 |
| 20 |
$11,980,710 |
$4,393,193
$0 |
$7,587,517 |
| 21 |
$12,579,840 |
$4,614,871
$0 |
$7,964,969 |
| 22 |
$13,208,895 |
$4,847,622
$0 |
$8,361,273 |
| 23 |
$13,869,135 |
$5,091,910
$0 |
$8,777,225 |
| 24 |
$14,562,765 |
$5,348,553
$0 |
$9,214,212 |
| 25 |
$15,290,730 |
$5,617,900
$0 |
$9,672,830 |
| 26 |
$16,055,550 |
$5,900,884
$0 |
$10,154,666 |
| 27 |
$16,858,170 |
$6,197,853
$0 |
$10,660,317 |
| 28 |
$17,701,110 |
$6,509,741
$0 |
$11,191,369 |
| 29 |
$18,586,260 |
$6,837,247
$0 |
$11,749,013 |
| 30 |
$19,515,510 |
$7,181,069
$0 |
$12,334,441 |
|
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