Jackpot Analysis Iowa Powerball

Jackpot Analysis for Iowa Powerball
The jackpot for the Powerball draw on Mon Jun 24, 2024, is projected to be $84 Million, with an option for a cash payout of $40.4 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 Iowa residents, the state will deduct 5% from your lottery earnings.

Iowa Powerball Jackpot/Cash Option for Mon Jun 24, 2024
Draw DateMon Jun 24, 2024
Projected Jackpot$84,000,000
Cash Value$40,400,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$40,400,000
Federal Tax(24%)$9,696,000
Additional Federal Tax$5,212,330
State Tax(5%)$2,020,000
Net Lumpsum Payment$23,471,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $1,264,284 $428,115
$63,214
$772,955
2 $1,327,536 $451,519
$66,377
$809,640
3 $1,393,896 $476,072
$69,695
$848,129
4 $1,463,616 $501,868
$73,181
$888,567
5 $1,536,780 $528,939
$76,839
$931,002
6 $1,613,640 $557,377
$80,682
$975,581
7 $1,694,280 $587,214
$84,714
$1,022,352
8 $1,779,036 $618,574
$88,952
$1,071,510
9 $1,867,992 $651,487
$93,400
$1,123,105
10 $1,961,400 $686,048
$98,070
$1,177,282
11 $2,059,428 $722,319
$102,971
$1,234,138
12 $2,162,412 $760,423
$108,121
$1,293,868
13 $2,270,520 $800,423
$113,526
$1,356,571
14 $2,384,088 $842,443
$119,204
$1,422,441
15 $2,503,284 $886,545
$125,164
$1,491,575
16 $2,628,444 $932,855
$131,422
$1,564,167
17 $2,759,820 $981,464
$137,991
$1,640,365
18 $2,897,832 $1,032,528
$144,892
$1,720,412
19 $3,042,732 $1,086,141
$152,137
$1,804,454
20 $3,194,856 $1,142,427
$159,743
$1,892,686
21 $3,354,624 $1,201,541
$167,731
$1,985,352
22 $3,522,372 $1,263,608
$176,119
$2,082,645
23 $3,698,436 $1,328,752
$184,922
$2,184,762
24 $3,883,404 $1,397,190
$194,170
$2,292,044
25 $4,077,528 $1,469,016
$203,876
$2,404,636
26 $4,281,480 $1,544,478
$214,074
$2,522,928
27 $4,495,512 $1,623,670
$224,776
$2,647,066
28 $4,720,296 $1,706,840
$236,015
$2,777,441
29 $4,956,336 $1,794,175
$247,817
$2,914,344
30 $5,204,136 $1,885,861
$260,207
$3,058,068