The jackpot for the Powerball draw on Mon Sep 9, 2024, is projected to be $121 Million, with an option for a cash payout of $61 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 Mon Sep 9, 2024 |
|---|
| Draw Date | Mon Sep 9, 2024 | | Projected Jackpot | $121,000,000 | | Cash Value | $61,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,000,000 | | Federal Tax(24%) | $14,640,000 | | Additional Federal Tax | $7,890,330 | | State Tax(7.25%) | $4,422,500 | | Net Lumpsum Payment | $34,047,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,821,171 |
$634,164
$132,035 |
$1,054,972 |
| 2 |
$1,912,284 |
$667,875
$138,641 |
$1,105,768 |
| 3 |
$2,007,874 |
$703,244
$145,571 |
$1,159,059 |
| 4 |
$2,108,304 |
$740,403
$152,852 |
$1,215,049 |
| 5 |
$2,213,695 |
$779,398
$160,493 |
$1,273,804 |
| 6 |
$2,324,410 |
$820,362
$168,520 |
$1,335,528 |
| 7 |
$2,440,570 |
$863,341
$176,941 |
$1,400,288 |
| 8 |
$2,562,659 |
$908,514
$185,793 |
$1,468,352 |
| 9 |
$2,690,798 |
$955,926
$195,083 |
$1,539,789 |
| 10 |
$2,825,350 |
$1,005,710
$204,838 |
$1,614,802 |
| 11 |
$2,966,557 |
$1,057,956
$215,075 |
$1,693,526 |
| 12 |
$3,114,903 |
$1,112,844
$225,830 |
$1,776,229 |
| 13 |
$3,270,630 |
$1,170,463
$237,121 |
$1,863,046 |
| 14 |
$3,434,222 |
$1,230,993
$248,981 |
$1,954,248 |
| 15 |
$3,605,921 |
$1,294,521
$261,429 |
$2,049,971 |
| 16 |
$3,786,211 |
$1,361,228
$274,500 |
$2,150,483 |
| 17 |
$3,975,455 |
$1,431,249
$288,220 |
$2,255,986 |
| 18 |
$4,174,258 |
$1,504,806
$302,634 |
$2,366,818 |
| 19 |
$4,382,983 |
$1,582,034
$317,766 |
$2,483,183 |
| 20 |
$4,602,114 |
$1,663,113
$333,653 |
$2,605,348 |
| 21 |
$4,832,256 |
$1,748,265
$350,339 |
$2,733,652 |
| 22 |
$5,073,893 |
$1,837,671
$367,857 |
$2,868,365 |
| 23 |
$5,327,509 |
$1,931,509
$386,244 |
$3,009,756 |
| 24 |
$5,593,951 |
$2,030,092
$405,561 |
$3,158,298 |
| 25 |
$5,873,582 |
$2,133,556
$425,835 |
$3,314,191 |
| 26 |
$6,167,370 |
$2,242,257
$447,134 |
$3,477,979 |
| 27 |
$6,475,678 |
$2,356,331
$469,487 |
$3,649,860 |
| 28 |
$6,799,474 |
$2,476,136
$492,962 |
$3,830,376 |
| 29 |
$7,139,484 |
$2,601,939
$517,613 |
$4,019,932 |
| 30 |
$7,496,434 |
$2,734,011
$543,491 |
$4,218,932 |
|
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