Arizona Lottery

AZLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Arizona, your state will take 2.5% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Arizona Powerball Jackpot/Cash Option for Sat Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(2.5%)	$1,025,000
Net Lumpsum Payment	$24,844,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$33,112	$840,985
2	$1,390,752	-$474,909 -$34,769	$881,074
3	$1,460,272	-$500,631 -$36,507	$923,134
4	$1,533,312	-$527,656 -$38,333	$967,323
5	$1,609,960	-$556,016 -$40,249	$1,013,695
6	$1,690,480	-$585,808 -$42,262	$1,062,410
7	$1,774,960	-$617,066 -$44,374	$1,113,520
8	$1,863,752	-$649,919 -$46,594	$1,167,239
9	$1,956,944	-$684,400 -$48,924	$1,223,620
10	$2,054,800	-$720,606 -$51,370	$1,282,824
11	$2,157,496	-$758,604 -$53,937	$1,344,955
12	$2,265,384	-$798,522 -$56,635	$1,410,227
13	$2,378,640	-$840,427 -$59,466	$1,478,747
14	$2,497,616	-$884,448 -$62,440	$1,550,728
15	$2,622,488	-$930,651 -$65,562	$1,626,275
16	$2,753,608	-$979,165 -$68,840	$1,705,603
17	$2,891,240	-$1,030,089 -$72,281	$1,788,870
18	$3,035,824	-$1,083,585 -$75,896	$1,876,343
19	$3,187,624	-$1,139,751 -$79,691	$1,968,182
20	$3,346,992	-$1,198,717 -$83,675	$2,064,600
21	$3,514,368	-$1,260,647 -$87,859	$2,165,862
22	$3,690,104	-$1,325,669 -$92,253	$2,272,182
23	$3,874,552	-$1,393,915 -$96,864	$2,383,773
24	$4,068,328	-$1,465,612 -$101,708	$2,501,008
25	$4,271,696	-$1,540,858 -$106,792	$2,624,046
26	$4,485,360	-$1,619,914 -$112,134	$2,753,312
27	$4,709,584	-$1,702,876 -$117,740	$2,888,968
28	$4,945,072	-$1,790,007 -$123,627	$3,031,438
29	$5,192,352	-$1,881,501 -$129,809	$3,181,042
30	$5,451,952	-$1,977,553 -$136,299	$3,338,100