Arizona Lottery

AZLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Nov 13, 2024 is estimated to be $113 Million, with a cash option of 53.4 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 Wed Nov 13, 2024

Draw Date	Jackpot	Cash Option
Wed Nov 13, 2024	$113,000,000	$53,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$53,400,000
Federal Tax(24%)	$12,816,000
Additional Federal Tax	$6,902,330
State Tax(2.5%)	$1,335,000
Net Lumpsum Payment	$32,346,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$42,519	$1,068,631
2	$1,785,852	-$621,096 -$44,646	$1,120,110
3	$1,875,122	-$654,126 -$46,878	$1,174,118
4	$1,968,912	-$688,828 -$49,223	$1,230,861
5	$2,067,335	-$725,244 -$51,683	$1,290,408
6	$2,170,730	-$763,500 -$54,268	$1,352,962
7	$2,279,210	-$803,638 -$56,980	$1,418,592
8	$2,393,227	-$845,824 -$59,831	$1,487,572
9	$2,512,894	-$890,101 -$62,822	$1,559,971
10	$2,638,550	-$936,594 -$65,964	$1,635,992
11	$2,770,421	-$985,386 -$69,261	$1,715,774
12	$2,908,959	-$1,036,645 -$72,724	$1,799,590
13	$3,054,390	-$1,090,455 -$76,360	$1,887,575
14	$3,207,166	-$1,146,982 -$80,179	$1,980,005
15	$3,367,513	-$1,206,310 -$84,188	$2,077,015
16	$3,535,883	-$1,268,607 -$88,397	$2,178,879
17	$3,712,615	-$1,333,998 -$92,815	$2,285,802
18	$3,898,274	-$1,402,692 -$97,457	$2,398,125
19	$4,093,199	-$1,474,814 -$102,330	$2,516,055
20	$4,297,842	-$1,550,532 -$107,446	$2,639,864
21	$4,512,768	-$1,630,055 -$112,819	$2,769,894
22	$4,738,429	-$1,713,549 -$118,461	$2,906,419
23	$4,975,277	-$1,801,183 -$124,382	$3,049,712
24	$5,224,103	-$1,893,248 -$130,603	$3,200,252
25	$5,485,246	-$1,989,871 -$137,131	$3,358,244
26	$5,759,610	-$2,091,386 -$143,990	$3,524,234
27	$6,047,534	-$2,197,918 -$151,188	$3,698,428
28	$6,349,922	-$2,309,802 -$158,748	$3,881,372
29	$6,667,452	-$2,427,288 -$166,686	$4,073,478
30	$7,000,802	-$2,550,627 -$175,020	$4,275,155