Colorado Lottery

COLottery 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 Colorado, your state will take 4% 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.

Colorado 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(4%)	$2,136,000
Net Lumpsum Payment	$31,545,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$68,031	$1,043,119
2	$1,785,852	-$621,096 -$71,434	$1,093,322
3	$1,875,122	-$654,126 -$75,005	$1,145,991
4	$1,968,912	-$688,828 -$78,756	$1,201,328
5	$2,067,335	-$725,244 -$82,693	$1,259,398
6	$2,170,730	-$763,500 -$86,829	$1,320,401
7	$2,279,210	-$803,638 -$91,168	$1,384,404
8	$2,393,227	-$845,824 -$95,729	$1,451,674
9	$2,512,894	-$890,101 -$100,516	$1,522,277
10	$2,638,550	-$936,594 -$105,542	$1,596,414
11	$2,770,421	-$985,386 -$110,817	$1,674,218
12	$2,908,959	-$1,036,645 -$116,358	$1,755,956
13	$3,054,390	-$1,090,455 -$122,176	$1,841,759
14	$3,207,166	-$1,146,982 -$128,287	$1,931,897
15	$3,367,513	-$1,206,310 -$134,701	$2,026,502
16	$3,535,883	-$1,268,607 -$141,435	$2,125,841
17	$3,712,615	-$1,333,998 -$148,505	$2,230,112
18	$3,898,274	-$1,402,692 -$155,931	$2,339,651
19	$4,093,199	-$1,474,814 -$163,728	$2,454,657
20	$4,297,842	-$1,550,532 -$171,914	$2,575,396
21	$4,512,768	-$1,630,055 -$180,511	$2,702,202
22	$4,738,429	-$1,713,549 -$189,537	$2,835,343
23	$4,975,277	-$1,801,183 -$199,011	$2,975,083
24	$5,224,103	-$1,893,248 -$208,964	$3,121,891
25	$5,485,246	-$1,989,871 -$219,410	$3,275,965
26	$5,759,610	-$2,091,386 -$230,384	$3,437,840
27	$6,047,534	-$2,197,918 -$241,901	$3,607,715
28	$6,349,922	-$2,309,802 -$253,997	$3,786,123
29	$6,667,452	-$2,427,288 -$266,698	$3,973,466
30	$7,000,802	-$2,550,627 -$280,032	$4,170,143