Connecticut Lottery

CTLottery 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 Connecticut, your state will take 6.99% 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.

Connecticut 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(6.99%)	$2,865,900
Net Lumpsum Payment	$23,003,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$92,582	$781,515
2	$1,390,752	-$474,909 -$97,214	$818,629
3	$1,460,272	-$500,631 -$102,073	$857,568
4	$1,533,312	-$527,656 -$107,179	$898,477
5	$1,609,960	-$556,016 -$112,536	$941,408
6	$1,690,480	-$585,808 -$118,165	$986,507
7	$1,774,960	-$617,066 -$124,070	$1,033,824
8	$1,863,752	-$649,919 -$130,276	$1,083,557
9	$1,956,944	-$684,400 -$136,790	$1,135,754
10	$2,054,800	-$720,606 -$143,631	$1,190,563
11	$2,157,496	-$758,604 -$150,809	$1,248,083
12	$2,265,384	-$798,522 -$158,350	$1,308,512
13	$2,378,640	-$840,427 -$166,267	$1,371,946
14	$2,497,616	-$884,448 -$174,583	$1,438,585
15	$2,622,488	-$930,651 -$183,312	$1,508,525
16	$2,753,608	-$979,165 -$192,477	$1,581,966
17	$2,891,240	-$1,030,089 -$202,098	$1,659,053
18	$3,035,824	-$1,083,585 -$212,204	$1,740,035
19	$3,187,624	-$1,139,751 -$222,815	$1,825,058
20	$3,346,992	-$1,198,717 -$233,955	$1,914,320
21	$3,514,368	-$1,260,647 -$245,654	$2,008,067
22	$3,690,104	-$1,325,669 -$257,938	$2,106,497
23	$3,874,552	-$1,393,915 -$270,831	$2,209,806
24	$4,068,328	-$1,465,612 -$284,376	$2,318,340
25	$4,271,696	-$1,540,858 -$298,592	$2,432,246
26	$4,485,360	-$1,619,914 -$313,527	$2,551,919
27	$4,709,584	-$1,702,876 -$329,200	$2,677,508
28	$4,945,072	-$1,790,007 -$345,661	$2,809,404
29	$5,192,352	-$1,881,501 -$362,945	$2,947,906
30	$5,451,952	-$1,977,553 -$381,091	$3,093,308