Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 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 Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(6.99%)	$5,501,130
Net Lumpsum Payment	$44,119,540

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$179,903	$1,481,211
2	$2,702,484	-$960,249 -$188,904	$1,553,331
3	$2,837,574	-$1,010,233 -$198,346	$1,628,995
4	$2,979,504	-$1,062,747 -$208,267	$1,708,490
5	$3,128,445	-$1,117,855 -$218,678	$1,791,912
6	$3,284,910	-$1,175,747 -$229,615	$1,879,548
7	$3,449,070	-$1,236,486 -$241,090	$1,971,494
8	$3,621,609	-$1,300,326 -$253,150	$2,068,133
9	$3,802,698	-$1,367,329 -$265,809	$2,169,560
10	$3,992,850	-$1,437,685 -$279,100	$2,276,065
11	$4,192,407	-$1,511,521 -$293,049	$2,387,837
12	$4,402,053	-$1,589,090 -$307,704	$2,505,259
13	$4,622,130	-$1,670,518 -$323,087	$2,628,525
14	$4,853,322	-$1,756,060 -$339,247	$2,758,015
15	$5,095,971	-$1,845,840 -$356,208	$2,893,923
16	$5,350,761	-$1,940,112 -$374,018	$3,036,631
17	$5,618,205	-$2,039,066 -$392,713	$3,186,426
18	$5,899,158	-$2,143,019 -$412,351	$3,343,788
19	$6,194,133	-$2,252,160 -$432,970	$3,509,003
20	$6,503,814	-$2,366,742 -$454,617	$3,682,455
21	$6,829,056	-$2,487,081 -$477,351	$3,864,624
22	$7,170,543	-$2,613,431 -$501,221	$4,055,891
23	$7,528,959	-$2,746,045 -$526,274	$4,256,640
24	$7,905,501	-$2,885,366 -$552,595	$4,467,540
25	$8,300,682	-$3,031,583 -$580,218	$4,688,881
26	$8,715,870	-$3,185,202 -$609,239	$4,921,429
27	$9,151,578	-$3,346,414 -$639,695	$5,165,469
28	$9,609,174	-$3,515,725 -$671,681	$5,421,768
29	$10,089,684	-$3,693,513 -$705,269	$5,690,902
30	$10,594,134	-$3,880,160 -$740,530	$5,973,444