Connecticut Lottery

CTLottery 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 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 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(6.99%)	$3,732,660
Net Lumpsum Payment	$29,949,010

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$118,883	$992,267
2	$1,785,852	-$621,096 -$124,831	$1,039,925
3	$1,875,122	-$654,126 -$131,071	$1,089,925
4	$1,968,912	-$688,828 -$137,627	$1,142,457
5	$2,067,335	-$725,244 -$144,507	$1,197,584
6	$2,170,730	-$763,500 -$151,734	$1,255,496
7	$2,279,210	-$803,638 -$159,317	$1,316,255
8	$2,393,227	-$845,824 -$167,287	$1,380,116
9	$2,512,894	-$890,101 -$175,651	$1,447,142
10	$2,638,550	-$936,594 -$184,435	$1,517,521
11	$2,770,421	-$985,386 -$193,652	$1,591,383
12	$2,908,959	-$1,036,645 -$203,336	$1,668,978
13	$3,054,390	-$1,090,455 -$213,502	$1,750,433
14	$3,207,166	-$1,146,982 -$224,181	$1,836,003
15	$3,367,513	-$1,206,310 -$235,389	$1,925,814
16	$3,535,883	-$1,268,607 -$247,158	$2,020,118
17	$3,712,615	-$1,333,998 -$259,512	$2,119,105
18	$3,898,274	-$1,402,692 -$272,489	$2,223,093
19	$4,093,199	-$1,474,814 -$286,115	$2,332,270
20	$4,297,842	-$1,550,532 -$300,419	$2,446,891
21	$4,512,768	-$1,630,055 -$315,442	$2,567,271
22	$4,738,429	-$1,713,549 -$331,216	$2,693,664
23	$4,975,277	-$1,801,183 -$347,772	$2,826,322
24	$5,224,103	-$1,893,248 -$365,165	$2,965,690
25	$5,485,246	-$1,989,871 -$383,419	$3,111,956
26	$5,759,610	-$2,091,386 -$402,597	$3,265,627
27	$6,047,534	-$2,197,918 -$422,723	$3,426,893
28	$6,349,922	-$2,309,802 -$443,860	$3,596,260
29	$6,667,452	-$2,427,288 -$466,055	$3,774,109
30	$7,000,802	-$2,550,627 -$489,356	$3,960,819