Washington DC Lottery

DCLottery 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 Washington DC, your state will take 10.75% 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.

Washington DC 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(10.75%)	$4,407,500
Net Lumpsum Payment	$21,462,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$142,382	$731,715
2	$1,390,752	-$474,909 -$149,506	$766,337
3	$1,460,272	-$500,631 -$156,979	$802,662
4	$1,533,312	-$527,656 -$164,831	$840,825
5	$1,609,960	-$556,016 -$173,071	$880,873
6	$1,690,480	-$585,808 -$181,727	$922,945
7	$1,774,960	-$617,066 -$190,808	$967,086
8	$1,863,752	-$649,919 -$200,353	$1,013,480
9	$1,956,944	-$684,400 -$210,371	$1,062,173
10	$2,054,800	-$720,606 -$220,891	$1,113,303
11	$2,157,496	-$758,604 -$231,931	$1,166,961
12	$2,265,384	-$798,522 -$243,529	$1,223,333
13	$2,378,640	-$840,427 -$255,704	$1,282,509
14	$2,497,616	-$884,448 -$268,494	$1,344,674
15	$2,622,488	-$930,651 -$281,917	$1,409,920
16	$2,753,608	-$979,165 -$296,013	$1,478,430
17	$2,891,240	-$1,030,089 -$310,808	$1,550,343
18	$3,035,824	-$1,083,585 -$326,351	$1,625,888
19	$3,187,624	-$1,139,751 -$342,670	$1,705,203
20	$3,346,992	-$1,198,717 -$359,802	$1,788,473
21	$3,514,368	-$1,260,647 -$377,795	$1,875,926
22	$3,690,104	-$1,325,669 -$396,686	$1,967,749
23	$3,874,552	-$1,393,915 -$416,514	$2,064,123
24	$4,068,328	-$1,465,612 -$437,345	$2,165,371
25	$4,271,696	-$1,540,858 -$459,207	$2,271,631
26	$4,485,360	-$1,619,914 -$482,176	$2,383,270
27	$4,709,584	-$1,702,876 -$506,280	$2,500,428
28	$4,945,072	-$1,790,007 -$531,595	$2,623,470
29	$5,192,352	-$1,881,501 -$558,178	$2,752,673
30	$5,451,952	-$1,977,553 -$586,085	$2,888,314