Georgia Lottery

GALottery 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 Georgia, your state will take 5.75% 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.

Georgia 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(5.75%)	$3,070,500
Net Lumpsum Payment	$30,611,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$97,794	$1,013,356
2	$1,785,852	-$621,096 -$102,686	$1,062,070
3	$1,875,122	-$654,126 -$107,820	$1,113,176
4	$1,968,912	-$688,828 -$113,212	$1,166,872
5	$2,067,335	-$725,244 -$118,872	$1,223,219
6	$2,170,730	-$763,500 -$124,817	$1,282,413
7	$2,279,210	-$803,638 -$131,055	$1,344,517
8	$2,393,227	-$845,824 -$137,611	$1,409,792
9	$2,512,894	-$890,101 -$144,491	$1,478,302
10	$2,638,550	-$936,594 -$151,717	$1,550,239
11	$2,770,421	-$985,386 -$159,299	$1,625,736
12	$2,908,959	-$1,036,645 -$167,265	$1,705,049
13	$3,054,390	-$1,090,455 -$175,627	$1,788,308
14	$3,207,166	-$1,146,982 -$184,412	$1,875,772
15	$3,367,513	-$1,206,310 -$193,632	$1,967,571
16	$3,535,883	-$1,268,607 -$203,313	$2,063,963
17	$3,712,615	-$1,333,998 -$213,475	$2,165,142
18	$3,898,274	-$1,402,692 -$224,151	$2,271,431
19	$4,093,199	-$1,474,814 -$235,359	$2,383,026
20	$4,297,842	-$1,550,532 -$247,126	$2,500,184
21	$4,512,768	-$1,630,055 -$259,484	$2,623,229
22	$4,738,429	-$1,713,549 -$272,460	$2,752,420
23	$4,975,277	-$1,801,183 -$286,078	$2,888,016
24	$5,224,103	-$1,893,248 -$300,386	$3,030,469
25	$5,485,246	-$1,989,871 -$315,402	$3,179,973
26	$5,759,610	-$2,091,386 -$331,178	$3,337,046
27	$6,047,534	-$2,197,918 -$347,733	$3,501,883
28	$6,349,922	-$2,309,802 -$365,121	$3,674,999
29	$6,667,452	-$2,427,288 -$383,378	$3,856,786
30	$7,000,802	-$2,550,627 -$402,546	$4,047,629