Georgia Lottery

GALottery 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 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 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(5.75%)	$2,357,500
Net Lumpsum Payment	$23,512,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$76,158	$797,939
2	$1,390,752	-$474,909 -$79,968	$835,875
3	$1,460,272	-$500,631 -$83,966	$875,675
4	$1,533,312	-$527,656 -$88,165	$917,491
5	$1,609,960	-$556,016 -$92,573	$961,371
6	$1,690,480	-$585,808 -$97,203	$1,007,469
7	$1,774,960	-$617,066 -$102,060	$1,055,834
8	$1,863,752	-$649,919 -$107,166	$1,106,667
9	$1,956,944	-$684,400 -$112,524	$1,160,020
10	$2,054,800	-$720,606 -$118,151	$1,216,043
11	$2,157,496	-$758,604 -$124,056	$1,274,836
12	$2,265,384	-$798,522 -$130,260	$1,336,602
13	$2,378,640	-$840,427 -$136,772	$1,401,441
14	$2,497,616	-$884,448 -$143,613	$1,469,555
15	$2,622,488	-$930,651 -$150,793	$1,541,044
16	$2,753,608	-$979,165 -$158,332	$1,616,111
17	$2,891,240	-$1,030,089 -$166,246	$1,694,905
18	$3,035,824	-$1,083,585 -$174,560	$1,777,679
19	$3,187,624	-$1,139,751 -$183,288	$1,864,585
20	$3,346,992	-$1,198,717 -$192,452	$1,955,823
21	$3,514,368	-$1,260,647 -$202,076	$2,051,645
22	$3,690,104	-$1,325,669 -$212,181	$2,152,254
23	$3,874,552	-$1,393,915 -$222,787	$2,257,850
24	$4,068,328	-$1,465,612 -$233,929	$2,368,787
25	$4,271,696	-$1,540,858 -$245,623	$2,485,215
26	$4,485,360	-$1,619,914 -$257,908	$2,607,538
27	$4,709,584	-$1,702,876 -$270,801	$2,735,907
28	$4,945,072	-$1,790,007 -$284,342	$2,870,723
29	$5,192,352	-$1,881,501 -$298,560	$3,012,291
30	$5,451,952	-$1,977,553 -$313,487	$3,160,912