Iowa Lottery

IALottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Dec 4, 2024 is estimated to be $240 Million, with a cash option of 113.6 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 Iowa, your state will take 5% 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.

Iowa Powerball Jackpot/Cash Option for Wed Dec 4, 2024

Draw Date	Jackpot	Cash Option
Wed Dec 4, 2024	$240,000,000	$113,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$113,600,000
Federal Tax(24%)	$27,264,000
Additional Federal Tax	$14,728,330
State Tax(5%)	$5,680,000
Net Lumpsum Payment	$65,927,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,612,240	-$1,296,859 -$180,612	$2,134,769
2	$3,792,960	-$1,363,726 -$189,648	$2,239,586
3	$3,982,560	-$1,433,878 -$199,128	$2,349,554
4	$4,181,760	-$1,507,582 -$209,088	$2,465,090
5	$4,390,800	-$1,584,926 -$219,540	$2,586,334
6	$4,610,400	-$1,666,178 -$230,520	$2,713,702
7	$4,840,800	-$1,751,426 -$242,040	$2,847,334
8	$5,082,960	-$1,841,026 -$254,148	$2,987,786
9	$5,337,120	-$1,935,065 -$266,856	$3,135,199
10	$5,604,000	-$2,033,810 -$280,200	$3,289,990
11	$5,884,080	-$2,137,440 -$294,204	$3,452,436
12	$6,178,320	-$2,246,309 -$308,916	$3,623,095
13	$6,487,200	-$2,360,594 -$324,360	$3,802,246
14	$6,811,680	-$2,480,652 -$340,584	$3,990,444
15	$7,152,240	-$2,606,659 -$357,612	$4,187,969
16	$7,509,840	-$2,738,971 -$375,492	$4,395,377
17	$7,885,200	-$2,877,854 -$394,260	$4,613,086
18	$8,279,520	-$3,023,753 -$413,976	$4,841,791
19	$8,693,520	-$3,176,933 -$434,676	$5,081,911
20	$9,128,160	-$3,337,750 -$456,408	$5,334,002
21	$9,584,640	-$3,506,647 -$479,232	$5,598,761
22	$10,063,920	-$3,683,981 -$503,196	$5,876,743
23	$10,566,960	-$3,870,106 -$528,348	$6,168,506
24	$11,095,440	-$4,065,643 -$554,772	$6,475,025
25	$11,650,080	-$4,270,860 -$582,504	$6,796,716
26	$12,232,800	-$4,486,466 -$611,640	$7,134,694
27	$12,844,320	-$4,712,729 -$642,216	$7,489,375
28	$13,486,560	-$4,950,358 -$674,328	$7,861,874
29	$14,160,960	-$5,199,886 -$708,048	$8,253,026
30	$14,868,960	-$5,461,846 -$743,448	$8,663,666