Kentucky Lottery

KYLottery 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 Kentucky, your state will take 4.5% 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.

Kentucky 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(4.5%)	$1,845,000
Net Lumpsum Payment	$24,024,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$59,602	$814,495
2	$1,390,752	-$474,909 -$62,584	$853,259
3	$1,460,272	-$500,631 -$65,712	$893,929
4	$1,533,312	-$527,656 -$68,999	$936,657
5	$1,609,960	-$556,016 -$72,448	$981,496
6	$1,690,480	-$585,808 -$76,072	$1,028,600
7	$1,774,960	-$617,066 -$79,873	$1,078,021
8	$1,863,752	-$649,919 -$83,869	$1,129,964
9	$1,956,944	-$684,400 -$88,062	$1,184,482
10	$2,054,800	-$720,606 -$92,466	$1,241,728
11	$2,157,496	-$758,604 -$97,087	$1,301,805
12	$2,265,384	-$798,522 -$101,942	$1,364,920
13	$2,378,640	-$840,427 -$107,039	$1,431,174
14	$2,497,616	-$884,448 -$112,393	$1,500,775
15	$2,622,488	-$930,651 -$118,012	$1,573,825
16	$2,753,608	-$979,165 -$123,912	$1,650,531
17	$2,891,240	-$1,030,089 -$130,106	$1,731,045
18	$3,035,824	-$1,083,585 -$136,612	$1,815,627
19	$3,187,624	-$1,139,751 -$143,443	$1,904,430
20	$3,346,992	-$1,198,717 -$150,615	$1,997,660
21	$3,514,368	-$1,260,647 -$158,147	$2,095,574
22	$3,690,104	-$1,325,669 -$166,055	$2,198,380
23	$3,874,552	-$1,393,915 -$174,355	$2,306,282
24	$4,068,328	-$1,465,612 -$183,075	$2,419,641
25	$4,271,696	-$1,540,858 -$192,226	$2,538,612
26	$4,485,360	-$1,619,914 -$201,841	$2,663,605
27	$4,709,584	-$1,702,876 -$211,931	$2,794,777
28	$4,945,072	-$1,790,007 -$222,528	$2,932,537
29	$5,192,352	-$1,881,501 -$233,656	$3,077,195
30	$5,451,952	-$1,977,553 -$245,338	$3,229,061