Kentucky Lottery

KYLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 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 Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(4.5%)	$3,541,500
Net Lumpsum Payment	$46,079,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$115,817	$1,545,297
2	$2,702,484	-$960,249 -$121,612	$1,620,623
3	$2,837,574	-$1,010,233 -$127,691	$1,699,650
4	$2,979,504	-$1,062,747 -$134,078	$1,782,679
5	$3,128,445	-$1,117,855 -$140,780	$1,869,810
6	$3,284,910	-$1,175,747 -$147,821	$1,961,342
7	$3,449,070	-$1,236,486 -$155,208	$2,057,376
8	$3,621,609	-$1,300,326 -$162,972	$2,158,311
9	$3,802,698	-$1,367,329 -$171,121	$2,264,248
10	$3,992,850	-$1,437,685 -$179,678	$2,375,487
11	$4,192,407	-$1,511,521 -$188,658	$2,492,228
12	$4,402,053	-$1,589,090 -$198,092	$2,614,871
13	$4,622,130	-$1,670,518 -$207,996	$2,743,616
14	$4,853,322	-$1,756,060 -$218,399	$2,878,863
15	$5,095,971	-$1,845,840 -$229,319	$3,020,812
16	$5,350,761	-$1,940,112 -$240,784	$3,169,865
17	$5,618,205	-$2,039,066 -$252,819	$3,326,320
18	$5,899,158	-$2,143,019 -$265,462	$3,490,677
19	$6,194,133	-$2,252,160 -$278,736	$3,663,237
20	$6,503,814	-$2,366,742 -$292,672	$3,844,400
21	$6,829,056	-$2,487,081 -$307,308	$4,034,667
22	$7,170,543	-$2,613,431 -$322,674	$4,234,438
23	$7,528,959	-$2,746,045 -$338,803	$4,444,111
24	$7,905,501	-$2,885,366 -$355,748	$4,664,387
25	$8,300,682	-$3,031,583 -$373,531	$4,895,568
26	$8,715,870	-$3,185,202 -$392,214	$5,138,454
27	$9,151,578	-$3,346,414 -$411,821	$5,393,343
28	$9,609,174	-$3,515,725 -$432,413	$5,661,036
29	$10,089,684	-$3,693,513 -$454,036	$5,942,135
30	$10,594,134	-$3,880,160 -$476,736	$6,237,238