Maine Lottery

MELottery 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 Maine, 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.

Maine 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%)	$2,050,000
Net Lumpsum Payment	$23,819,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$66,224	$807,873
2	$1,390,752	-$474,909 -$69,538	$846,305
3	$1,460,272	-$500,631 -$73,014	$886,627
4	$1,533,312	-$527,656 -$76,666	$928,990
5	$1,609,960	-$556,016 -$80,498	$973,446
6	$1,690,480	-$585,808 -$84,524	$1,020,148
7	$1,774,960	-$617,066 -$88,748	$1,069,146
8	$1,863,752	-$649,919 -$93,188	$1,120,645
9	$1,956,944	-$684,400 -$97,847	$1,174,697
10	$2,054,800	-$720,606 -$102,740	$1,231,454
11	$2,157,496	-$758,604 -$107,875	$1,291,017
12	$2,265,384	-$798,522 -$113,269	$1,353,593
13	$2,378,640	-$840,427 -$118,932	$1,419,281
14	$2,497,616	-$884,448 -$124,881	$1,488,287
15	$2,622,488	-$930,651 -$131,124	$1,560,713
16	$2,753,608	-$979,165 -$137,680	$1,636,763
17	$2,891,240	-$1,030,089 -$144,562	$1,716,589
18	$3,035,824	-$1,083,585 -$151,791	$1,800,448
19	$3,187,624	-$1,139,751 -$159,381	$1,888,492
20	$3,346,992	-$1,198,717 -$167,350	$1,980,925
21	$3,514,368	-$1,260,647 -$175,718	$2,078,003
22	$3,690,104	-$1,325,669 -$184,505	$2,179,930
23	$3,874,552	-$1,393,915 -$193,728	$2,286,909
24	$4,068,328	-$1,465,612 -$203,416	$2,399,300
25	$4,271,696	-$1,540,858 -$213,585	$2,517,253
26	$4,485,360	-$1,619,914 -$224,268	$2,641,178
27	$4,709,584	-$1,702,876 -$235,479	$2,771,229
28	$4,945,072	-$1,790,007 -$247,254	$2,907,811
29	$5,192,352	-$1,881,501 -$259,618	$3,051,233
30	$5,451,952	-$1,977,553 -$272,598	$3,201,801