Maine Lottery

MELottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Nov 13, 2024 is estimated to be $113 Million, with a cash option of 53.4 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 Wed Nov 13, 2024

Draw Date	Jackpot	Cash Option
Wed Nov 13, 2024	$113,000,000	$53,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$53,400,000
Federal Tax(24%)	$12,816,000
Additional Federal Tax	$6,902,330
State Tax(5%)	$2,670,000
Net Lumpsum Payment	$31,011,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$85,038	$1,026,112
2	$1,785,852	-$621,096 -$89,293	$1,075,463
3	$1,875,122	-$654,126 -$93,756	$1,127,240
4	$1,968,912	-$688,828 -$98,446	$1,181,638
5	$2,067,335	-$725,244 -$103,367	$1,238,724
6	$2,170,730	-$763,500 -$108,537	$1,298,693
7	$2,279,210	-$803,638 -$113,961	$1,361,611
8	$2,393,227	-$845,824 -$119,661	$1,427,742
9	$2,512,894	-$890,101 -$125,645	$1,497,148
10	$2,638,550	-$936,594 -$131,928	$1,570,028
11	$2,770,421	-$985,386 -$138,521	$1,646,514
12	$2,908,959	-$1,036,645 -$145,448	$1,726,866
13	$3,054,390	-$1,090,455 -$152,720	$1,811,215
14	$3,207,166	-$1,146,982 -$160,358	$1,899,826
15	$3,367,513	-$1,206,310 -$168,376	$1,992,827
16	$3,535,883	-$1,268,607 -$176,794	$2,090,482
17	$3,712,615	-$1,333,998 -$185,631	$2,192,986
18	$3,898,274	-$1,402,692 -$194,914	$2,300,668
19	$4,093,199	-$1,474,814 -$204,660	$2,413,725
20	$4,297,842	-$1,550,532 -$214,892	$2,532,418
21	$4,512,768	-$1,630,055 -$225,638	$2,657,075
22	$4,738,429	-$1,713,549 -$236,921	$2,787,959
23	$4,975,277	-$1,801,183 -$248,764	$2,925,330
24	$5,224,103	-$1,893,248 -$261,205	$3,069,650
25	$5,485,246	-$1,989,871 -$274,262	$3,221,113
26	$5,759,610	-$2,091,386 -$287,981	$3,380,243
27	$6,047,534	-$2,197,918 -$302,377	$3,547,239
28	$6,349,922	-$2,309,802 -$317,496	$3,722,624
29	$6,667,452	-$2,427,288 -$333,373	$3,906,791
30	$7,000,802	-$2,550,627 -$350,040	$4,100,135