Montana Lottery

MTLottery 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 Montana, your state will take 6.75% 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.

Montana 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(6.75%)	$2,767,500
Net Lumpsum Payment	$23,102,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$89,403	$784,694
2	$1,390,752	-$474,909 -$93,876	$821,967
3	$1,460,272	-$500,631 -$98,568	$861,073
4	$1,533,312	-$527,656 -$103,499	$902,157
5	$1,609,960	-$556,016 -$108,672	$945,272
6	$1,690,480	-$585,808 -$114,107	$990,565
7	$1,774,960	-$617,066 -$119,810	$1,038,084
8	$1,863,752	-$649,919 -$125,803	$1,088,030
9	$1,956,944	-$684,400 -$132,094	$1,140,450
10	$2,054,800	-$720,606 -$138,699	$1,195,495
11	$2,157,496	-$758,604 -$145,631	$1,253,261
12	$2,265,384	-$798,522 -$152,913	$1,313,949
13	$2,378,640	-$840,427 -$160,558	$1,377,655
14	$2,497,616	-$884,448 -$168,589	$1,444,579
15	$2,622,488	-$930,651 -$177,018	$1,514,819
16	$2,753,608	-$979,165 -$185,869	$1,588,574
17	$2,891,240	-$1,030,089 -$195,159	$1,665,992
18	$3,035,824	-$1,083,585 -$204,918	$1,747,321
19	$3,187,624	-$1,139,751 -$215,165	$1,832,708
20	$3,346,992	-$1,198,717 -$225,922	$1,922,353
21	$3,514,368	-$1,260,647 -$237,220	$2,016,501
22	$3,690,104	-$1,325,669 -$249,082	$2,115,353
23	$3,874,552	-$1,393,915 -$261,532	$2,219,105
24	$4,068,328	-$1,465,612 -$274,612	$2,328,104
25	$4,271,696	-$1,540,858 -$288,339	$2,442,499
26	$4,485,360	-$1,619,914 -$302,762	$2,562,684
27	$4,709,584	-$1,702,876 -$317,897	$2,688,811
28	$4,945,072	-$1,790,007 -$333,792	$2,821,273
29	$5,192,352	-$1,881,501 -$350,484	$2,960,367
30	$5,451,952	-$1,977,553 -$368,007	$3,106,392