Montana Lottery

MTLottery 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 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 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(6.75%)	$3,604,500
Net Lumpsum Payment	$30,077,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$114,802	$996,348
2	$1,785,852	-$621,096 -$120,545	$1,044,211
3	$1,875,122	-$654,126 -$126,571	$1,094,425
4	$1,968,912	-$688,828 -$132,902	$1,147,182
5	$2,067,335	-$725,244 -$139,545	$1,202,546
6	$2,170,730	-$763,500 -$146,524	$1,260,706
7	$2,279,210	-$803,638 -$153,847	$1,321,725
8	$2,393,227	-$845,824 -$161,543	$1,385,860
9	$2,512,894	-$890,101 -$169,620	$1,453,173
10	$2,638,550	-$936,594 -$178,102	$1,523,854
11	$2,770,421	-$985,386 -$187,003	$1,598,032
12	$2,908,959	-$1,036,645 -$196,355	$1,675,959
13	$3,054,390	-$1,090,455 -$206,171	$1,757,764
14	$3,207,166	-$1,146,982 -$216,484	$1,843,700
15	$3,367,513	-$1,206,310 -$227,307	$1,933,896
16	$3,535,883	-$1,268,607 -$238,672	$2,028,604
17	$3,712,615	-$1,333,998 -$250,602	$2,128,015
18	$3,898,274	-$1,402,692 -$263,133	$2,232,449
19	$4,093,199	-$1,474,814 -$276,291	$2,342,094
20	$4,297,842	-$1,550,532 -$290,104	$2,457,206
21	$4,512,768	-$1,630,055 -$304,612	$2,578,101
22	$4,738,429	-$1,713,549 -$319,844	$2,705,036
23	$4,975,277	-$1,801,183 -$335,831	$2,838,263
24	$5,224,103	-$1,893,248 -$352,627	$2,978,228
25	$5,485,246	-$1,989,871 -$370,254	$3,125,121
26	$5,759,610	-$2,091,386 -$388,774	$3,279,450
27	$6,047,534	-$2,197,918 -$408,209	$3,441,407
28	$6,349,922	-$2,309,802 -$428,620	$3,611,500
29	$6,667,452	-$2,427,288 -$450,053	$3,790,111
30	$7,000,802	-$2,550,627 -$472,554	$3,977,621