Ohio Lottery

OHLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Apr 29, 2024 is estimated to be $164 Million, with a cash option of 74.9 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 Ohio, your state will take 3.99% 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.

Ohio Powerball Jackpot/Cash Option for Mon Apr 29, 2024

Draw Date	Jackpot	Cash Option
Mon Apr 29, 2024	$164,000,000	$74,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$74,900,000
Federal Tax(24%)	$17,976,000
Additional Federal Tax	$9,697,330
State Tax(3.99%)	$2,988,510
Net Lumpsum Payment	$44,238,160

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,468,364	-$873,625 -$98,488	$1,496,251
2	$2,591,856	-$919,317 -$103,415	$1,569,124
3	$2,721,416	-$967,254 -$108,584	$1,645,578
4	$2,857,536	-$1,017,619 -$114,016	$1,725,901
5	$3,000,380	-$1,070,471 -$119,715	$1,810,194
6	$3,150,440	-$1,125,993 -$125,703	$1,898,744
7	$3,307,880	-$1,184,246 -$131,984	$1,991,650
8	$3,473,356	-$1,245,472 -$138,587	$2,089,297
9	$3,647,032	-$1,309,732 -$145,517	$2,191,783
10	$3,829,400	-$1,377,208 -$152,793	$2,299,399
11	$4,020,788	-$1,448,022 -$160,429	$2,412,337
12	$4,221,852	-$1,522,416 -$168,452	$2,530,984
13	$4,432,920	-$1,600,511 -$176,874	$2,655,535
14	$4,654,648	-$1,682,550 -$185,720	$2,786,378
15	$4,887,364	-$1,768,655 -$195,006	$2,923,703
16	$5,131,724	-$1,859,068 -$204,756	$3,067,900
17	$5,388,220	-$1,953,972 -$214,990	$3,219,258
18	$5,657,672	-$2,053,669 -$225,741	$3,378,262
19	$5,940,572	-$2,158,342 -$237,029	$3,545,201
20	$6,237,576	-$2,268,234 -$248,879	$3,720,463
21	$6,549,504	-$2,383,647 -$261,325	$3,904,532
22	$6,877,012	-$2,504,825 -$274,393	$4,097,794
23	$7,220,756	-$2,632,010 -$288,108	$4,300,638
24	$7,581,884	-$2,765,627 -$302,517	$4,513,740
25	$7,960,888	-$2,905,859 -$317,639	$4,737,390
26	$8,359,080	-$3,053,190 -$333,527	$4,972,363
27	$8,776,952	-$3,207,803 -$350,200	$5,218,949
28	$9,215,816	-$3,370,182 -$367,711	$5,477,923
29	$9,676,656	-$3,540,693 -$386,099	$5,749,864
30	$10,160,456	-$3,719,699 -$405,402	$6,035,355