Ohio Lottery

OHLottery 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 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 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(3.99%)	$1,635,900
Net Lumpsum Payment	$24,233,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$52,847	$821,250
2	$1,390,752	-$474,909 -$55,491	$860,352
3	$1,460,272	-$500,631 -$58,265	$901,376
4	$1,533,312	-$527,656 -$61,179	$944,477
5	$1,609,960	-$556,016 -$64,237	$989,707
6	$1,690,480	-$585,808 -$67,450	$1,037,222
7	$1,774,960	-$617,066 -$70,821	$1,087,073
8	$1,863,752	-$649,919 -$74,364	$1,139,469
9	$1,956,944	-$684,400 -$78,082	$1,194,462
10	$2,054,800	-$720,606 -$81,987	$1,252,207
11	$2,157,496	-$758,604 -$86,084	$1,312,808
12	$2,265,384	-$798,522 -$90,389	$1,376,473
13	$2,378,640	-$840,427 -$94,908	$1,443,305
14	$2,497,616	-$884,448 -$99,655	$1,513,513
15	$2,622,488	-$930,651 -$104,637	$1,587,200
16	$2,753,608	-$979,165 -$109,869	$1,664,574
17	$2,891,240	-$1,030,089 -$115,360	$1,745,791
18	$3,035,824	-$1,083,585 -$121,129	$1,831,110
19	$3,187,624	-$1,139,751 -$127,186	$1,920,687
20	$3,346,992	-$1,198,717 -$133,545	$2,014,730
21	$3,514,368	-$1,260,647 -$140,223	$2,113,498
22	$3,690,104	-$1,325,669 -$147,235	$2,217,200
23	$3,874,552	-$1,393,915 -$154,595	$2,326,042
24	$4,068,328	-$1,465,612 -$162,326	$2,440,390
25	$4,271,696	-$1,540,858 -$170,441	$2,560,397
26	$4,485,360	-$1,619,914 -$178,966	$2,686,480
27	$4,709,584	-$1,702,876 -$187,912	$2,818,796
28	$4,945,072	-$1,790,007 -$197,308	$2,957,757
29	$5,192,352	-$1,881,501 -$207,175	$3,103,676
30	$5,451,952	-$1,977,553 -$217,533	$3,256,866