Oklahoma Lottery

OKLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 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 Oklahoma, your state will take 4.75% 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.

Oklahoma Powerball Jackpot/Cash Option for Sat Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(4.75%)	$3,738,250
Net Lumpsum Payment	$45,882,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$122,252	$1,538,862
2	$2,702,484	-$960,249 -$128,368	$1,613,867
3	$2,837,574	-$1,010,233 -$134,785	$1,692,556
4	$2,979,504	-$1,062,747 -$141,526	$1,775,231
5	$3,128,445	-$1,117,855 -$148,601	$1,861,989
6	$3,284,910	-$1,175,747 -$156,033	$1,953,130
7	$3,449,070	-$1,236,486 -$163,831	$2,048,753
8	$3,621,609	-$1,300,326 -$172,026	$2,149,257
9	$3,802,698	-$1,367,329 -$180,628	$2,254,741
10	$3,992,850	-$1,437,685 -$189,660	$2,365,505
11	$4,192,407	-$1,511,521 -$199,139	$2,481,747
12	$4,402,053	-$1,589,090 -$209,098	$2,603,865
13	$4,622,130	-$1,670,518 -$219,551	$2,732,061
14	$4,853,322	-$1,756,060 -$230,533	$2,866,729
15	$5,095,971	-$1,845,840 -$242,059	$3,008,072
16	$5,350,761	-$1,940,112 -$254,161	$3,156,488
17	$5,618,205	-$2,039,066 -$266,865	$3,312,274
18	$5,899,158	-$2,143,019 -$280,210	$3,475,929
19	$6,194,133	-$2,252,160 -$294,221	$3,647,752
20	$6,503,814	-$2,366,742 -$308,931	$3,828,141
21	$6,829,056	-$2,487,081 -$324,380	$4,017,595
22	$7,170,543	-$2,613,431 -$340,601	$4,216,511
23	$7,528,959	-$2,746,045 -$357,626	$4,425,288
24	$7,905,501	-$2,885,366 -$375,511	$4,644,624
25	$8,300,682	-$3,031,583 -$394,282	$4,874,817
26	$8,715,870	-$3,185,202 -$414,004	$5,116,664
27	$9,151,578	-$3,346,414 -$434,700	$5,370,464
28	$9,609,174	-$3,515,725 -$456,436	$5,637,013
29	$10,089,684	-$3,693,513 -$479,260	$5,916,911
30	$10,594,134	-$3,880,160 -$503,221	$6,210,753