Oklahoma Lottery

OKLottery 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 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 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(4.75%)	$2,536,500
Net Lumpsum Payment	$31,145,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$80,786	$1,030,364
2	$1,785,852	-$621,096 -$84,828	$1,079,928
3	$1,875,122	-$654,126 -$89,068	$1,131,928
4	$1,968,912	-$688,828 -$93,523	$1,186,561
5	$2,067,335	-$725,244 -$98,198	$1,243,893
6	$2,170,730	-$763,500 -$103,110	$1,304,120
7	$2,279,210	-$803,638 -$108,262	$1,367,310
8	$2,393,227	-$845,824 -$113,678	$1,433,725
9	$2,512,894	-$890,101 -$119,362	$1,503,431
10	$2,638,550	-$936,594 -$125,331	$1,576,625
11	$2,770,421	-$985,386 -$131,595	$1,653,440
12	$2,908,959	-$1,036,645 -$138,176	$1,734,138
13	$3,054,390	-$1,090,455 -$145,084	$1,818,851
14	$3,207,166	-$1,146,982 -$152,340	$1,907,844
15	$3,367,513	-$1,206,310 -$159,957	$2,001,246
16	$3,535,883	-$1,268,607 -$167,954	$2,099,322
17	$3,712,615	-$1,333,998 -$176,349	$2,202,268
18	$3,898,274	-$1,402,692 -$185,168	$2,310,414
19	$4,093,199	-$1,474,814 -$194,427	$2,423,958
20	$4,297,842	-$1,550,532 -$204,147	$2,543,163
21	$4,512,768	-$1,630,055 -$214,356	$2,668,357
22	$4,738,429	-$1,713,549 -$225,075	$2,799,805
23	$4,975,277	-$1,801,183 -$236,326	$2,937,768
24	$5,224,103	-$1,893,248 -$248,145	$3,082,710
25	$5,485,246	-$1,989,871 -$260,549	$3,234,826
26	$5,759,610	-$2,091,386 -$273,581	$3,394,643
27	$6,047,534	-$2,197,918 -$287,258	$3,562,358
28	$6,349,922	-$2,309,802 -$301,621	$3,738,499
29	$6,667,452	-$2,427,288 -$316,704	$3,923,460
30	$7,000,802	-$2,550,627 -$332,538	$4,117,637