Oklahoma Lottery

OKLottery 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 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 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(4.75%)	$1,947,500
Net Lumpsum Payment	$23,922,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$62,913	$811,184
2	$1,390,752	-$474,909 -$66,061	$849,782
3	$1,460,272	-$500,631 -$69,363	$890,278
4	$1,533,312	-$527,656 -$72,832	$932,824
5	$1,609,960	-$556,016 -$76,473	$977,471
6	$1,690,480	-$585,808 -$80,298	$1,024,374
7	$1,774,960	-$617,066 -$84,311	$1,073,583
8	$1,863,752	-$649,919 -$88,528	$1,125,305
9	$1,956,944	-$684,400 -$92,955	$1,179,589
10	$2,054,800	-$720,606 -$97,603	$1,236,591
11	$2,157,496	-$758,604 -$102,481	$1,296,411
12	$2,265,384	-$798,522 -$107,606	$1,359,256
13	$2,378,640	-$840,427 -$112,985	$1,425,228
14	$2,497,616	-$884,448 -$118,637	$1,494,531
15	$2,622,488	-$930,651 -$124,568	$1,567,269
16	$2,753,608	-$979,165 -$130,796	$1,643,647
17	$2,891,240	-$1,030,089 -$137,334	$1,723,817
18	$3,035,824	-$1,083,585 -$144,202	$1,808,037
19	$3,187,624	-$1,139,751 -$151,412	$1,896,461
20	$3,346,992	-$1,198,717 -$158,982	$1,989,293
21	$3,514,368	-$1,260,647 -$166,932	$2,086,789
22	$3,690,104	-$1,325,669 -$175,280	$2,189,155
23	$3,874,552	-$1,393,915 -$184,041	$2,296,596
24	$4,068,328	-$1,465,612 -$193,246	$2,409,470
25	$4,271,696	-$1,540,858 -$202,906	$2,527,932
26	$4,485,360	-$1,619,914 -$213,055	$2,652,391
27	$4,709,584	-$1,702,876 -$223,705	$2,783,003
28	$4,945,072	-$1,790,007 -$234,891	$2,920,174
29	$5,192,352	-$1,881,501 -$246,637	$3,064,214
30	$5,451,952	-$1,977,553 -$258,968	$3,215,431