Pennsylvania Lottery

PALottery 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 Pennsylvania, your state will take 3.07% 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.

Pennsylvania 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(3.07%)	$1,258,700
Net Lumpsum Payment	$24,610,970

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$40,662	$833,435
2	$1,390,752	-$474,909 -$42,696	$873,147
3	$1,460,272	-$500,631 -$44,830	$914,811
4	$1,533,312	-$527,656 -$47,073	$958,583
5	$1,609,960	-$556,016 -$49,426	$1,004,518
6	$1,690,480	-$585,808 -$51,898	$1,052,774
7	$1,774,960	-$617,066 -$54,491	$1,103,403
8	$1,863,752	-$649,919 -$57,217	$1,156,616
9	$1,956,944	-$684,400 -$60,078	$1,212,466
10	$2,054,800	-$720,606 -$63,082	$1,271,112
11	$2,157,496	-$758,604 -$66,235	$1,332,657
12	$2,265,384	-$798,522 -$69,547	$1,397,315
13	$2,378,640	-$840,427 -$73,024	$1,465,189
14	$2,497,616	-$884,448 -$76,677	$1,536,491
15	$2,622,488	-$930,651 -$80,510	$1,611,327
16	$2,753,608	-$979,165 -$84,536	$1,689,907
17	$2,891,240	-$1,030,089 -$88,761	$1,772,390
18	$3,035,824	-$1,083,585 -$93,200	$1,859,039
19	$3,187,624	-$1,139,751 -$97,860	$1,950,013
20	$3,346,992	-$1,198,717 -$102,753	$2,045,522
21	$3,514,368	-$1,260,647 -$107,891	$2,145,830
22	$3,690,104	-$1,325,669 -$113,286	$2,251,149
23	$3,874,552	-$1,393,915 -$118,949	$2,361,688
24	$4,068,328	-$1,465,612 -$124,898	$2,477,818
25	$4,271,696	-$1,540,858 -$131,141	$2,599,697
26	$4,485,360	-$1,619,914 -$137,701	$2,727,745
27	$4,709,584	-$1,702,876 -$144,584	$2,862,124
28	$4,945,072	-$1,790,007 -$151,814	$3,003,251
29	$5,192,352	-$1,881,501 -$159,405	$3,151,446
30	$5,451,952	-$1,977,553 -$167,375	$3,307,024