Tennessee Lottery

TNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Apr 29, 2024 is estimated to be $164 Million, with a cash option of 74.9 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. The good news is that if you're a resident of Tennessee, you won't owe any state tax on 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.

Tennessee Powerball Jackpot/Cash Option for Mon Apr 29, 2024

Draw Date	Jackpot	Cash Option
Mon Apr 29, 2024	$164,000,000	$74,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$74,900,000
Federal Tax(24%)	$17,976,000
Additional Federal Tax	$9,697,330
State Tax(0%)	$0
Net Lumpsum Payment	$47,226,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,468,364	-$873,625 -$0	$1,594,739
2	$2,591,856	-$919,317 -$0	$1,672,539
3	$2,721,416	-$967,254 -$0	$1,754,162
4	$2,857,536	-$1,017,619 -$0	$1,839,917
5	$3,000,380	-$1,070,471 -$0	$1,929,909
6	$3,150,440	-$1,125,993 -$0	$2,024,447
7	$3,307,880	-$1,184,246 -$0	$2,123,634
8	$3,473,356	-$1,245,472 -$0	$2,227,884
9	$3,647,032	-$1,309,732 -$0	$2,337,300
10	$3,829,400	-$1,377,208 -$0	$2,452,192
11	$4,020,788	-$1,448,022 -$0	$2,572,766
12	$4,221,852	-$1,522,416 -$0	$2,699,436
13	$4,432,920	-$1,600,511 -$0	$2,832,409
14	$4,654,648	-$1,682,550 -$0	$2,972,098
15	$4,887,364	-$1,768,655 -$0	$3,118,709
16	$5,131,724	-$1,859,068 -$0	$3,272,656
17	$5,388,220	-$1,953,972 -$0	$3,434,248
18	$5,657,672	-$2,053,669 -$0	$3,604,003
19	$5,940,572	-$2,158,342 -$0	$3,782,230
20	$6,237,576	-$2,268,234 -$0	$3,969,342
21	$6,549,504	-$2,383,647 -$0	$4,165,857
22	$6,877,012	-$2,504,825 -$0	$4,372,187
23	$7,220,756	-$2,632,010 -$0	$4,588,746
24	$7,581,884	-$2,765,627 -$0	$4,816,257
25	$7,960,888	-$2,905,859 -$0	$5,055,029
26	$8,359,080	-$3,053,190 -$0	$5,305,890
27	$8,776,952	-$3,207,803 -$0	$5,569,149
28	$9,215,816	-$3,370,182 -$0	$5,845,634
29	$9,676,656	-$3,540,693 -$0	$6,135,963
30	$10,160,456	-$3,719,699 -$0	$6,440,757