Texas Lottery

TXLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 2, 2024 is estimated to be $54 Million, with a cash option of 25.8 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 Texas, 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.

Texas Powerball Jackpot/Cash Option for Sat Nov 2, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 2, 2024	$54,000,000	$25,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$25,800,000
Federal Tax(24%)	$6,192,000
Additional Federal Tax	$3,314,330
State Tax(0%)	$0
Net Lumpsum Payment	$16,293,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$812,754	-$261,049 -$0	$551,705
2	$853,416	-$276,094 -$0	$577,322
3	$896,076	-$291,879 -$0	$604,197
4	$940,896	-$308,462 -$0	$632,434
5	$987,930	-$325,864 -$0	$662,066
6	$1,037,340	-$344,146 -$0	$693,194
7	$1,089,180	-$363,327 -$0	$725,853
8	$1,143,666	-$383,487 -$0	$760,179
9	$1,200,852	-$404,646 -$0	$796,206
10	$1,260,900	-$426,863 -$0	$834,037
11	$1,323,918	-$450,180 -$0	$873,738
12	$1,390,122	-$474,676 -$0	$915,446
13	$1,459,620	-$500,390 -$0	$959,230
14	$1,532,628	-$527,403 -$0	$1,005,225
15	$1,609,254	-$555,754 -$0	$1,053,500
16	$1,689,714	-$585,525 -$0	$1,104,189
17	$1,774,170	-$616,773 -$0	$1,157,397
18	$1,862,892	-$649,600 -$0	$1,213,292
19	$1,956,042	-$684,066 -$0	$1,271,976
20	$2,053,836	-$720,250 -$0	$1,333,586
21	$2,156,544	-$758,252 -$0	$1,398,292
22	$2,264,382	-$798,152 -$0	$1,466,230
23	$2,377,566	-$840,030 -$0	$1,537,536
24	$2,496,474	-$884,026 -$0	$1,612,448
25	$2,621,268	-$930,200 -$0	$1,691,068
26	$2,752,380	-$978,711 -$0	$1,773,669
27	$2,889,972	-$1,029,620 -$0	$1,860,352
28	$3,034,476	-$1,083,087 -$0	$1,951,389
29	$3,186,216	-$1,139,230 -$0	$2,046,986
30	$3,345,516	-$1,198,171 -$0	$2,147,345