Texas Lottery

TXLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 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 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(0%)	$0
Net Lumpsum Payment	$49,620,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$0	$1,661,114
2	$2,702,484	-$960,249 -$0	$1,742,235
3	$2,837,574	-$1,010,233 -$0	$1,827,341
4	$2,979,504	-$1,062,747 -$0	$1,916,757
5	$3,128,445	-$1,117,855 -$0	$2,010,590
6	$3,284,910	-$1,175,747 -$0	$2,109,163
7	$3,449,070	-$1,236,486 -$0	$2,212,584
8	$3,621,609	-$1,300,326 -$0	$2,321,283
9	$3,802,698	-$1,367,329 -$0	$2,435,369
10	$3,992,850	-$1,437,685 -$0	$2,555,165
11	$4,192,407	-$1,511,521 -$0	$2,680,886
12	$4,402,053	-$1,589,090 -$0	$2,812,963
13	$4,622,130	-$1,670,518 -$0	$2,951,612
14	$4,853,322	-$1,756,060 -$0	$3,097,262
15	$5,095,971	-$1,845,840 -$0	$3,250,131
16	$5,350,761	-$1,940,112 -$0	$3,410,649
17	$5,618,205	-$2,039,066 -$0	$3,579,139
18	$5,899,158	-$2,143,019 -$0	$3,756,139
19	$6,194,133	-$2,252,160 -$0	$3,941,973
20	$6,503,814	-$2,366,742 -$0	$4,137,072
21	$6,829,056	-$2,487,081 -$0	$4,341,975
22	$7,170,543	-$2,613,431 -$0	$4,557,112
23	$7,528,959	-$2,746,045 -$0	$4,782,914
24	$7,905,501	-$2,885,366 -$0	$5,020,135
25	$8,300,682	-$3,031,583 -$0	$5,269,099
26	$8,715,870	-$3,185,202 -$0	$5,530,668
27	$9,151,578	-$3,346,414 -$0	$5,805,164
28	$9,609,174	-$3,515,725 -$0	$6,093,449
29	$10,089,684	-$3,693,513 -$0	$6,396,171
30	$10,594,134	-$3,880,160 -$0	$6,713,974