Virginia Lottery

VALottery 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 Virginia, your state will take 4% 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.

Virginia 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%)	$1,640,000
Net Lumpsum Payment	$24,229,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$52,980	$821,117
2	$1,390,752	-$474,909 -$55,630	$860,213
3	$1,460,272	-$500,631 -$58,411	$901,230
4	$1,533,312	-$527,656 -$61,332	$944,324
5	$1,609,960	-$556,016 -$64,398	$989,546
6	$1,690,480	-$585,808 -$67,619	$1,037,053
7	$1,774,960	-$617,066 -$70,998	$1,086,896
8	$1,863,752	-$649,919 -$74,550	$1,139,283
9	$1,956,944	-$684,400 -$78,278	$1,194,266
10	$2,054,800	-$720,606 -$82,192	$1,252,002
11	$2,157,496	-$758,604 -$86,300	$1,312,592
12	$2,265,384	-$798,522 -$90,615	$1,376,247
13	$2,378,640	-$840,427 -$95,146	$1,443,067
14	$2,497,616	-$884,448 -$99,905	$1,513,263
15	$2,622,488	-$930,651 -$104,900	$1,586,937
16	$2,753,608	-$979,165 -$110,144	$1,664,299
17	$2,891,240	-$1,030,089 -$115,650	$1,745,501
18	$3,035,824	-$1,083,585 -$121,433	$1,830,806
19	$3,187,624	-$1,139,751 -$127,505	$1,920,368
20	$3,346,992	-$1,198,717 -$133,880	$2,014,395
21	$3,514,368	-$1,260,647 -$140,575	$2,113,146
22	$3,690,104	-$1,325,669 -$147,604	$2,216,831
23	$3,874,552	-$1,393,915 -$154,982	$2,325,655
24	$4,068,328	-$1,465,612 -$162,733	$2,439,983
25	$4,271,696	-$1,540,858 -$170,868	$2,559,970
26	$4,485,360	-$1,619,914 -$179,414	$2,686,032
27	$4,709,584	-$1,702,876 -$188,383	$2,818,325
28	$4,945,072	-$1,790,007 -$197,803	$2,957,262
29	$5,192,352	-$1,881,501 -$207,694	$3,103,157
30	$5,451,952	-$1,977,553 -$218,078	$3,256,321