Virginia Lottery

VALottery 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. 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 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(4%)	$3,148,000
Net Lumpsum Payment	$46,472,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$102,949	$1,558,165
2	$2,702,484	-$960,249 -$108,099	$1,634,136
3	$2,837,574	-$1,010,233 -$113,503	$1,713,838
4	$2,979,504	-$1,062,747 -$119,180	$1,797,577
5	$3,128,445	-$1,117,855 -$125,138	$1,885,452
6	$3,284,910	-$1,175,747 -$131,396	$1,977,767
7	$3,449,070	-$1,236,486 -$137,963	$2,074,621
8	$3,621,609	-$1,300,326 -$144,864	$2,176,419
9	$3,802,698	-$1,367,329 -$152,108	$2,283,261
10	$3,992,850	-$1,437,685 -$159,714	$2,395,451
11	$4,192,407	-$1,511,521 -$167,696	$2,513,190
12	$4,402,053	-$1,589,090 -$176,082	$2,636,881
13	$4,622,130	-$1,670,518 -$184,885	$2,766,727
14	$4,853,322	-$1,756,060 -$194,133	$2,903,129
15	$5,095,971	-$1,845,840 -$203,839	$3,046,292
16	$5,350,761	-$1,940,112 -$214,030	$3,196,619
17	$5,618,205	-$2,039,066 -$224,728	$3,354,411
18	$5,899,158	-$2,143,019 -$235,966	$3,520,173
19	$6,194,133	-$2,252,160 -$247,765	$3,694,208
20	$6,503,814	-$2,366,742 -$260,153	$3,876,919
21	$6,829,056	-$2,487,081 -$273,162	$4,068,813
22	$7,170,543	-$2,613,431 -$286,822	$4,270,290
23	$7,528,959	-$2,746,045 -$301,158	$4,481,756
24	$7,905,501	-$2,885,366 -$316,220	$4,703,915
25	$8,300,682	-$3,031,583 -$332,027	$4,937,072
26	$8,715,870	-$3,185,202 -$348,635	$5,182,033
27	$9,151,578	-$3,346,414 -$366,063	$5,439,101
28	$9,609,174	-$3,515,725 -$384,367	$5,709,082
29	$10,089,684	-$3,693,513 -$403,587	$5,992,584
30	$10,594,134	-$3,880,160 -$423,765	$6,290,209