Virginia Lottery

VALottery 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. 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 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(4%)	$2,996,000
Net Lumpsum Payment	$44,230,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,468,364	-$873,625 -$98,735	$1,496,004
2	$2,591,856	-$919,317 -$103,674	$1,568,865
3	$2,721,416	-$967,254 -$108,857	$1,645,305
4	$2,857,536	-$1,017,619 -$114,301	$1,725,616
5	$3,000,380	-$1,070,471 -$120,015	$1,809,894
6	$3,150,440	-$1,125,993 -$126,018	$1,898,429
7	$3,307,880	-$1,184,246 -$132,315	$1,991,319
8	$3,473,356	-$1,245,472 -$138,934	$2,088,950
9	$3,647,032	-$1,309,732 -$145,881	$2,191,419
10	$3,829,400	-$1,377,208 -$153,176	$2,299,016
11	$4,020,788	-$1,448,022 -$160,832	$2,411,934
12	$4,221,852	-$1,522,416 -$168,874	$2,530,562
13	$4,432,920	-$1,600,511 -$177,317	$2,655,092
14	$4,654,648	-$1,682,550 -$186,186	$2,785,912
15	$4,887,364	-$1,768,655 -$195,495	$2,923,214
16	$5,131,724	-$1,859,068 -$205,269	$3,067,387
17	$5,388,220	-$1,953,972 -$215,529	$3,218,719
18	$5,657,672	-$2,053,669 -$226,307	$3,377,696
19	$5,940,572	-$2,158,342 -$237,623	$3,544,607
20	$6,237,576	-$2,268,234 -$249,503	$3,719,839
21	$6,549,504	-$2,383,647 -$261,980	$3,903,877
22	$6,877,012	-$2,504,825 -$275,080	$4,097,107
23	$7,220,756	-$2,632,010 -$288,830	$4,299,916
24	$7,581,884	-$2,765,627 -$303,275	$4,512,982
25	$7,960,888	-$2,905,859 -$318,436	$4,736,593
26	$8,359,080	-$3,053,190 -$334,363	$4,971,527
27	$8,776,952	-$3,207,803 -$351,078	$5,218,071
28	$9,215,816	-$3,370,182 -$368,633	$5,477,001
29	$9,676,656	-$3,540,693 -$387,066	$5,748,897
30	$10,160,456	-$3,719,699 -$406,418	$6,034,339