Vermont Lottery

VTLottery 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 Vermont, your state will take 6% 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.

Vermont 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(6%)	$2,460,000
Net Lumpsum Payment	$23,409,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$79,469	$794,628
2	$1,390,752	-$474,909 -$83,445	$832,398
3	$1,460,272	-$500,631 -$87,616	$872,025
4	$1,533,312	-$527,656 -$91,999	$913,657
5	$1,609,960	-$556,016 -$96,598	$957,346
6	$1,690,480	-$585,808 -$101,429	$1,003,243
7	$1,774,960	-$617,066 -$106,498	$1,051,396
8	$1,863,752	-$649,919 -$111,825	$1,102,008
9	$1,956,944	-$684,400 -$117,417	$1,155,127
10	$2,054,800	-$720,606 -$123,288	$1,210,906
11	$2,157,496	-$758,604 -$129,450	$1,269,442
12	$2,265,384	-$798,522 -$135,923	$1,330,939
13	$2,378,640	-$840,427 -$142,718	$1,395,495
14	$2,497,616	-$884,448 -$149,857	$1,463,311
15	$2,622,488	-$930,651 -$157,349	$1,534,488
16	$2,753,608	-$979,165 -$165,216	$1,609,227
17	$2,891,240	-$1,030,089 -$173,474	$1,687,677
18	$3,035,824	-$1,083,585 -$182,149	$1,770,090
19	$3,187,624	-$1,139,751 -$191,257	$1,856,616
20	$3,346,992	-$1,198,717 -$200,820	$1,947,455
21	$3,514,368	-$1,260,647 -$210,862	$2,042,859
22	$3,690,104	-$1,325,669 -$221,406	$2,143,029
23	$3,874,552	-$1,393,915 -$232,473	$2,248,164
24	$4,068,328	-$1,465,612 -$244,100	$2,358,616
25	$4,271,696	-$1,540,858 -$256,302	$2,474,536
26	$4,485,360	-$1,619,914 -$269,122	$2,596,324
27	$4,709,584	-$1,702,876 -$282,575	$2,724,133
28	$4,945,072	-$1,790,007 -$296,704	$2,858,361
29	$5,192,352	-$1,881,501 -$311,541	$2,999,310
30	$5,451,952	-$1,977,553 -$327,117	$3,147,282