Vermont Lottery

VTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Nov 13, 2024 is estimated to be $113 Million, with a cash option of 53.4 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 Wed Nov 13, 2024

Draw Date	Jackpot	Cash Option
Wed Nov 13, 2024	$113,000,000	$53,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$53,400,000
Federal Tax(24%)	$12,816,000
Additional Federal Tax	$6,902,330
State Tax(6%)	$3,204,000
Net Lumpsum Payment	$30,477,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$102,046	$1,009,104
2	$1,785,852	-$621,096 -$107,151	$1,057,605
3	$1,875,122	-$654,126 -$112,507	$1,108,489
4	$1,968,912	-$688,828 -$118,135	$1,161,949
5	$2,067,335	-$725,244 -$124,040	$1,218,051
6	$2,170,730	-$763,500 -$130,244	$1,276,986
7	$2,279,210	-$803,638 -$136,753	$1,338,819
8	$2,393,227	-$845,824 -$143,594	$1,403,809
9	$2,512,894	-$890,101 -$150,774	$1,472,019
10	$2,638,550	-$936,594 -$158,313	$1,543,643
11	$2,770,421	-$985,386 -$166,225	$1,618,810
12	$2,908,959	-$1,036,645 -$174,538	$1,697,776
13	$3,054,390	-$1,090,455 -$183,263	$1,780,672
14	$3,207,166	-$1,146,982 -$192,430	$1,867,754
15	$3,367,513	-$1,206,310 -$202,051	$1,959,152
16	$3,535,883	-$1,268,607 -$212,153	$2,055,123
17	$3,712,615	-$1,333,998 -$222,757	$2,155,860
18	$3,898,274	-$1,402,692 -$233,896	$2,261,686
19	$4,093,199	-$1,474,814 -$245,592	$2,372,793
20	$4,297,842	-$1,550,532 -$257,871	$2,489,439
21	$4,512,768	-$1,630,055 -$270,766	$2,611,947
22	$4,738,429	-$1,713,549 -$284,306	$2,740,574
23	$4,975,277	-$1,801,183 -$298,517	$2,875,577
24	$5,224,103	-$1,893,248 -$313,446	$3,017,409
25	$5,485,246	-$1,989,871 -$329,115	$3,166,260
26	$5,759,610	-$2,091,386 -$345,577	$3,322,647
27	$6,047,534	-$2,197,918 -$362,852	$3,486,764
28	$6,349,922	-$2,309,802 -$380,995	$3,659,125
29	$6,667,452	-$2,427,288 -$400,047	$3,840,117
30	$7,000,802	-$2,550,627 -$420,048	$4,030,127