Wyoming Lottery

WYLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Oct 23, 2024 is estimated to be $478 Million, with a cash option of 230.5 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. The good news is that if you're a resident of Wyoming, you won't owe any state tax on 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.

Wyoming Powerball Jackpot/Cash Option for Wed Oct 23, 2024

Draw Date	Jackpot	Cash Option
Wed Oct 23, 2024	$478,000,000	$230,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$230,500,000
Federal Tax(24%)	$55,320,000
Additional Federal Tax	$29,925,330
State Tax(0%)	$0
Net Lumpsum Payment	$145,254,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$7,194,378	-$2,622,250 -$0	$4,572,128
2	$7,554,312	-$2,755,426 -$0	$4,798,886
3	$7,931,932	-$2,895,145 -$0	$5,036,787
4	$8,328,672	-$3,041,939 -$0	$5,286,733
5	$8,745,010	-$3,195,984 -$0	$5,549,026
6	$9,182,380	-$3,357,811 -$0	$5,824,569
7	$9,641,260	-$3,527,597 -$0	$6,113,663
8	$10,123,562	-$3,706,048 -$0	$6,417,514
9	$10,629,764	-$3,893,343 -$0	$6,736,421
10	$11,161,300	-$4,090,011 -$0	$7,071,289
11	$11,719,126	-$4,296,407 -$0	$7,422,719
12	$12,305,154	-$4,513,237 -$0	$7,791,917
13	$12,920,340	-$4,740,856 -$0	$8,179,484
14	$13,566,596	-$4,979,971 -$0	$8,586,625
15	$14,244,878	-$5,230,935 -$0	$9,013,943
16	$14,957,098	-$5,494,457 -$0	$9,462,641
17	$15,704,690	-$5,771,066 -$0	$9,933,624
18	$16,490,044	-$6,061,647 -$0	$10,428,397
19	$17,314,594	-$6,366,730 -$0	$10,947,864
20	$18,180,252	-$6,687,024 -$0	$11,493,228
21	$19,089,408	-$7,023,411 -$0	$12,065,997
22	$20,043,974	-$7,376,601 -$0	$12,667,373
23	$21,045,862	-$7,747,299 -$0	$13,298,563
24	$22,098,418	-$8,136,745 -$0	$13,961,673
25	$23,203,076	-$8,545,469 -$0	$14,657,607
26	$24,363,660	-$8,974,885 -$0	$15,388,775
27	$25,581,604	-$9,425,524 -$0	$16,156,080
28	$26,860,732	-$9,898,801 -$0	$16,961,931
29	$28,203,912	-$10,395,778 -$0	$17,808,134
30	$29,614,012	-$10,917,515 -$0	$18,696,497