Arizona Lottery

AZLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 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 Arizona, your state will take 2.5% 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.

Arizona Powerball Jackpot/Cash Option for Sat Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(2.5%)	$2,477,500
Net Lumpsum Payment	$59,995,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$73,374	$1,815,311
2	$3,081,780	-$1,100,589 -$77,045	$1,904,146
3	$3,235,830	-$1,157,587 -$80,896	$1,997,347
4	$3,397,680	-$1,217,472 -$84,942	$2,095,266
5	$3,567,525	-$1,280,315 -$89,188	$2,198,022
6	$3,745,950	-$1,346,332 -$93,649	$2,305,969
7	$3,933,150	-$1,415,596 -$98,329	$2,419,225
8	$4,129,905	-$1,488,395 -$103,248	$2,538,262
9	$4,336,410	-$1,564,802 -$108,410	$2,663,198
10	$4,553,250	-$1,645,033 -$113,831	$2,794,386
11	$4,780,815	-$1,729,232 -$119,520	$2,932,063
12	$5,019,885	-$1,817,688 -$125,497	$3,076,700
13	$5,270,850	-$1,910,545 -$131,771	$3,228,534
14	$5,534,490	-$2,008,092 -$138,362	$3,388,036
15	$5,811,195	-$2,110,473 -$145,280	$3,555,442
16	$6,101,745	-$2,217,976 -$152,544	$3,731,225
17	$6,406,725	-$2,330,819 -$160,168	$3,915,738
18	$6,727,110	-$2,449,361 -$168,178	$4,109,571
19	$7,063,485	-$2,573,820 -$176,587	$4,313,078
20	$7,416,630	-$2,704,483 -$185,416	$4,526,731
21	$7,787,520	-$2,841,713 -$194,688	$4,751,119
22	$8,176,935	-$2,985,796 -$204,423	$4,986,716
23	$8,585,655	-$3,137,023 -$214,641	$5,233,991
24	$9,015,045	-$3,295,897 -$225,376	$5,493,772
25	$9,465,690	-$3,462,636 -$236,642	$5,766,412
26	$9,939,150	-$3,637,816 -$248,479	$6,052,855
27	$10,436,010	-$3,821,654 -$260,900	$6,353,456
28	$10,957,830	-$4,014,727 -$273,946	$6,669,157
29	$11,505,780	-$4,217,469 -$287,645	$7,000,666
30	$12,081,030	-$4,430,311 -$302,026	$7,348,693