Connecticut Lottery

CTLottery 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 Connecticut, your state will take 6.99% 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.

Connecticut 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(6.99%)	$6,927,090
Net Lumpsum Payment	$55,545,580

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$205,153	$1,683,532
2	$3,081,780	-$1,100,589 -$215,416	$1,765,775
3	$3,235,830	-$1,157,587 -$226,185	$1,852,058
4	$3,397,680	-$1,217,472 -$237,498	$1,942,710
5	$3,567,525	-$1,280,315 -$249,370	$2,037,840
6	$3,745,950	-$1,346,332 -$261,842	$2,137,776
7	$3,933,150	-$1,415,596 -$274,927	$2,242,627
8	$4,129,905	-$1,488,395 -$288,680	$2,352,830
9	$4,336,410	-$1,564,802 -$303,115	$2,468,493
10	$4,553,250	-$1,645,033 -$318,272	$2,589,945
11	$4,780,815	-$1,729,232 -$334,179	$2,717,404
12	$5,019,885	-$1,817,688 -$350,890	$2,851,307
13	$5,270,850	-$1,910,545 -$368,432	$2,991,873
14	$5,534,490	-$2,008,092 -$386,861	$3,139,537
15	$5,811,195	-$2,110,473 -$406,203	$3,294,519
16	$6,101,745	-$2,217,976 -$426,512	$3,457,257
17	$6,406,725	-$2,330,819 -$447,830	$3,628,076
18	$6,727,110	-$2,449,361 -$470,225	$3,807,524
19	$7,063,485	-$2,573,820 -$493,738	$3,995,927
20	$7,416,630	-$2,704,483 -$518,422	$4,193,725
21	$7,787,520	-$2,841,713 -$544,348	$4,401,459
22	$8,176,935	-$2,985,796 -$571,568	$4,619,571
23	$8,585,655	-$3,137,023 -$600,137	$4,848,495
24	$9,015,045	-$3,295,897 -$630,152	$5,088,996
25	$9,465,690	-$3,462,636 -$661,652	$5,341,402
26	$9,939,150	-$3,637,816 -$694,747	$5,606,587
27	$10,436,010	-$3,821,654 -$729,477	$5,884,879
28	$10,957,830	-$4,014,727 -$765,952	$6,177,151
29	$11,505,780	-$4,217,469 -$804,254	$6,484,057
30	$12,081,030	-$4,430,311 -$844,464	$6,806,255