Georgia Lottery

GALottery 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 Georgia, your state will take 5.75% 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.

Georgia 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(5.75%)	$5,698,250
Net Lumpsum Payment	$56,774,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$168,759	$1,719,926
2	$3,081,780	-$1,100,589 -$177,202	$1,803,989
3	$3,235,830	-$1,157,587 -$186,060	$1,892,183
4	$3,397,680	-$1,217,472 -$195,367	$1,984,841
5	$3,567,525	-$1,280,315 -$205,133	$2,082,077
6	$3,745,950	-$1,346,332 -$215,392	$2,184,226
7	$3,933,150	-$1,415,596 -$226,156	$2,291,398
8	$4,129,905	-$1,488,395 -$237,470	$2,404,040
9	$4,336,410	-$1,564,802 -$249,344	$2,522,264
10	$4,553,250	-$1,645,033 -$261,812	$2,646,405
11	$4,780,815	-$1,729,232 -$274,897	$2,776,686
12	$5,019,885	-$1,817,688 -$288,643	$2,913,554
13	$5,270,850	-$1,910,545 -$303,074	$3,057,231
14	$5,534,490	-$2,008,092 -$318,233	$3,208,165
15	$5,811,195	-$2,110,473 -$334,144	$3,366,578
16	$6,101,745	-$2,217,976 -$350,850	$3,532,919
17	$6,406,725	-$2,330,819 -$368,387	$3,707,519
18	$6,727,110	-$2,449,361 -$386,809	$3,890,940
19	$7,063,485	-$2,573,820 -$406,150	$4,083,515
20	$7,416,630	-$2,704,483 -$426,456	$4,285,691
21	$7,787,520	-$2,841,713 -$447,782	$4,498,025
22	$8,176,935	-$2,985,796 -$470,174	$4,720,965
23	$8,585,655	-$3,137,023 -$493,675	$4,954,957
24	$9,015,045	-$3,295,897 -$518,365	$5,200,783
25	$9,465,690	-$3,462,636 -$544,277	$5,458,777
26	$9,939,150	-$3,637,816 -$571,501	$5,729,833
27	$10,436,010	-$3,821,654 -$600,071	$6,014,285
28	$10,957,830	-$4,014,727 -$630,075	$6,313,028
29	$11,505,780	-$4,217,469 -$661,582	$6,626,729
30	$12,081,030	-$4,430,311 -$694,659	$6,956,060