Kentucky Lottery

KYLottery 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 Kentucky, your state will take 4.5% 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.

Kentucky 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(4.5%)	$4,459,500
Net Lumpsum Payment	$58,013,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$132,073	$1,756,612
2	$3,081,780	-$1,100,589 -$138,680	$1,842,511
3	$3,235,830	-$1,157,587 -$145,612	$1,932,631
4	$3,397,680	-$1,217,472 -$152,896	$2,027,312
5	$3,567,525	-$1,280,315 -$160,539	$2,126,671
6	$3,745,950	-$1,346,332 -$168,568	$2,231,050
7	$3,933,150	-$1,415,596 -$176,992	$2,340,562
8	$4,129,905	-$1,488,395 -$185,846	$2,455,664
9	$4,336,410	-$1,564,802 -$195,138	$2,576,470
10	$4,553,250	-$1,645,033 -$204,896	$2,703,321
11	$4,780,815	-$1,729,232 -$215,137	$2,836,446
12	$5,019,885	-$1,817,688 -$225,895	$2,976,302
13	$5,270,850	-$1,910,545 -$237,188	$3,123,117
14	$5,534,490	-$2,008,092 -$249,052	$3,277,346
15	$5,811,195	-$2,110,473 -$261,504	$3,439,218
16	$6,101,745	-$2,217,976 -$274,579	$3,609,190
17	$6,406,725	-$2,330,819 -$288,303	$3,787,603
18	$6,727,110	-$2,449,361 -$302,720	$3,975,029
19	$7,063,485	-$2,573,820 -$317,857	$4,171,808
20	$7,416,630	-$2,704,483 -$333,748	$4,378,399
21	$7,787,520	-$2,841,713 -$350,438	$4,595,369
22	$8,176,935	-$2,985,796 -$367,962	$4,823,177
23	$8,585,655	-$3,137,023 -$386,354	$5,062,278
24	$9,015,045	-$3,295,897 -$405,677	$5,313,471
25	$9,465,690	-$3,462,636 -$425,956	$5,577,098
26	$9,939,150	-$3,637,816 -$447,262	$5,854,072
27	$10,436,010	-$3,821,654 -$469,620	$6,144,736
28	$10,957,830	-$4,014,727 -$493,102	$6,450,001
29	$11,505,780	-$4,217,469 -$517,760	$6,770,551
30	$12,081,030	-$4,430,311 -$543,646	$7,107,073