Ohio Lottery

OHLottery 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 Ohio, your state will take 3.99% 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.

Ohio 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(3.99%)	$3,954,090
Net Lumpsum Payment	$58,518,580

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$117,104	$1,771,581
2	$3,081,780	-$1,100,589 -$122,963	$1,858,228
3	$3,235,830	-$1,157,587 -$129,110	$1,949,133
4	$3,397,680	-$1,217,472 -$135,567	$2,044,641
5	$3,567,525	-$1,280,315 -$142,344	$2,144,866
6	$3,745,950	-$1,346,332 -$149,463	$2,250,155
7	$3,933,150	-$1,415,596 -$156,933	$2,360,621
8	$4,129,905	-$1,488,395 -$164,783	$2,476,727
9	$4,336,410	-$1,564,802 -$173,023	$2,598,585
10	$4,553,250	-$1,645,033 -$181,675	$2,726,542
11	$4,780,815	-$1,729,232 -$190,755	$2,860,828
12	$5,019,885	-$1,817,688 -$200,293	$3,001,904
13	$5,270,850	-$1,910,545 -$210,307	$3,149,998
14	$5,534,490	-$2,008,092 -$220,826	$3,305,572
15	$5,811,195	-$2,110,473 -$231,867	$3,468,855
16	$6,101,745	-$2,217,976 -$243,460	$3,640,309
17	$6,406,725	-$2,330,819 -$255,628	$3,820,278
18	$6,727,110	-$2,449,361 -$268,412	$4,009,337
19	$7,063,485	-$2,573,820 -$281,833	$4,207,832
20	$7,416,630	-$2,704,483 -$295,924	$4,416,223
21	$7,787,520	-$2,841,713 -$310,722	$4,635,085
22	$8,176,935	-$2,985,796 -$326,260	$4,864,879
23	$8,585,655	-$3,137,023 -$342,568	$5,106,064
24	$9,015,045	-$3,295,897 -$359,700	$5,359,448
25	$9,465,690	-$3,462,636 -$377,681	$5,625,373
26	$9,939,150	-$3,637,816 -$396,572	$5,904,762
27	$10,436,010	-$3,821,654 -$416,397	$6,197,959
28	$10,957,830	-$4,014,727 -$437,217	$6,505,886
29	$11,505,780	-$4,217,469 -$459,081	$6,829,230
30	$12,081,030	-$4,430,311 -$482,033	$7,168,686