Texas Lottery

TXLottery 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. The good news is that if you're a resident of Texas, you won't owe any state tax on 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.

Texas 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(0%)	$0
Net Lumpsum Payment	$62,472,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$0	$1,888,685
2	$3,081,780	-$1,100,589 -$0	$1,981,191
3	$3,235,830	-$1,157,587 -$0	$2,078,243
4	$3,397,680	-$1,217,472 -$0	$2,180,208
5	$3,567,525	-$1,280,315 -$0	$2,287,210
6	$3,745,950	-$1,346,332 -$0	$2,399,618
7	$3,933,150	-$1,415,596 -$0	$2,517,554
8	$4,129,905	-$1,488,395 -$0	$2,641,510
9	$4,336,410	-$1,564,802 -$0	$2,771,608
10	$4,553,250	-$1,645,033 -$0	$2,908,217
11	$4,780,815	-$1,729,232 -$0	$3,051,583
12	$5,019,885	-$1,817,688 -$0	$3,202,197
13	$5,270,850	-$1,910,545 -$0	$3,360,305
14	$5,534,490	-$2,008,092 -$0	$3,526,398
15	$5,811,195	-$2,110,473 -$0	$3,700,722
16	$6,101,745	-$2,217,976 -$0	$3,883,769
17	$6,406,725	-$2,330,819 -$0	$4,075,906
18	$6,727,110	-$2,449,361 -$0	$4,277,749
19	$7,063,485	-$2,573,820 -$0	$4,489,665
20	$7,416,630	-$2,704,483 -$0	$4,712,147
21	$7,787,520	-$2,841,713 -$0	$4,945,807
22	$8,176,935	-$2,985,796 -$0	$5,191,139
23	$8,585,655	-$3,137,023 -$0	$5,448,632
24	$9,015,045	-$3,295,897 -$0	$5,719,148
25	$9,465,690	-$3,462,636 -$0	$6,003,054
26	$9,939,150	-$3,637,816 -$0	$6,301,334
27	$10,436,010	-$3,821,654 -$0	$6,614,356
28	$10,957,830	-$4,014,727 -$0	$6,943,103
29	$11,505,780	-$4,217,469 -$0	$7,288,311
30	$12,081,030	-$4,430,311 -$0	$7,650,719