Vermont Lottery

VTLottery 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 Vermont, your state will take 6% 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.

Vermont 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%)	$5,946,000
Net Lumpsum Payment	$56,526,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$176,097	$1,712,588
2	$3,081,780	-$1,100,589 -$184,907	$1,796,284
3	$3,235,830	-$1,157,587 -$194,150	$1,884,093
4	$3,397,680	-$1,217,472 -$203,861	$1,976,347
5	$3,567,525	-$1,280,315 -$214,052	$2,073,158
6	$3,745,950	-$1,346,332 -$224,757	$2,174,861
7	$3,933,150	-$1,415,596 -$235,989	$2,281,565
8	$4,129,905	-$1,488,395 -$247,794	$2,393,716
9	$4,336,410	-$1,564,802 -$260,185	$2,511,423
10	$4,553,250	-$1,645,033 -$273,195	$2,635,022
11	$4,780,815	-$1,729,232 -$286,849	$2,764,734
12	$5,019,885	-$1,817,688 -$301,193	$2,901,004
13	$5,270,850	-$1,910,545 -$316,251	$3,044,054
14	$5,534,490	-$2,008,092 -$332,069	$3,194,329
15	$5,811,195	-$2,110,473 -$348,672	$3,352,050
16	$6,101,745	-$2,217,976 -$366,105	$3,517,664
17	$6,406,725	-$2,330,819 -$384,404	$3,691,502
18	$6,727,110	-$2,449,361 -$403,627	$3,874,122
19	$7,063,485	-$2,573,820 -$423,809	$4,065,856
20	$7,416,630	-$2,704,483 -$444,998	$4,267,149
21	$7,787,520	-$2,841,713 -$467,251	$4,478,556
22	$8,176,935	-$2,985,796 -$490,616	$4,700,523
23	$8,585,655	-$3,137,023 -$515,139	$4,933,493
24	$9,015,045	-$3,295,897 -$540,903	$5,178,245
25	$9,465,690	-$3,462,636 -$567,941	$5,435,113
26	$9,939,150	-$3,637,816 -$596,349	$5,704,985
27	$10,436,010	-$3,821,654 -$626,161	$5,988,195
28	$10,957,830	-$4,014,727 -$657,470	$6,285,633
29	$11,505,780	-$4,217,469 -$690,347	$6,597,964
30	$12,081,030	-$4,430,311 -$724,862	$6,925,857