The jackpot for the Powerball draw on Mon May 13, 2024, is projected to be $47 Million, with an option for a cash payout of $22 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas Powerball Jackpot/Cash Option for Mon May 13, 2024 |
|---|
| Draw Date | Mon May 13, 2024 | | Projected Jackpot | $47,000,000 | | Cash Value | $22,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $22,000,000 | | Federal Tax(24%) | $5,280,000 | | Additional Federal Tax | $2,820,330 | | State Tax(4.9%) | $1,078,000 | | Net Lumpsum Payment | $12,821,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$34,662 |
$450,668 |
| 2 |
$742,788 |
$235,162
$36,397 |
$471,229 |
| 3 |
$779,918 |
$248,900
$38,216 |
$492,802 |
| 4 |
$818,928 |
$263,334
$40,127 |
$515,467 |
| 5 |
$859,865 |
$278,480
$42,133 |
$539,252 |
| 6 |
$902,870 |
$294,392
$44,241 |
$564,237 |
| 7 |
$947,990 |
$311,087
$46,452 |
$590,451 |
| 8 |
$995,413 |
$328,633
$48,775 |
$618,005 |
| 9 |
$1,045,186 |
$347,049
$51,214 |
$646,923 |
| 10 |
$1,097,450 |
$366,387
$53,775 |
$677,288 |
| 11 |
$1,152,299 |
$386,681
$56,463 |
$709,155 |
| 12 |
$1,209,921 |
$408,001
$59,286 |
$742,634 |
| 13 |
$1,270,410 |
$430,382
$62,250 |
$777,778 |
| 14 |
$1,333,954 |
$453,893
$65,364 |
$814,697 |
| 15 |
$1,400,647 |
$478,570
$68,632 |
$853,445 |
| 16 |
$1,470,677 |
$504,481
$72,063 |
$894,133 |
| 17 |
$1,544,185 |
$531,679
$75,665 |
$936,841 |
| 18 |
$1,621,406 |
$560,251
$79,449 |
$981,706 |
| 19 |
$1,702,481 |
$590,248
$83,422 |
$1,028,811 |
| 20 |
$1,787,598 |
$621,742
$87,592 |
$1,078,264 |
| 21 |
$1,876,992 |
$654,817
$91,973 |
$1,130,202 |
| 22 |
$1,970,851 |
$689,545
$96,572 |
$1,184,734 |
| 23 |
$2,069,363 |
$725,995
$101,399 |
$1,241,969 |
| 24 |
$2,172,857 |
$764,287
$106,470 |
$1,302,100 |
| 25 |
$2,281,474 |
$804,476
$111,792 |
$1,365,206 |
| 26 |
$2,395,590 |
$846,699
$117,384 |
$1,431,507 |
| 27 |
$2,515,346 |
$891,008
$123,252 |
$1,501,086 |
| 28 |
$2,641,118 |
$937,544
$129,415 |
$1,574,159 |
| 29 |
$2,773,188 |
$986,410
$135,886 |
$1,650,892 |
| 30 |
$2,911,838 |
$1,037,710
$142,680 |
$1,731,448 |
|
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