The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 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 Arizona residents, the state will deduct 2.5% from your lottery earnings.
| Arizona Powerball Jackpot/Cash Option for Sat May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(2.5%) | $900,000 | | Net Lumpsum Payment | $21,819,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$28,973 |
$740,821 |
| 2 |
$1,216,908 |
$410,586
$30,423 |
$775,899 |
| 3 |
$1,277,738 |
$433,093
$31,943 |
$812,702 |
| 4 |
$1,341,648 |
$456,740
$33,541 |
$851,367 |
| 5 |
$1,408,715 |
$481,555
$35,218 |
$891,942 |
| 6 |
$1,479,170 |
$507,623
$36,979 |
$934,568 |
| 7 |
$1,553,090 |
$534,974
$38,827 |
$979,289 |
| 8 |
$1,630,783 |
$563,720
$40,770 |
$1,026,293 |
| 9 |
$1,712,326 |
$593,891
$42,808 |
$1,075,627 |
| 10 |
$1,797,950 |
$625,572
$44,949 |
$1,127,429 |
| 11 |
$1,887,809 |
$658,820
$47,195 |
$1,181,794 |
| 12 |
$1,982,211 |
$693,748
$49,555 |
$1,238,908 |
| 13 |
$2,081,310 |
$730,415
$52,033 |
$1,298,862 |
| 14 |
$2,185,414 |
$768,934
$54,635 |
$1,361,845 |
| 15 |
$2,294,677 |
$809,361
$57,367 |
$1,427,949 |
| 16 |
$2,409,407 |
$851,811
$60,235 |
$1,497,361 |
| 17 |
$2,529,835 |
$896,369
$63,246 |
$1,570,220 |
| 18 |
$2,656,346 |
$943,178
$66,409 |
$1,646,759 |
| 19 |
$2,789,171 |
$992,324
$69,729 |
$1,727,118 |
| 20 |
$2,928,618 |
$1,043,919
$73,215 |
$1,811,484 |
| 21 |
$3,075,072 |
$1,098,107
$76,877 |
$1,900,088 |
| 22 |
$3,228,841 |
$1,155,002
$80,721 |
$1,993,118 |
| 23 |
$3,390,233 |
$1,214,717
$84,756 |
$2,090,760 |
| 24 |
$3,559,787 |
$1,277,452
$88,995 |
$2,193,340 |
| 25 |
$3,737,734 |
$1,343,292
$93,443 |
$2,300,999 |
| 26 |
$3,924,690 |
$1,412,466
$98,117 |
$2,414,107 |
| 27 |
$4,120,886 |
$1,485,058
$103,022 |
$2,532,806 |
| 28 |
$4,326,938 |
$1,561,297
$108,173 |
$2,657,468 |
| 29 |
$4,543,308 |
$1,641,354
$113,583 |
$2,788,371 |
| 30 |
$4,770,458 |
$1,725,400
$119,261 |
$2,925,797 |
|
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