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 Colorado residents, the state will deduct 4% from your lottery earnings.
| Colorado 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(4%) | $1,440,000 | | Net Lumpsum Payment | $21,279,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$46,357 |
$723,437 |
| 2 |
$1,216,908 |
$410,586
$48,676 |
$757,646 |
| 3 |
$1,277,738 |
$433,093
$51,110 |
$793,535 |
| 4 |
$1,341,648 |
$456,740
$53,666 |
$831,242 |
| 5 |
$1,408,715 |
$481,555
$56,349 |
$870,811 |
| 6 |
$1,479,170 |
$507,623
$59,167 |
$912,380 |
| 7 |
$1,553,090 |
$534,974
$62,124 |
$955,992 |
| 8 |
$1,630,783 |
$563,720
$65,231 |
$1,001,832 |
| 9 |
$1,712,326 |
$593,891
$68,493 |
$1,049,942 |
| 10 |
$1,797,950 |
$625,572
$71,918 |
$1,100,460 |
| 11 |
$1,887,809 |
$658,820
$75,512 |
$1,153,477 |
| 12 |
$1,982,211 |
$693,748
$79,288 |
$1,209,175 |
| 13 |
$2,081,310 |
$730,415
$83,252 |
$1,267,643 |
| 14 |
$2,185,414 |
$768,934
$87,417 |
$1,329,063 |
| 15 |
$2,294,677 |
$809,361
$91,787 |
$1,393,529 |
| 16 |
$2,409,407 |
$851,811
$96,376 |
$1,461,220 |
| 17 |
$2,529,835 |
$896,369
$101,193 |
$1,532,273 |
| 18 |
$2,656,346 |
$943,178
$106,254 |
$1,606,914 |
| 19 |
$2,789,171 |
$992,324
$111,567 |
$1,685,280 |
| 20 |
$2,928,618 |
$1,043,919
$117,145 |
$1,767,554 |
| 21 |
$3,075,072 |
$1,098,107
$123,003 |
$1,853,962 |
| 22 |
$3,228,841 |
$1,155,002
$129,154 |
$1,944,685 |
| 23 |
$3,390,233 |
$1,214,717
$135,609 |
$2,039,907 |
| 24 |
$3,559,787 |
$1,277,452
$142,391 |
$2,139,944 |
| 25 |
$3,737,734 |
$1,343,292
$149,509 |
$2,244,933 |
| 26 |
$3,924,690 |
$1,412,466
$156,988 |
$2,355,236 |
| 27 |
$4,120,886 |
$1,485,058
$164,835 |
$2,470,993 |
| 28 |
$4,326,938 |
$1,561,297
$173,078 |
$2,592,563 |
| 29 |
$4,543,308 |
$1,641,354
$181,732 |
$2,720,222 |
| 30 |
$4,770,458 |
$1,725,400
$190,818 |
$2,854,240 |
|
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