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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut 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(6.99%) | $2,516,400 | | Net Lumpsum Payment | $20,203,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$81,009 |
$688,785 |
| 2 |
$1,216,908 |
$410,586
$85,062 |
$721,260 |
| 3 |
$1,277,738 |
$433,093
$89,314 |
$755,331 |
| 4 |
$1,341,648 |
$456,740
$93,781 |
$791,127 |
| 5 |
$1,408,715 |
$481,555
$98,469 |
$828,691 |
| 6 |
$1,479,170 |
$507,623
$103,394 |
$868,153 |
| 7 |
$1,553,090 |
$534,974
$108,561 |
$909,555 |
| 8 |
$1,630,783 |
$563,720
$113,992 |
$953,071 |
| 9 |
$1,712,326 |
$593,891
$119,692 |
$998,743 |
| 10 |
$1,797,950 |
$625,572
$125,677 |
$1,046,701 |
| 11 |
$1,887,809 |
$658,820
$131,958 |
$1,097,031 |
| 12 |
$1,982,211 |
$693,748
$138,557 |
$1,149,906 |
| 13 |
$2,081,310 |
$730,415
$145,484 |
$1,205,411 |
| 14 |
$2,185,414 |
$768,934
$152,760 |
$1,263,720 |
| 15 |
$2,294,677 |
$809,361
$160,398 |
$1,324,918 |
| 16 |
$2,409,407 |
$851,811
$168,418 |
$1,389,178 |
| 17 |
$2,529,835 |
$896,369
$176,835 |
$1,456,631 |
| 18 |
$2,656,346 |
$943,178
$185,679 |
$1,527,489 |
| 19 |
$2,789,171 |
$992,324
$194,963 |
$1,601,884 |
| 20 |
$2,928,618 |
$1,043,919
$204,710 |
$1,679,989 |
| 21 |
$3,075,072 |
$1,098,107
$214,948 |
$1,762,017 |
| 22 |
$3,228,841 |
$1,155,002
$225,696 |
$1,848,143 |
| 23 |
$3,390,233 |
$1,214,717
$236,977 |
$1,938,539 |
| 24 |
$3,559,787 |
$1,277,452
$248,829 |
$2,033,506 |
| 25 |
$3,737,734 |
$1,343,292
$261,268 |
$2,133,174 |
| 26 |
$3,924,690 |
$1,412,466
$274,336 |
$2,237,888 |
| 27 |
$4,120,886 |
$1,485,058
$288,050 |
$2,347,778 |
| 28 |
$4,326,938 |
$1,561,297
$302,453 |
$2,463,188 |
| 29 |
$4,543,308 |
$1,641,354
$317,577 |
$2,584,377 |
| 30 |
$4,770,458 |
$1,725,400
$333,455 |
$2,711,603 |
|
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