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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC 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(10.75%) | $3,870,000 | | Net Lumpsum Payment | $18,849,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$124,585 |
$645,209 |
| 2 |
$1,216,908 |
$410,586
$130,818 |
$675,504 |
| 3 |
$1,277,738 |
$433,093
$137,357 |
$707,288 |
| 4 |
$1,341,648 |
$456,740
$144,227 |
$740,681 |
| 5 |
$1,408,715 |
$481,555
$151,437 |
$775,723 |
| 6 |
$1,479,170 |
$507,623
$159,011 |
$812,536 |
| 7 |
$1,553,090 |
$534,974
$166,957 |
$851,159 |
| 8 |
$1,630,783 |
$563,720
$175,309 |
$891,754 |
| 9 |
$1,712,326 |
$593,891
$184,075 |
$934,360 |
| 10 |
$1,797,950 |
$625,572
$193,280 |
$979,098 |
| 11 |
$1,887,809 |
$658,820
$202,939 |
$1,026,050 |
| 12 |
$1,982,211 |
$693,748
$213,088 |
$1,075,375 |
| 13 |
$2,081,310 |
$730,415
$223,741 |
$1,127,154 |
| 14 |
$2,185,414 |
$768,934
$234,932 |
$1,181,548 |
| 15 |
$2,294,677 |
$809,361
$246,678 |
$1,238,638 |
| 16 |
$2,409,407 |
$851,811
$259,011 |
$1,298,585 |
| 17 |
$2,529,835 |
$896,369
$271,957 |
$1,361,509 |
| 18 |
$2,656,346 |
$943,178
$285,557 |
$1,427,611 |
| 19 |
$2,789,171 |
$992,324
$299,836 |
$1,497,011 |
| 20 |
$2,928,618 |
$1,043,919
$314,826 |
$1,569,873 |
| 21 |
$3,075,072 |
$1,098,107
$330,570 |
$1,646,395 |
| 22 |
$3,228,841 |
$1,155,002
$347,100 |
$1,726,739 |
| 23 |
$3,390,233 |
$1,214,717
$364,450 |
$1,811,066 |
| 24 |
$3,559,787 |
$1,277,452
$382,677 |
$1,899,658 |
| 25 |
$3,737,734 |
$1,343,292
$401,806 |
$1,992,636 |
| 26 |
$3,924,690 |
$1,412,466
$421,904 |
$2,090,320 |
| 27 |
$4,120,886 |
$1,485,058
$442,995 |
$2,192,833 |
| 28 |
$4,326,938 |
$1,561,297
$465,146 |
$2,300,495 |
| 29 |
$4,543,308 |
$1,641,354
$488,406 |
$2,413,548 |
| 30 |
$4,770,458 |
$1,725,400
$512,824 |
$2,532,234 |
|
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