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 those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida 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(0%) | $0 | | Net Lumpsum Payment | $22,719,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$0 |
$769,794 |
| 2 |
$1,216,908 |
$410,586
$0 |
$806,322 |
| 3 |
$1,277,738 |
$433,093
$0 |
$844,645 |
| 4 |
$1,341,648 |
$456,740
$0 |
$884,908 |
| 5 |
$1,408,715 |
$481,555
$0 |
$927,160 |
| 6 |
$1,479,170 |
$507,623
$0 |
$971,547 |
| 7 |
$1,553,090 |
$534,974
$0 |
$1,018,116 |
| 8 |
$1,630,783 |
$563,720
$0 |
$1,067,063 |
| 9 |
$1,712,326 |
$593,891
$0 |
$1,118,435 |
| 10 |
$1,797,950 |
$625,572
$0 |
$1,172,378 |
| 11 |
$1,887,809 |
$658,820
$0 |
$1,228,989 |
| 12 |
$1,982,211 |
$693,748
$0 |
$1,288,463 |
| 13 |
$2,081,310 |
$730,415
$0 |
$1,350,895 |
| 14 |
$2,185,414 |
$768,934
$0 |
$1,416,480 |
| 15 |
$2,294,677 |
$809,361
$0 |
$1,485,316 |
| 16 |
$2,409,407 |
$851,811
$0 |
$1,557,596 |
| 17 |
$2,529,835 |
$896,369
$0 |
$1,633,466 |
| 18 |
$2,656,346 |
$943,178
$0 |
$1,713,168 |
| 19 |
$2,789,171 |
$992,324
$0 |
$1,796,847 |
| 20 |
$2,928,618 |
$1,043,919
$0 |
$1,884,699 |
| 21 |
$3,075,072 |
$1,098,107
$0 |
$1,976,965 |
| 22 |
$3,228,841 |
$1,155,002
$0 |
$2,073,839 |
| 23 |
$3,390,233 |
$1,214,717
$0 |
$2,175,516 |
| 24 |
$3,559,787 |
$1,277,452
$0 |
$2,282,335 |
| 25 |
$3,737,734 |
$1,343,292
$0 |
$2,394,442 |
| 26 |
$3,924,690 |
$1,412,466
$0 |
$2,512,224 |
| 27 |
$4,120,886 |
$1,485,058
$0 |
$2,635,828 |
| 28 |
$4,326,938 |
$1,561,297
$0 |
$2,765,641 |
| 29 |
$4,543,308 |
$1,641,354
$0 |
$2,901,954 |
| 30 |
$4,770,458 |
$1,725,400
$0 |
$3,045,058 |
|
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