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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia 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(5.75%) | $2,070,000 | | Net Lumpsum Payment | $20,649,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$66,638 |
$703,156 |
| 2 |
$1,216,908 |
$410,586
$69,972 |
$736,350 |
| 3 |
$1,277,738 |
$433,093
$73,470 |
$771,175 |
| 4 |
$1,341,648 |
$456,740
$77,145 |
$807,763 |
| 5 |
$1,408,715 |
$481,555
$81,001 |
$846,159 |
| 6 |
$1,479,170 |
$507,623
$85,052 |
$886,495 |
| 7 |
$1,553,090 |
$534,974
$89,303 |
$928,813 |
| 8 |
$1,630,783 |
$563,720
$93,770 |
$973,293 |
| 9 |
$1,712,326 |
$593,891
$98,459 |
$1,019,976 |
| 10 |
$1,797,950 |
$625,572
$103,382 |
$1,068,996 |
| 11 |
$1,887,809 |
$658,820
$108,549 |
$1,120,440 |
| 12 |
$1,982,211 |
$693,748
$113,977 |
$1,174,486 |
| 13 |
$2,081,310 |
$730,415
$119,675 |
$1,231,220 |
| 14 |
$2,185,414 |
$768,934
$125,661 |
$1,290,819 |
| 15 |
$2,294,677 |
$809,361
$131,944 |
$1,353,372 |
| 16 |
$2,409,407 |
$851,811
$138,541 |
$1,419,055 |
| 17 |
$2,529,835 |
$896,369
$145,466 |
$1,488,000 |
| 18 |
$2,656,346 |
$943,178
$152,740 |
$1,560,428 |
| 19 |
$2,789,171 |
$992,324
$160,377 |
$1,636,470 |
| 20 |
$2,928,618 |
$1,043,919
$168,396 |
$1,716,303 |
| 21 |
$3,075,072 |
$1,098,107
$176,817 |
$1,800,148 |
| 22 |
$3,228,841 |
$1,155,002
$185,658 |
$1,888,181 |
| 23 |
$3,390,233 |
$1,214,717
$194,938 |
$1,980,578 |
| 24 |
$3,559,787 |
$1,277,452
$204,688 |
$2,077,647 |
| 25 |
$3,737,734 |
$1,343,292
$214,920 |
$2,179,522 |
| 26 |
$3,924,690 |
$1,412,466
$225,670 |
$2,286,554 |
| 27 |
$4,120,886 |
$1,485,058
$236,951 |
$2,398,877 |
| 28 |
$4,326,938 |
$1,561,297
$248,799 |
$2,516,842 |
| 29 |
$4,543,308 |
$1,641,354
$261,240 |
$2,640,714 |
| 30 |
$4,770,458 |
$1,725,400
$274,301 |
$2,770,757 |
|
|
