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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $2,088,000 | | Net Lumpsum Payment | $20,631,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$67,218 |
$702,576 |
| 2 |
$1,216,908 |
$410,586
$70,581 |
$735,741 |
| 3 |
$1,277,738 |
$433,093
$74,109 |
$770,536 |
| 4 |
$1,341,648 |
$456,740
$77,816 |
$807,092 |
| 5 |
$1,408,715 |
$481,555
$81,705 |
$845,455 |
| 6 |
$1,479,170 |
$507,623
$85,792 |
$885,755 |
| 7 |
$1,553,090 |
$534,974
$90,079 |
$928,037 |
| 8 |
$1,630,783 |
$563,720
$94,585 |
$972,478 |
| 9 |
$1,712,326 |
$593,891
$99,315 |
$1,019,120 |
| 10 |
$1,797,950 |
$625,572
$104,281 |
$1,068,097 |
| 11 |
$1,887,809 |
$658,820
$109,493 |
$1,119,496 |
| 12 |
$1,982,211 |
$693,748
$114,968 |
$1,173,495 |
| 13 |
$2,081,310 |
$730,415
$120,716 |
$1,230,179 |
| 14 |
$2,185,414 |
$768,934
$126,754 |
$1,289,726 |
| 15 |
$2,294,677 |
$809,361
$133,091 |
$1,352,225 |
| 16 |
$2,409,407 |
$851,811
$139,746 |
$1,417,850 |
| 17 |
$2,529,835 |
$896,369
$146,730 |
$1,486,736 |
| 18 |
$2,656,346 |
$943,178
$154,068 |
$1,559,100 |
| 19 |
$2,789,171 |
$992,324
$161,772 |
$1,635,075 |
| 20 |
$2,928,618 |
$1,043,919
$169,860 |
$1,714,839 |
| 21 |
$3,075,072 |
$1,098,107
$178,354 |
$1,798,611 |
| 22 |
$3,228,841 |
$1,155,002
$187,273 |
$1,886,566 |
| 23 |
$3,390,233 |
$1,214,717
$196,634 |
$1,978,882 |
| 24 |
$3,559,787 |
$1,277,452
$206,468 |
$2,075,867 |
| 25 |
$3,737,734 |
$1,343,292
$216,789 |
$2,177,653 |
| 26 |
$3,924,690 |
$1,412,466
$227,632 |
$2,284,592 |
| 27 |
$4,120,886 |
$1,485,058
$239,011 |
$2,396,817 |
| 28 |
$4,326,938 |
$1,561,297
$250,962 |
$2,514,679 |
| 29 |
$4,543,308 |
$1,641,354
$263,512 |
$2,638,442 |
| 30 |
$4,770,458 |
$1,725,400
$276,687 |
$2,768,371 |
|
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