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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky 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(4.5%) | $1,620,000 | | Net Lumpsum Payment | $21,099,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$52,152 |
$717,642 |
| 2 |
$1,216,908 |
$410,586
$54,761 |
$751,561 |
| 3 |
$1,277,738 |
$433,093
$57,498 |
$787,147 |
| 4 |
$1,341,648 |
$456,740
$60,374 |
$824,534 |
| 5 |
$1,408,715 |
$481,555
$63,392 |
$863,768 |
| 6 |
$1,479,170 |
$507,623
$66,563 |
$904,984 |
| 7 |
$1,553,090 |
$534,974
$69,889 |
$948,227 |
| 8 |
$1,630,783 |
$563,720
$73,385 |
$993,678 |
| 9 |
$1,712,326 |
$593,891
$77,055 |
$1,041,380 |
| 10 |
$1,797,950 |
$625,572
$80,908 |
$1,091,470 |
| 11 |
$1,887,809 |
$658,820
$84,951 |
$1,144,038 |
| 12 |
$1,982,211 |
$693,748
$89,199 |
$1,199,264 |
| 13 |
$2,081,310 |
$730,415
$93,659 |
$1,257,236 |
| 14 |
$2,185,414 |
$768,934
$98,344 |
$1,318,136 |
| 15 |
$2,294,677 |
$809,361
$103,260 |
$1,382,056 |
| 16 |
$2,409,407 |
$851,811
$108,423 |
$1,449,173 |
| 17 |
$2,529,835 |
$896,369
$113,843 |
$1,519,623 |
| 18 |
$2,656,346 |
$943,178
$119,536 |
$1,593,632 |
| 19 |
$2,789,171 |
$992,324
$125,513 |
$1,671,334 |
| 20 |
$2,928,618 |
$1,043,919
$131,788 |
$1,752,911 |
| 21 |
$3,075,072 |
$1,098,107
$138,378 |
$1,838,587 |
| 22 |
$3,228,841 |
$1,155,002
$145,298 |
$1,928,541 |
| 23 |
$3,390,233 |
$1,214,717
$152,560 |
$2,022,956 |
| 24 |
$3,559,787 |
$1,277,452
$160,190 |
$2,122,145 |
| 25 |
$3,737,734 |
$1,343,292
$168,198 |
$2,226,244 |
| 26 |
$3,924,690 |
$1,412,466
$176,611 |
$2,335,613 |
| 27 |
$4,120,886 |
$1,485,058
$185,440 |
$2,450,388 |
| 28 |
$4,326,938 |
$1,561,297
$194,712 |
$2,570,929 |
| 29 |
$4,543,308 |
$1,641,354
$204,449 |
$2,697,505 |
| 30 |
$4,770,458 |
$1,725,400
$214,671 |
$2,830,387 |
|
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