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 Louisiana residents, the state will deduct 4.75% from your lottery earnings.
| Louisiana 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(4.75%) | $1,710,000 | | Net Lumpsum Payment | $21,009,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$55,049 |
$714,745 |
| 2 |
$1,216,908 |
$410,586
$57,803 |
$748,519 |
| 3 |
$1,277,738 |
$433,093
$60,693 |
$783,952 |
| 4 |
$1,341,648 |
$456,740
$63,728 |
$821,180 |
| 5 |
$1,408,715 |
$481,555
$66,914 |
$860,246 |
| 6 |
$1,479,170 |
$507,623
$70,261 |
$901,286 |
| 7 |
$1,553,090 |
$534,974
$73,772 |
$944,344 |
| 8 |
$1,630,783 |
$563,720
$77,462 |
$989,601 |
| 9 |
$1,712,326 |
$593,891
$81,335 |
$1,037,100 |
| 10 |
$1,797,950 |
$625,572
$85,403 |
$1,086,975 |
| 11 |
$1,887,809 |
$658,820
$89,671 |
$1,139,318 |
| 12 |
$1,982,211 |
$693,748
$94,155 |
$1,194,308 |
| 13 |
$2,081,310 |
$730,415
$98,862 |
$1,252,033 |
| 14 |
$2,185,414 |
$768,934
$103,807 |
$1,312,673 |
| 15 |
$2,294,677 |
$809,361
$108,997 |
$1,376,319 |
| 16 |
$2,409,407 |
$851,811
$114,447 |
$1,443,149 |
| 17 |
$2,529,835 |
$896,369
$120,167 |
$1,513,299 |
| 18 |
$2,656,346 |
$943,178
$126,176 |
$1,586,992 |
| 19 |
$2,789,171 |
$992,324
$132,486 |
$1,664,361 |
| 20 |
$2,928,618 |
$1,043,919
$139,109 |
$1,745,590 |
| 21 |
$3,075,072 |
$1,098,107
$146,066 |
$1,830,899 |
| 22 |
$3,228,841 |
$1,155,002
$153,370 |
$1,920,469 |
| 23 |
$3,390,233 |
$1,214,717
$161,036 |
$2,014,480 |
| 24 |
$3,559,787 |
$1,277,452
$169,090 |
$2,113,245 |
| 25 |
$3,737,734 |
$1,343,292
$177,542 |
$2,216,900 |
| 26 |
$3,924,690 |
$1,412,466
$186,423 |
$2,325,801 |
| 27 |
$4,120,886 |
$1,485,058
$195,742 |
$2,440,086 |
| 28 |
$4,326,938 |
$1,561,297
$205,530 |
$2,560,111 |
| 29 |
$4,543,308 |
$1,641,354
$215,807 |
$2,686,147 |
| 30 |
$4,770,458 |
$1,725,400
$226,597 |
$2,818,461 |
|
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