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 Maine residents, the state will deduct 5% from your lottery earnings.
| Maine 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%) | $1,800,000 | | Net Lumpsum Payment | $20,919,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$57,946 |
$711,848 |
| 2 |
$1,216,908 |
$410,586
$60,845 |
$745,477 |
| 3 |
$1,277,738 |
$433,093
$63,887 |
$780,758 |
| 4 |
$1,341,648 |
$456,740
$67,082 |
$817,826 |
| 5 |
$1,408,715 |
$481,555
$70,436 |
$856,724 |
| 6 |
$1,479,170 |
$507,623
$73,959 |
$897,588 |
| 7 |
$1,553,090 |
$534,974
$77,655 |
$940,461 |
| 8 |
$1,630,783 |
$563,720
$81,539 |
$985,524 |
| 9 |
$1,712,326 |
$593,891
$85,616 |
$1,032,819 |
| 10 |
$1,797,950 |
$625,572
$89,898 |
$1,082,480 |
| 11 |
$1,887,809 |
$658,820
$94,390 |
$1,134,599 |
| 12 |
$1,982,211 |
$693,748
$99,111 |
$1,189,352 |
| 13 |
$2,081,310 |
$730,415
$104,066 |
$1,246,829 |
| 14 |
$2,185,414 |
$768,934
$109,271 |
$1,307,209 |
| 15 |
$2,294,677 |
$809,361
$114,734 |
$1,370,582 |
| 16 |
$2,409,407 |
$851,811
$120,470 |
$1,437,126 |
| 17 |
$2,529,835 |
$896,369
$126,492 |
$1,506,974 |
| 18 |
$2,656,346 |
$943,178
$132,817 |
$1,580,351 |
| 19 |
$2,789,171 |
$992,324
$139,459 |
$1,657,388 |
| 20 |
$2,928,618 |
$1,043,919
$146,431 |
$1,738,268 |
| 21 |
$3,075,072 |
$1,098,107
$153,754 |
$1,823,211 |
| 22 |
$3,228,841 |
$1,155,002
$161,442 |
$1,912,397 |
| 23 |
$3,390,233 |
$1,214,717
$169,512 |
$2,006,004 |
| 24 |
$3,559,787 |
$1,277,452
$177,989 |
$2,104,346 |
| 25 |
$3,737,734 |
$1,343,292
$186,887 |
$2,207,555 |
| 26 |
$3,924,690 |
$1,412,466
$196,235 |
$2,315,989 |
| 27 |
$4,120,886 |
$1,485,058
$206,044 |
$2,429,784 |
| 28 |
$4,326,938 |
$1,561,297
$216,347 |
$2,549,294 |
| 29 |
$4,543,308 |
$1,641,354
$227,165 |
$2,674,789 |
| 30 |
$4,770,458 |
$1,725,400
$238,523 |
$2,806,535 |
|
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