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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $2,610,000 | | Net Lumpsum Payment | $20,109,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$84,022 |
$685,772 |
| 2 |
$1,216,908 |
$410,586
$88,226 |
$718,096 |
| 3 |
$1,277,738 |
$433,093
$92,636 |
$752,009 |
| 4 |
$1,341,648 |
$456,740
$97,269 |
$787,639 |
| 5 |
$1,408,715 |
$481,555
$102,132 |
$825,028 |
| 6 |
$1,479,170 |
$507,623
$107,240 |
$864,307 |
| 7 |
$1,553,090 |
$534,974
$112,599 |
$905,517 |
| 8 |
$1,630,783 |
$563,720
$118,232 |
$948,831 |
| 9 |
$1,712,326 |
$593,891
$124,144 |
$994,291 |
| 10 |
$1,797,950 |
$625,572
$130,351 |
$1,042,027 |
| 11 |
$1,887,809 |
$658,820
$136,866 |
$1,092,123 |
| 12 |
$1,982,211 |
$693,748
$143,710 |
$1,144,753 |
| 13 |
$2,081,310 |
$730,415
$150,895 |
$1,200,000 |
| 14 |
$2,185,414 |
$768,934
$158,443 |
$1,258,037 |
| 15 |
$2,294,677 |
$809,361
$166,364 |
$1,318,952 |
| 16 |
$2,409,407 |
$851,811
$174,682 |
$1,382,914 |
| 17 |
$2,529,835 |
$896,369
$183,413 |
$1,450,053 |
| 18 |
$2,656,346 |
$943,178
$192,585 |
$1,520,583 |
| 19 |
$2,789,171 |
$992,324
$202,215 |
$1,594,632 |
| 20 |
$2,928,618 |
$1,043,919
$212,325 |
$1,672,374 |
| 21 |
$3,075,072 |
$1,098,107
$222,943 |
$1,754,022 |
| 22 |
$3,228,841 |
$1,155,002
$234,091 |
$1,839,748 |
| 23 |
$3,390,233 |
$1,214,717
$245,792 |
$1,929,724 |
| 24 |
$3,559,787 |
$1,277,452
$258,085 |
$2,024,250 |
| 25 |
$3,737,734 |
$1,343,292
$270,986 |
$2,123,456 |
| 26 |
$3,924,690 |
$1,412,466
$284,540 |
$2,227,684 |
| 27 |
$4,120,886 |
$1,485,058
$298,764 |
$2,337,064 |
| 28 |
$4,326,938 |
$1,561,297
$313,703 |
$2,451,938 |
| 29 |
$4,543,308 |
$1,641,354
$329,390 |
$2,572,564 |
| 30 |
$4,770,458 |
$1,725,400
$345,858 |
$2,699,200 |
|
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