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 New York residents, the state will deduct 8.82% from your lottery earnings.
| New York 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(8.82%) | $3,175,200 | | Net Lumpsum Payment | $19,544,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$102,217 |
$667,577 |
| 2 |
$1,216,908 |
$410,586
$107,331 |
$698,991 |
| 3 |
$1,277,738 |
$433,093
$112,696 |
$731,949 |
| 4 |
$1,341,648 |
$456,740
$118,333 |
$766,575 |
| 5 |
$1,408,715 |
$481,555
$124,249 |
$802,911 |
| 6 |
$1,479,170 |
$507,623
$130,463 |
$841,084 |
| 7 |
$1,553,090 |
$534,974
$136,983 |
$881,133 |
| 8 |
$1,630,783 |
$563,720
$143,835 |
$923,228 |
| 9 |
$1,712,326 |
$593,891
$151,027 |
$967,408 |
| 10 |
$1,797,950 |
$625,572
$158,579 |
$1,013,799 |
| 11 |
$1,887,809 |
$658,820
$166,505 |
$1,062,484 |
| 12 |
$1,982,211 |
$693,748
$174,831 |
$1,113,632 |
| 13 |
$2,081,310 |
$730,415
$183,572 |
$1,167,323 |
| 14 |
$2,185,414 |
$768,934
$192,754 |
$1,223,726 |
| 15 |
$2,294,677 |
$809,361
$202,391 |
$1,282,925 |
| 16 |
$2,409,407 |
$851,811
$212,510 |
$1,345,086 |
| 17 |
$2,529,835 |
$896,369
$223,131 |
$1,410,335 |
| 18 |
$2,656,346 |
$943,178
$234,290 |
$1,478,878 |
| 19 |
$2,789,171 |
$992,324
$246,005 |
$1,550,842 |
| 20 |
$2,928,618 |
$1,043,919
$258,304 |
$1,626,395 |
| 21 |
$3,075,072 |
$1,098,107
$271,221 |
$1,705,744 |
| 22 |
$3,228,841 |
$1,155,002
$284,784 |
$1,789,055 |
| 23 |
$3,390,233 |
$1,214,717
$299,019 |
$1,876,497 |
| 24 |
$3,559,787 |
$1,277,452
$313,973 |
$1,968,362 |
| 25 |
$3,737,734 |
$1,343,292
$329,668 |
$2,064,774 |
| 26 |
$3,924,690 |
$1,412,466
$346,158 |
$2,166,066 |
| 27 |
$4,120,886 |
$1,485,058
$363,462 |
$2,272,366 |
| 28 |
$4,326,938 |
$1,561,297
$381,636 |
$2,384,005 |
| 29 |
$4,543,308 |
$1,641,354
$400,720 |
$2,501,234 |
| 30 |
$4,770,458 |
$1,725,400
$420,754 |
$2,624,304 |
|
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