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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $1,436,400 | | Net Lumpsum Payment | $21,283,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$46,241 |
$723,553 |
| 2 |
$1,216,908 |
$410,586
$48,555 |
$757,767 |
| 3 |
$1,277,738 |
$433,093
$50,982 |
$793,663 |
| 4 |
$1,341,648 |
$456,740
$53,532 |
$831,376 |
| 5 |
$1,408,715 |
$481,555
$56,208 |
$870,952 |
| 6 |
$1,479,170 |
$507,623
$59,019 |
$912,528 |
| 7 |
$1,553,090 |
$534,974
$61,968 |
$956,148 |
| 8 |
$1,630,783 |
$563,720
$65,068 |
$1,001,995 |
| 9 |
$1,712,326 |
$593,891
$68,322 |
$1,050,113 |
| 10 |
$1,797,950 |
$625,572
$71,738 |
$1,100,640 |
| 11 |
$1,887,809 |
$658,820
$75,324 |
$1,153,665 |
| 12 |
$1,982,211 |
$693,748
$79,090 |
$1,209,373 |
| 13 |
$2,081,310 |
$730,415
$83,044 |
$1,267,851 |
| 14 |
$2,185,414 |
$768,934
$87,198 |
$1,329,282 |
| 15 |
$2,294,677 |
$809,361
$91,558 |
$1,393,758 |
| 16 |
$2,409,407 |
$851,811
$96,135 |
$1,461,461 |
| 17 |
$2,529,835 |
$896,369
$100,940 |
$1,532,526 |
| 18 |
$2,656,346 |
$943,178
$105,988 |
$1,607,180 |
| 19 |
$2,789,171 |
$992,324
$111,288 |
$1,685,559 |
| 20 |
$2,928,618 |
$1,043,919
$116,852 |
$1,767,847 |
| 21 |
$3,075,072 |
$1,098,107
$122,695 |
$1,854,270 |
| 22 |
$3,228,841 |
$1,155,002
$128,831 |
$1,945,008 |
| 23 |
$3,390,233 |
$1,214,717
$135,270 |
$2,040,246 |
| 24 |
$3,559,787 |
$1,277,452
$142,036 |
$2,140,299 |
| 25 |
$3,737,734 |
$1,343,292
$149,136 |
$2,245,306 |
| 26 |
$3,924,690 |
$1,412,466
$156,595 |
$2,355,629 |
| 27 |
$4,120,886 |
$1,485,058
$164,423 |
$2,471,405 |
| 28 |
$4,326,938 |
$1,561,297
$172,645 |
$2,592,996 |
| 29 |
$4,543,308 |
$1,641,354
$181,278 |
$2,720,676 |
| 30 |
$4,770,458 |
$1,725,400
$190,341 |
$2,854,717 |
|
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