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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $1,105,200 | | Net Lumpsum Payment | $21,614,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$35,579 |
$734,215 |
| 2 |
$1,216,908 |
$410,586
$37,359 |
$768,963 |
| 3 |
$1,277,738 |
$433,093
$39,227 |
$805,418 |
| 4 |
$1,341,648 |
$456,740
$41,189 |
$843,719 |
| 5 |
$1,408,715 |
$481,555
$43,248 |
$883,912 |
| 6 |
$1,479,170 |
$507,623
$45,411 |
$926,136 |
| 7 |
$1,553,090 |
$534,974
$47,680 |
$970,436 |
| 8 |
$1,630,783 |
$563,720
$50,065 |
$1,016,998 |
| 9 |
$1,712,326 |
$593,891
$52,568 |
$1,065,867 |
| 10 |
$1,797,950 |
$625,572
$55,197 |
$1,117,181 |
| 11 |
$1,887,809 |
$658,820
$57,956 |
$1,171,033 |
| 12 |
$1,982,211 |
$693,748
$60,854 |
$1,227,609 |
| 13 |
$2,081,310 |
$730,415
$63,896 |
$1,286,999 |
| 14 |
$2,185,414 |
$768,934
$67,092 |
$1,349,388 |
| 15 |
$2,294,677 |
$809,361
$70,447 |
$1,414,869 |
| 16 |
$2,409,407 |
$851,811
$73,969 |
$1,483,627 |
| 17 |
$2,529,835 |
$896,369
$77,666 |
$1,555,800 |
| 18 |
$2,656,346 |
$943,178
$81,550 |
$1,631,618 |
| 19 |
$2,789,171 |
$992,324
$85,628 |
$1,711,219 |
| 20 |
$2,928,618 |
$1,043,919
$89,909 |
$1,794,790 |
| 21 |
$3,075,072 |
$1,098,107
$94,405 |
$1,882,560 |
| 22 |
$3,228,841 |
$1,155,002
$99,125 |
$1,974,714 |
| 23 |
$3,390,233 |
$1,214,717
$104,080 |
$2,071,436 |
| 24 |
$3,559,787 |
$1,277,452
$109,285 |
$2,173,050 |
| 25 |
$3,737,734 |
$1,343,292
$114,748 |
$2,279,694 |
| 26 |
$3,924,690 |
$1,412,466
$120,488 |
$2,391,736 |
| 27 |
$4,120,886 |
$1,485,058
$126,511 |
$2,509,317 |
| 28 |
$4,326,938 |
$1,561,297
$132,837 |
$2,632,804 |
| 29 |
$4,543,308 |
$1,641,354
$139,480 |
$2,762,474 |
| 30 |
$4,770,458 |
$1,725,400
$146,453 |
$2,898,605 |
|
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