The jackpot for the Powerball draw on Mon May 20, 2024, is projected to be $88 Million, with an option for a cash payout of $41.4 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 Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas Powerball Jackpot/Cash Option for Mon May 20, 2024 |
|---|
| Draw Date | Mon May 20, 2024 | | Projected Jackpot | $88,000,000 | | Cash Value | $41,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,400,000 | | Federal Tax(24%) | $9,936,000 | | Additional Federal Tax | $5,342,330 | | State Tax(4.9%) | $2,028,600 | | Net Lumpsum Payment | $24,093,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$64,900 |
$809,197 |
| 2 |
$1,390,752 |
$474,909
$68,147 |
$847,696 |
| 3 |
$1,460,272 |
$500,631
$71,553 |
$888,088 |
| 4 |
$1,533,312 |
$527,656
$75,132 |
$930,524 |
| 5 |
$1,609,960 |
$556,016
$78,888 |
$975,056 |
| 6 |
$1,690,480 |
$585,808
$82,834 |
$1,021,838 |
| 7 |
$1,774,960 |
$617,066
$86,973 |
$1,070,921 |
| 8 |
$1,863,752 |
$649,919
$91,324 |
$1,122,509 |
| 9 |
$1,956,944 |
$684,400
$95,890 |
$1,176,654 |
| 10 |
$2,054,800 |
$720,606
$100,685 |
$1,233,509 |
| 11 |
$2,157,496 |
$758,604
$105,717 |
$1,293,175 |
| 12 |
$2,265,384 |
$798,522
$111,004 |
$1,355,858 |
| 13 |
$2,378,640 |
$840,427
$116,553 |
$1,421,660 |
| 14 |
$2,497,616 |
$884,448
$122,383 |
$1,490,785 |
| 15 |
$2,622,488 |
$930,651
$128,502 |
$1,563,335 |
| 16 |
$2,753,608 |
$979,165
$134,927 |
$1,639,516 |
| 17 |
$2,891,240 |
$1,030,089
$141,671 |
$1,719,480 |
| 18 |
$3,035,824 |
$1,083,585
$148,755 |
$1,803,484 |
| 19 |
$3,187,624 |
$1,139,751
$156,194 |
$1,891,679 |
| 20 |
$3,346,992 |
$1,198,717
$164,003 |
$1,984,272 |
| 21 |
$3,514,368 |
$1,260,647
$172,204 |
$2,081,517 |
| 22 |
$3,690,104 |
$1,325,669
$180,815 |
$2,183,620 |
| 23 |
$3,874,552 |
$1,393,915
$189,853 |
$2,290,784 |
| 24 |
$4,068,328 |
$1,465,612
$199,348 |
$2,403,368 |
| 25 |
$4,271,696 |
$1,540,858
$209,313 |
$2,521,525 |
| 26 |
$4,485,360 |
$1,619,914
$219,783 |
$2,645,663 |
| 27 |
$4,709,584 |
$1,702,876
$230,770 |
$2,775,938 |
| 28 |
$4,945,072 |
$1,790,007
$242,309 |
$2,912,756 |
| 29 |
$5,192,352 |
$1,881,501
$254,425 |
$3,056,426 |
| 30 |
$5,451,952 |
$1,977,553
$267,146 |
$3,207,253 |
|
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