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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
Washington DC Powerball Jackpot/Cash Option for Mon May 20, 2024 |
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Draw Date | Mon May 20, 2024 | Projected Jackpot | $88,000,000 | Cash Value | $41,400,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $41,400,000 | Federal Tax(24%) | $9,936,000 | Additional Federal Tax | $5,342,330 | State Tax(10.75%) | $4,450,500 | Net Lumpsum Payment | $21,671,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,324,488 |
$450,391 $142,382 |
$731,715 |
2 |
$1,390,752 |
$474,909 $149,506 |
$766,337 |
3 |
$1,460,272 |
$500,631 $156,979 |
$802,662 |
4 |
$1,533,312 |
$527,656 $164,831 |
$840,825 |
5 |
$1,609,960 |
$556,016 $173,071 |
$880,873 |
6 |
$1,690,480 |
$585,808 $181,727 |
$922,945 |
7 |
$1,774,960 |
$617,066 $190,808 |
$967,086 |
8 |
$1,863,752 |
$649,919 $200,353 |
$1,013,480 |
9 |
$1,956,944 |
$684,400 $210,371 |
$1,062,173 |
10 |
$2,054,800 |
$720,606 $220,891 |
$1,113,303 |
11 |
$2,157,496 |
$758,604 $231,931 |
$1,166,961 |
12 |
$2,265,384 |
$798,522 $243,529 |
$1,223,333 |
13 |
$2,378,640 |
$840,427 $255,704 |
$1,282,509 |
14 |
$2,497,616 |
$884,448 $268,494 |
$1,344,674 |
15 |
$2,622,488 |
$930,651 $281,917 |
$1,409,920 |
16 |
$2,753,608 |
$979,165 $296,013 |
$1,478,430 |
17 |
$2,891,240 |
$1,030,089 $310,808 |
$1,550,343 |
18 |
$3,035,824 |
$1,083,585 $326,351 |
$1,625,888 |
19 |
$3,187,624 |
$1,139,751 $342,670 |
$1,705,203 |
20 |
$3,346,992 |
$1,198,717 $359,802 |
$1,788,473 |
21 |
$3,514,368 |
$1,260,647 $377,795 |
$1,875,926 |
22 |
$3,690,104 |
$1,325,669 $396,686 |
$1,967,749 |
23 |
$3,874,552 |
$1,393,915 $416,514 |
$2,064,123 |
24 |
$4,068,328 |
$1,465,612 $437,345 |
$2,165,371 |
25 |
$4,271,696 |
$1,540,858 $459,207 |
$2,271,631 |
26 |
$4,485,360 |
$1,619,914 $482,176 |
$2,383,270 |
27 |
$4,709,584 |
$1,702,876 $506,280 |
$2,500,428 |
28 |
$4,945,072 |
$1,790,007 $531,595 |
$2,623,470 |
29 |
$5,192,352 |
$1,881,501 $558,178 |
$2,752,673 |
30 |
$5,451,952 |
$1,977,553 $586,085 |
$2,888,314 |
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