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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
Idaho 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(5.8%) | $2,401,200 | Net Lumpsum Payment | $23,720,470 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,324,488 |
$450,391 $76,820 |
$797,277 |
2 |
$1,390,752 |
$474,909 $80,664 |
$835,179 |
3 |
$1,460,272 |
$500,631 $84,696 |
$874,945 |
4 |
$1,533,312 |
$527,656 $88,932 |
$916,724 |
5 |
$1,609,960 |
$556,016 $93,378 |
$960,566 |
6 |
$1,690,480 |
$585,808 $98,048 |
$1,006,624 |
7 |
$1,774,960 |
$617,066 $102,948 |
$1,054,946 |
8 |
$1,863,752 |
$649,919 $108,098 |
$1,105,735 |
9 |
$1,956,944 |
$684,400 $113,503 |
$1,159,041 |
10 |
$2,054,800 |
$720,606 $119,178 |
$1,215,016 |
11 |
$2,157,496 |
$758,604 $125,135 |
$1,273,757 |
12 |
$2,265,384 |
$798,522 $131,392 |
$1,335,470 |
13 |
$2,378,640 |
$840,427 $137,961 |
$1,400,252 |
14 |
$2,497,616 |
$884,448 $144,862 |
$1,468,306 |
15 |
$2,622,488 |
$930,651 $152,104 |
$1,539,733 |
16 |
$2,753,608 |
$979,165 $159,709 |
$1,614,734 |
17 |
$2,891,240 |
$1,030,089 $167,692 |
$1,693,459 |
18 |
$3,035,824 |
$1,083,585 $176,078 |
$1,776,161 |
19 |
$3,187,624 |
$1,139,751 $184,882 |
$1,862,991 |
20 |
$3,346,992 |
$1,198,717 $194,126 |
$1,954,149 |
21 |
$3,514,368 |
$1,260,647 $203,833 |
$2,049,888 |
22 |
$3,690,104 |
$1,325,669 $214,026 |
$2,150,409 |
23 |
$3,874,552 |
$1,393,915 $224,724 |
$2,255,913 |
24 |
$4,068,328 |
$1,465,612 $235,963 |
$2,366,753 |
25 |
$4,271,696 |
$1,540,858 $247,758 |
$2,483,080 |
26 |
$4,485,360 |
$1,619,914 $260,151 |
$2,605,295 |
27 |
$4,709,584 |
$1,702,876 $273,156 |
$2,733,552 |
28 |
$4,945,072 |
$1,790,007 $286,814 |
$2,868,251 |
29 |
$5,192,352 |
$1,881,501 $301,156 |
$3,009,695 |
30 |
$5,451,952 |
$1,977,553 $316,213 |
$3,158,186 |
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