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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
Indiana 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(3.15%) | $1,304,100 | Net Lumpsum Payment | $24,817,570 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,324,488 |
$450,391 $41,721 |
$832,376 |
2 |
$1,390,752 |
$474,909 $43,809 |
$872,034 |
3 |
$1,460,272 |
$500,631 $45,999 |
$913,642 |
4 |
$1,533,312 |
$527,656 $48,299 |
$957,357 |
5 |
$1,609,960 |
$556,016 $50,714 |
$1,003,230 |
6 |
$1,690,480 |
$585,808 $53,250 |
$1,051,422 |
7 |
$1,774,960 |
$617,066 $55,911 |
$1,101,983 |
8 |
$1,863,752 |
$649,919 $58,708 |
$1,155,125 |
9 |
$1,956,944 |
$684,400 $61,644 |
$1,210,900 |
10 |
$2,054,800 |
$720,606 $64,726 |
$1,269,468 |
11 |
$2,157,496 |
$758,604 $67,961 |
$1,330,931 |
12 |
$2,265,384 |
$798,522 $71,360 |
$1,395,502 |
13 |
$2,378,640 |
$840,427 $74,927 |
$1,463,286 |
14 |
$2,497,616 |
$884,448 $78,675 |
$1,534,493 |
15 |
$2,622,488 |
$930,651 $82,608 |
$1,609,229 |
16 |
$2,753,608 |
$979,165 $86,739 |
$1,687,704 |
17 |
$2,891,240 |
$1,030,089 $91,074 |
$1,770,077 |
18 |
$3,035,824 |
$1,083,585 $95,628 |
$1,856,611 |
19 |
$3,187,624 |
$1,139,751 $100,410 |
$1,947,463 |
20 |
$3,346,992 |
$1,198,717 $105,430 |
$2,042,845 |
21 |
$3,514,368 |
$1,260,647 $110,703 |
$2,143,018 |
22 |
$3,690,104 |
$1,325,669 $116,238 |
$2,248,197 |
23 |
$3,874,552 |
$1,393,915 $122,048 |
$2,358,589 |
24 |
$4,068,328 |
$1,465,612 $128,152 |
$2,474,564 |
25 |
$4,271,696 |
$1,540,858 $134,558 |
$2,596,280 |
26 |
$4,485,360 |
$1,619,914 $141,289 |
$2,724,157 |
27 |
$4,709,584 |
$1,702,876 $148,352 |
$2,858,356 |
28 |
$4,945,072 |
$1,790,007 $155,770 |
$2,999,295 |
29 |
$5,192,352 |
$1,881,501 $163,559 |
$3,147,292 |
30 |
$5,451,952 |
$1,977,553 $171,736 |
$3,302,663 |
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