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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky 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(4.5%) | $1,863,000 | | Net Lumpsum Payment | $24,258,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$59,602 |
$814,495 |
| 2 |
$1,390,752 |
$474,909
$62,584 |
$853,259 |
| 3 |
$1,460,272 |
$500,631
$65,712 |
$893,929 |
| 4 |
$1,533,312 |
$527,656
$68,999 |
$936,657 |
| 5 |
$1,609,960 |
$556,016
$72,448 |
$981,496 |
| 6 |
$1,690,480 |
$585,808
$76,072 |
$1,028,600 |
| 7 |
$1,774,960 |
$617,066
$79,873 |
$1,078,021 |
| 8 |
$1,863,752 |
$649,919
$83,869 |
$1,129,964 |
| 9 |
$1,956,944 |
$684,400
$88,062 |
$1,184,482 |
| 10 |
$2,054,800 |
$720,606
$92,466 |
$1,241,728 |
| 11 |
$2,157,496 |
$758,604
$97,087 |
$1,301,805 |
| 12 |
$2,265,384 |
$798,522
$101,942 |
$1,364,920 |
| 13 |
$2,378,640 |
$840,427
$107,039 |
$1,431,174 |
| 14 |
$2,497,616 |
$884,448
$112,393 |
$1,500,775 |
| 15 |
$2,622,488 |
$930,651
$118,012 |
$1,573,825 |
| 16 |
$2,753,608 |
$979,165
$123,912 |
$1,650,531 |
| 17 |
$2,891,240 |
$1,030,089
$130,106 |
$1,731,045 |
| 18 |
$3,035,824 |
$1,083,585
$136,612 |
$1,815,627 |
| 19 |
$3,187,624 |
$1,139,751
$143,443 |
$1,904,430 |
| 20 |
$3,346,992 |
$1,198,717
$150,615 |
$1,997,660 |
| 21 |
$3,514,368 |
$1,260,647
$158,147 |
$2,095,574 |
| 22 |
$3,690,104 |
$1,325,669
$166,055 |
$2,198,380 |
| 23 |
$3,874,552 |
$1,393,915
$174,355 |
$2,306,282 |
| 24 |
$4,068,328 |
$1,465,612
$183,075 |
$2,419,641 |
| 25 |
$4,271,696 |
$1,540,858
$192,226 |
$2,538,612 |
| 26 |
$4,485,360 |
$1,619,914
$201,841 |
$2,663,605 |
| 27 |
$4,709,584 |
$1,702,876
$211,931 |
$2,794,777 |
| 28 |
$4,945,072 |
$1,790,007
$222,528 |
$2,932,537 |
| 29 |
$5,192,352 |
$1,881,501
$233,656 |
$3,077,195 |
| 30 |
$5,451,952 |
$1,977,553
$245,338 |
$3,229,061 |
|
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