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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $3,001,500 | | Net Lumpsum Payment | $23,120,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$96,025 |
$778,072 |
| 2 |
$1,390,752 |
$474,909
$100,830 |
$815,013 |
| 3 |
$1,460,272 |
$500,631
$105,870 |
$853,771 |
| 4 |
$1,533,312 |
$527,656
$111,165 |
$894,491 |
| 5 |
$1,609,960 |
$556,016
$116,722 |
$937,222 |
| 6 |
$1,690,480 |
$585,808
$122,560 |
$982,112 |
| 7 |
$1,774,960 |
$617,066
$128,685 |
$1,029,209 |
| 8 |
$1,863,752 |
$649,919
$135,122 |
$1,078,711 |
| 9 |
$1,956,944 |
$684,400
$141,878 |
$1,130,666 |
| 10 |
$2,054,800 |
$720,606
$148,973 |
$1,185,221 |
| 11 |
$2,157,496 |
$758,604
$156,418 |
$1,242,474 |
| 12 |
$2,265,384 |
$798,522
$164,240 |
$1,302,622 |
| 13 |
$2,378,640 |
$840,427
$172,451 |
$1,365,762 |
| 14 |
$2,497,616 |
$884,448
$181,077 |
$1,432,091 |
| 15 |
$2,622,488 |
$930,651
$190,130 |
$1,501,707 |
| 16 |
$2,753,608 |
$979,165
$199,637 |
$1,574,806 |
| 17 |
$2,891,240 |
$1,030,089
$209,615 |
$1,651,536 |
| 18 |
$3,035,824 |
$1,083,585
$220,097 |
$1,732,142 |
| 19 |
$3,187,624 |
$1,139,751
$231,103 |
$1,816,770 |
| 20 |
$3,346,992 |
$1,198,717
$242,657 |
$1,905,618 |
| 21 |
$3,514,368 |
$1,260,647
$254,792 |
$1,998,929 |
| 22 |
$3,690,104 |
$1,325,669
$267,533 |
$2,096,902 |
| 23 |
$3,874,552 |
$1,393,915
$280,905 |
$2,199,732 |
| 24 |
$4,068,328 |
$1,465,612
$294,954 |
$2,307,762 |
| 25 |
$4,271,696 |
$1,540,858
$309,698 |
$2,421,140 |
| 26 |
$4,485,360 |
$1,619,914
$325,189 |
$2,540,257 |
| 27 |
$4,709,584 |
$1,702,876
$341,445 |
$2,665,263 |
| 28 |
$4,945,072 |
$1,790,007
$358,518 |
$2,796,547 |
| 29 |
$5,192,352 |
$1,881,501
$376,446 |
$2,934,405 |
| 30 |
$5,451,952 |
$1,977,553
$395,267 |
$3,079,132 |
|
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