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 Missouri residents, the state will deduct 4% from your lottery earnings.
| Missouri 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%) | $1,656,000 | | Net Lumpsum Payment | $24,465,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$52,980 |
$821,117 |
| 2 |
$1,390,752 |
$474,909
$55,630 |
$860,213 |
| 3 |
$1,460,272 |
$500,631
$58,411 |
$901,230 |
| 4 |
$1,533,312 |
$527,656
$61,332 |
$944,324 |
| 5 |
$1,609,960 |
$556,016
$64,398 |
$989,546 |
| 6 |
$1,690,480 |
$585,808
$67,619 |
$1,037,053 |
| 7 |
$1,774,960 |
$617,066
$70,998 |
$1,086,896 |
| 8 |
$1,863,752 |
$649,919
$74,550 |
$1,139,283 |
| 9 |
$1,956,944 |
$684,400
$78,278 |
$1,194,266 |
| 10 |
$2,054,800 |
$720,606
$82,192 |
$1,252,002 |
| 11 |
$2,157,496 |
$758,604
$86,300 |
$1,312,592 |
| 12 |
$2,265,384 |
$798,522
$90,615 |
$1,376,247 |
| 13 |
$2,378,640 |
$840,427
$95,146 |
$1,443,067 |
| 14 |
$2,497,616 |
$884,448
$99,905 |
$1,513,263 |
| 15 |
$2,622,488 |
$930,651
$104,900 |
$1,586,937 |
| 16 |
$2,753,608 |
$979,165
$110,144 |
$1,664,299 |
| 17 |
$2,891,240 |
$1,030,089
$115,650 |
$1,745,501 |
| 18 |
$3,035,824 |
$1,083,585
$121,433 |
$1,830,806 |
| 19 |
$3,187,624 |
$1,139,751
$127,505 |
$1,920,368 |
| 20 |
$3,346,992 |
$1,198,717
$133,880 |
$2,014,395 |
| 21 |
$3,514,368 |
$1,260,647
$140,575 |
$2,113,146 |
| 22 |
$3,690,104 |
$1,325,669
$147,604 |
$2,216,831 |
| 23 |
$3,874,552 |
$1,393,915
$154,982 |
$2,325,655 |
| 24 |
$4,068,328 |
$1,465,612
$162,733 |
$2,439,983 |
| 25 |
$4,271,696 |
$1,540,858
$170,868 |
$2,559,970 |
| 26 |
$4,485,360 |
$1,619,914
$179,414 |
$2,686,032 |
| 27 |
$4,709,584 |
$1,702,876
$188,383 |
$2,818,325 |
| 28 |
$4,945,072 |
$1,790,007
$197,803 |
$2,957,262 |
| 29 |
$5,192,352 |
$1,881,501
$207,694 |
$3,103,157 |
| 30 |
$5,451,952 |
$1,977,553
$218,078 |
$3,256,321 |
|
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