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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
Ohio 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(3.99%) | $1,651,860 | Net Lumpsum Payment | $24,469,810 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,324,488 |
$450,391 $52,847 |
$821,250 |
2 |
$1,390,752 |
$474,909 $55,491 |
$860,352 |
3 |
$1,460,272 |
$500,631 $58,265 |
$901,376 |
4 |
$1,533,312 |
$527,656 $61,179 |
$944,477 |
5 |
$1,609,960 |
$556,016 $64,237 |
$989,707 |
6 |
$1,690,480 |
$585,808 $67,450 |
$1,037,222 |
7 |
$1,774,960 |
$617,066 $70,821 |
$1,087,073 |
8 |
$1,863,752 |
$649,919 $74,364 |
$1,139,469 |
9 |
$1,956,944 |
$684,400 $78,082 |
$1,194,462 |
10 |
$2,054,800 |
$720,606 $81,987 |
$1,252,207 |
11 |
$2,157,496 |
$758,604 $86,084 |
$1,312,808 |
12 |
$2,265,384 |
$798,522 $90,389 |
$1,376,473 |
13 |
$2,378,640 |
$840,427 $94,908 |
$1,443,305 |
14 |
$2,497,616 |
$884,448 $99,655 |
$1,513,513 |
15 |
$2,622,488 |
$930,651 $104,637 |
$1,587,200 |
16 |
$2,753,608 |
$979,165 $109,869 |
$1,664,574 |
17 |
$2,891,240 |
$1,030,089 $115,360 |
$1,745,791 |
18 |
$3,035,824 |
$1,083,585 $121,129 |
$1,831,110 |
19 |
$3,187,624 |
$1,139,751 $127,186 |
$1,920,687 |
20 |
$3,346,992 |
$1,198,717 $133,545 |
$2,014,730 |
21 |
$3,514,368 |
$1,260,647 $140,223 |
$2,113,498 |
22 |
$3,690,104 |
$1,325,669 $147,235 |
$2,217,200 |
23 |
$3,874,552 |
$1,393,915 $154,595 |
$2,326,042 |
24 |
$4,068,328 |
$1,465,612 $162,326 |
$2,440,390 |
25 |
$4,271,696 |
$1,540,858 $170,441 |
$2,560,397 |
26 |
$4,485,360 |
$1,619,914 $178,966 |
$2,686,480 |
27 |
$4,709,584 |
$1,702,876 $187,912 |
$2,818,796 |
28 |
$4,945,072 |
$1,790,007 $197,308 |
$2,957,757 |
29 |
$5,192,352 |
$1,881,501 $207,175 |
$3,103,676 |
30 |
$5,451,952 |
$1,977,553 $217,533 |
$3,256,866 |
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