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 Oregon residents, the state will deduct 8% from your lottery earnings.
| Oregon 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(8%) | $3,312,000 | | Net Lumpsum Payment | $22,809,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$105,959 |
$768,138 |
| 2 |
$1,390,752 |
$474,909
$111,260 |
$804,583 |
| 3 |
$1,460,272 |
$500,631
$116,822 |
$842,819 |
| 4 |
$1,533,312 |
$527,656
$122,665 |
$882,991 |
| 5 |
$1,609,960 |
$556,016
$128,797 |
$925,147 |
| 6 |
$1,690,480 |
$585,808
$135,238 |
$969,434 |
| 7 |
$1,774,960 |
$617,066
$141,997 |
$1,015,897 |
| 8 |
$1,863,752 |
$649,919
$149,100 |
$1,064,733 |
| 9 |
$1,956,944 |
$684,400
$156,556 |
$1,115,988 |
| 10 |
$2,054,800 |
$720,606
$164,384 |
$1,169,810 |
| 11 |
$2,157,496 |
$758,604
$172,600 |
$1,226,292 |
| 12 |
$2,265,384 |
$798,522
$181,231 |
$1,285,631 |
| 13 |
$2,378,640 |
$840,427
$190,291 |
$1,347,922 |
| 14 |
$2,497,616 |
$884,448
$199,809 |
$1,413,359 |
| 15 |
$2,622,488 |
$930,651
$209,799 |
$1,482,038 |
| 16 |
$2,753,608 |
$979,165
$220,289 |
$1,554,154 |
| 17 |
$2,891,240 |
$1,030,089
$231,299 |
$1,629,852 |
| 18 |
$3,035,824 |
$1,083,585
$242,866 |
$1,709,373 |
| 19 |
$3,187,624 |
$1,139,751
$255,010 |
$1,792,863 |
| 20 |
$3,346,992 |
$1,198,717
$267,759 |
$1,880,516 |
| 21 |
$3,514,368 |
$1,260,647
$281,149 |
$1,972,572 |
| 22 |
$3,690,104 |
$1,325,669
$295,208 |
$2,069,227 |
| 23 |
$3,874,552 |
$1,393,915
$309,964 |
$2,170,673 |
| 24 |
$4,068,328 |
$1,465,612
$325,466 |
$2,277,250 |
| 25 |
$4,271,696 |
$1,540,858
$341,736 |
$2,389,102 |
| 26 |
$4,485,360 |
$1,619,914
$358,829 |
$2,506,617 |
| 27 |
$4,709,584 |
$1,702,876
$376,767 |
$2,629,941 |
| 28 |
$4,945,072 |
$1,790,007
$395,606 |
$2,759,459 |
| 29 |
$5,192,352 |
$1,881,501
$415,388 |
$2,895,463 |
| 30 |
$5,451,952 |
$1,977,553
$436,156 |
$3,038,243 |
|
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