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 Vermont residents, the state will deduct 6% from your lottery earnings.
Vermont 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(6%) | $2,484,000 | Net Lumpsum Payment | $23,637,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,324,488 |
$450,391 $79,469 |
$794,628 |
2 |
$1,390,752 |
$474,909 $83,445 |
$832,398 |
3 |
$1,460,272 |
$500,631 $87,616 |
$872,025 |
4 |
$1,533,312 |
$527,656 $91,999 |
$913,657 |
5 |
$1,609,960 |
$556,016 $96,598 |
$957,346 |
6 |
$1,690,480 |
$585,808 $101,429 |
$1,003,243 |
7 |
$1,774,960 |
$617,066 $106,498 |
$1,051,396 |
8 |
$1,863,752 |
$649,919 $111,825 |
$1,102,008 |
9 |
$1,956,944 |
$684,400 $117,417 |
$1,155,127 |
10 |
$2,054,800 |
$720,606 $123,288 |
$1,210,906 |
11 |
$2,157,496 |
$758,604 $129,450 |
$1,269,442 |
12 |
$2,265,384 |
$798,522 $135,923 |
$1,330,939 |
13 |
$2,378,640 |
$840,427 $142,718 |
$1,395,495 |
14 |
$2,497,616 |
$884,448 $149,857 |
$1,463,311 |
15 |
$2,622,488 |
$930,651 $157,349 |
$1,534,488 |
16 |
$2,753,608 |
$979,165 $165,216 |
$1,609,227 |
17 |
$2,891,240 |
$1,030,089 $173,474 |
$1,687,677 |
18 |
$3,035,824 |
$1,083,585 $182,149 |
$1,770,090 |
19 |
$3,187,624 |
$1,139,751 $191,257 |
$1,856,616 |
20 |
$3,346,992 |
$1,198,717 $200,820 |
$1,947,455 |
21 |
$3,514,368 |
$1,260,647 $210,862 |
$2,042,859 |
22 |
$3,690,104 |
$1,325,669 $221,406 |
$2,143,029 |
23 |
$3,874,552 |
$1,393,915 $232,473 |
$2,248,164 |
24 |
$4,068,328 |
$1,465,612 $244,100 |
$2,358,616 |
25 |
$4,271,696 |
$1,540,858 $256,302 |
$2,474,536 |
26 |
$4,485,360 |
$1,619,914 $269,122 |
$2,596,324 |
27 |
$4,709,584 |
$1,702,876 $282,575 |
$2,724,133 |
28 |
$4,945,072 |
$1,790,007 $296,704 |
$2,858,361 |
29 |
$5,192,352 |
$1,881,501 $311,541 |
$2,999,310 |
30 |
$5,451,952 |
$1,977,553 $327,117 |
$3,147,282 |
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