The jackpot for the Powerball draw on Mon Jun 3, 2024, is projected to be $171 Million, with an option for a cash payout of $79.5 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 those living in Washington, the bright side is you won't have to pay any state taxes on your lottery prize.
| Washington Powerball Jackpot/Cash Option for Mon Jun 3, 2024 |
|---|
| Draw Date | Mon Jun 3, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $79,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $79,500,000 | | Federal Tax(24%) | $19,080,000 | | Additional Federal Tax | $10,295,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $50,124,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$0 |
$1,661,114 |
| 2 |
$2,702,484 |
$960,249
$0 |
$1,742,235 |
| 3 |
$2,837,574 |
$1,010,233
$0 |
$1,827,341 |
| 4 |
$2,979,504 |
$1,062,747
$0 |
$1,916,757 |
| 5 |
$3,128,445 |
$1,117,855
$0 |
$2,010,590 |
| 6 |
$3,284,910 |
$1,175,747
$0 |
$2,109,163 |
| 7 |
$3,449,070 |
$1,236,486
$0 |
$2,212,584 |
| 8 |
$3,621,609 |
$1,300,326
$0 |
$2,321,283 |
| 9 |
$3,802,698 |
$1,367,329
$0 |
$2,435,369 |
| 10 |
$3,992,850 |
$1,437,685
$0 |
$2,555,165 |
| 11 |
$4,192,407 |
$1,511,521
$0 |
$2,680,886 |
| 12 |
$4,402,053 |
$1,589,090
$0 |
$2,812,963 |
| 13 |
$4,622,130 |
$1,670,518
$0 |
$2,951,612 |
| 14 |
$4,853,322 |
$1,756,060
$0 |
$3,097,262 |
| 15 |
$5,095,971 |
$1,845,840
$0 |
$3,250,131 |
| 16 |
$5,350,761 |
$1,940,112
$0 |
$3,410,649 |
| 17 |
$5,618,205 |
$2,039,066
$0 |
$3,579,139 |
| 18 |
$5,899,158 |
$2,143,019
$0 |
$3,756,139 |
| 19 |
$6,194,133 |
$2,252,160
$0 |
$3,941,973 |
| 20 |
$6,503,814 |
$2,366,742
$0 |
$4,137,072 |
| 21 |
$6,829,056 |
$2,487,081
$0 |
$4,341,975 |
| 22 |
$7,170,543 |
$2,613,431
$0 |
$4,557,112 |
| 23 |
$7,528,959 |
$2,746,045
$0 |
$4,782,914 |
| 24 |
$7,905,501 |
$2,885,366
$0 |
$5,020,135 |
| 25 |
$8,300,682 |
$3,031,583
$0 |
$5,269,099 |
| 26 |
$8,715,870 |
$3,185,202
$0 |
$5,530,668 |
| 27 |
$9,151,578 |
$3,346,414
$0 |
$5,805,164 |
| 28 |
$9,609,174 |
$3,515,725
$0 |
$6,093,449 |
| 29 |
$10,089,684 |
$3,693,513
$0 |
$6,396,171 |
| 30 |
$10,594,134 |
$3,880,160
$0 |
$6,713,974 |
|
|
