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 Arizona residents, the state will deduct 2.5% from your lottery earnings.
| Arizona 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(2.5%) | $1,035,000 | | Net Lumpsum Payment | $25,086,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$33,112 |
$840,985 |
| 2 |
$1,390,752 |
$474,909
$34,769 |
$881,074 |
| 3 |
$1,460,272 |
$500,631
$36,507 |
$923,134 |
| 4 |
$1,533,312 |
$527,656
$38,333 |
$967,323 |
| 5 |
$1,609,960 |
$556,016
$40,249 |
$1,013,695 |
| 6 |
$1,690,480 |
$585,808
$42,262 |
$1,062,410 |
| 7 |
$1,774,960 |
$617,066
$44,374 |
$1,113,520 |
| 8 |
$1,863,752 |
$649,919
$46,594 |
$1,167,239 |
| 9 |
$1,956,944 |
$684,400
$48,924 |
$1,223,620 |
| 10 |
$2,054,800 |
$720,606
$51,370 |
$1,282,824 |
| 11 |
$2,157,496 |
$758,604
$53,937 |
$1,344,955 |
| 12 |
$2,265,384 |
$798,522
$56,635 |
$1,410,227 |
| 13 |
$2,378,640 |
$840,427
$59,466 |
$1,478,747 |
| 14 |
$2,497,616 |
$884,448
$62,440 |
$1,550,728 |
| 15 |
$2,622,488 |
$930,651
$65,562 |
$1,626,275 |
| 16 |
$2,753,608 |
$979,165
$68,840 |
$1,705,603 |
| 17 |
$2,891,240 |
$1,030,089
$72,281 |
$1,788,870 |
| 18 |
$3,035,824 |
$1,083,585
$75,896 |
$1,876,343 |
| 19 |
$3,187,624 |
$1,139,751
$79,691 |
$1,968,182 |
| 20 |
$3,346,992 |
$1,198,717
$83,675 |
$2,064,600 |
| 21 |
$3,514,368 |
$1,260,647
$87,859 |
$2,165,862 |
| 22 |
$3,690,104 |
$1,325,669
$92,253 |
$2,272,182 |
| 23 |
$3,874,552 |
$1,393,915
$96,864 |
$2,383,773 |
| 24 |
$4,068,328 |
$1,465,612
$101,708 |
$2,501,008 |
| 25 |
$4,271,696 |
$1,540,858
$106,792 |
$2,624,046 |
| 26 |
$4,485,360 |
$1,619,914
$112,134 |
$2,753,312 |
| 27 |
$4,709,584 |
$1,702,876
$117,740 |
$2,888,968 |
| 28 |
$4,945,072 |
$1,790,007
$123,627 |
$3,031,438 |
| 29 |
$5,192,352 |
$1,881,501
$129,809 |
$3,181,042 |
| 30 |
$5,451,952 |
$1,977,553
$136,299 |
$3,338,100 |
|
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