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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut 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(6.99%) | $2,893,860 | | Net Lumpsum Payment | $23,227,810 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$92,582 |
$781,515 |
| 2 |
$1,390,752 |
$474,909
$97,214 |
$818,629 |
| 3 |
$1,460,272 |
$500,631
$102,073 |
$857,568 |
| 4 |
$1,533,312 |
$527,656
$107,179 |
$898,477 |
| 5 |
$1,609,960 |
$556,016
$112,536 |
$941,408 |
| 6 |
$1,690,480 |
$585,808
$118,165 |
$986,507 |
| 7 |
$1,774,960 |
$617,066
$124,070 |
$1,033,824 |
| 8 |
$1,863,752 |
$649,919
$130,276 |
$1,083,557 |
| 9 |
$1,956,944 |
$684,400
$136,790 |
$1,135,754 |
| 10 |
$2,054,800 |
$720,606
$143,631 |
$1,190,563 |
| 11 |
$2,157,496 |
$758,604
$150,809 |
$1,248,083 |
| 12 |
$2,265,384 |
$798,522
$158,350 |
$1,308,512 |
| 13 |
$2,378,640 |
$840,427
$166,267 |
$1,371,946 |
| 14 |
$2,497,616 |
$884,448
$174,583 |
$1,438,585 |
| 15 |
$2,622,488 |
$930,651
$183,312 |
$1,508,525 |
| 16 |
$2,753,608 |
$979,165
$192,477 |
$1,581,966 |
| 17 |
$2,891,240 |
$1,030,089
$202,098 |
$1,659,053 |
| 18 |
$3,035,824 |
$1,083,585
$212,204 |
$1,740,035 |
| 19 |
$3,187,624 |
$1,139,751
$222,815 |
$1,825,058 |
| 20 |
$3,346,992 |
$1,198,717
$233,955 |
$1,914,320 |
| 21 |
$3,514,368 |
$1,260,647
$245,654 |
$2,008,067 |
| 22 |
$3,690,104 |
$1,325,669
$257,938 |
$2,106,497 |
| 23 |
$3,874,552 |
$1,393,915
$270,831 |
$2,209,806 |
| 24 |
$4,068,328 |
$1,465,612
$284,376 |
$2,318,340 |
| 25 |
$4,271,696 |
$1,540,858
$298,592 |
$2,432,246 |
| 26 |
$4,485,360 |
$1,619,914
$313,527 |
$2,551,919 |
| 27 |
$4,709,584 |
$1,702,876
$329,200 |
$2,677,508 |
| 28 |
$4,945,072 |
$1,790,007
$345,661 |
$2,809,404 |
| 29 |
$5,192,352 |
$1,881,501
$362,945 |
$2,947,906 |
| 30 |
$5,451,952 |
$1,977,553
$381,091 |
$3,093,308 |
|
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