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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC 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(10.75%) | $4,450,500 | | Net Lumpsum Payment | $21,671,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$142,382 |
$731,715 |
| 2 |
$1,390,752 |
$474,909
$149,506 |
$766,337 |
| 3 |
$1,460,272 |
$500,631
$156,979 |
$802,662 |
| 4 |
$1,533,312 |
$527,656
$164,831 |
$840,825 |
| 5 |
$1,609,960 |
$556,016
$173,071 |
$880,873 |
| 6 |
$1,690,480 |
$585,808
$181,727 |
$922,945 |
| 7 |
$1,774,960 |
$617,066
$190,808 |
$967,086 |
| 8 |
$1,863,752 |
$649,919
$200,353 |
$1,013,480 |
| 9 |
$1,956,944 |
$684,400
$210,371 |
$1,062,173 |
| 10 |
$2,054,800 |
$720,606
$220,891 |
$1,113,303 |
| 11 |
$2,157,496 |
$758,604
$231,931 |
$1,166,961 |
| 12 |
$2,265,384 |
$798,522
$243,529 |
$1,223,333 |
| 13 |
$2,378,640 |
$840,427
$255,704 |
$1,282,509 |
| 14 |
$2,497,616 |
$884,448
$268,494 |
$1,344,674 |
| 15 |
$2,622,488 |
$930,651
$281,917 |
$1,409,920 |
| 16 |
$2,753,608 |
$979,165
$296,013 |
$1,478,430 |
| 17 |
$2,891,240 |
$1,030,089
$310,808 |
$1,550,343 |
| 18 |
$3,035,824 |
$1,083,585
$326,351 |
$1,625,888 |
| 19 |
$3,187,624 |
$1,139,751
$342,670 |
$1,705,203 |
| 20 |
$3,346,992 |
$1,198,717
$359,802 |
$1,788,473 |
| 21 |
$3,514,368 |
$1,260,647
$377,795 |
$1,875,926 |
| 22 |
$3,690,104 |
$1,325,669
$396,686 |
$1,967,749 |
| 23 |
$3,874,552 |
$1,393,915
$416,514 |
$2,064,123 |
| 24 |
$4,068,328 |
$1,465,612
$437,345 |
$2,165,371 |
| 25 |
$4,271,696 |
$1,540,858
$459,207 |
$2,271,631 |
| 26 |
$4,485,360 |
$1,619,914
$482,176 |
$2,383,270 |
| 27 |
$4,709,584 |
$1,702,876
$506,280 |
$2,500,428 |
| 28 |
$4,945,072 |
$1,790,007
$531,595 |
$2,623,470 |
| 29 |
$5,192,352 |
$1,881,501
$558,178 |
$2,752,673 |
| 30 |
$5,451,952 |
$1,977,553
$586,085 |
$2,888,314 |
|
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