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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia 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(5.75%) | $2,380,500 | | Net Lumpsum Payment | $23,741,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$76,158 |
$797,939 |
| 2 |
$1,390,752 |
$474,909
$79,968 |
$835,875 |
| 3 |
$1,460,272 |
$500,631
$83,966 |
$875,675 |
| 4 |
$1,533,312 |
$527,656
$88,165 |
$917,491 |
| 5 |
$1,609,960 |
$556,016
$92,573 |
$961,371 |
| 6 |
$1,690,480 |
$585,808
$97,203 |
$1,007,469 |
| 7 |
$1,774,960 |
$617,066
$102,060 |
$1,055,834 |
| 8 |
$1,863,752 |
$649,919
$107,166 |
$1,106,667 |
| 9 |
$1,956,944 |
$684,400
$112,524 |
$1,160,020 |
| 10 |
$2,054,800 |
$720,606
$118,151 |
$1,216,043 |
| 11 |
$2,157,496 |
$758,604
$124,056 |
$1,274,836 |
| 12 |
$2,265,384 |
$798,522
$130,260 |
$1,336,602 |
| 13 |
$2,378,640 |
$840,427
$136,772 |
$1,401,441 |
| 14 |
$2,497,616 |
$884,448
$143,613 |
$1,469,555 |
| 15 |
$2,622,488 |
$930,651
$150,793 |
$1,541,044 |
| 16 |
$2,753,608 |
$979,165
$158,332 |
$1,616,111 |
| 17 |
$2,891,240 |
$1,030,089
$166,246 |
$1,694,905 |
| 18 |
$3,035,824 |
$1,083,585
$174,560 |
$1,777,679 |
| 19 |
$3,187,624 |
$1,139,751
$183,288 |
$1,864,585 |
| 20 |
$3,346,992 |
$1,198,717
$192,452 |
$1,955,823 |
| 21 |
$3,514,368 |
$1,260,647
$202,076 |
$2,051,645 |
| 22 |
$3,690,104 |
$1,325,669
$212,181 |
$2,152,254 |
| 23 |
$3,874,552 |
$1,393,915
$222,787 |
$2,257,850 |
| 24 |
$4,068,328 |
$1,465,612
$233,929 |
$2,368,787 |
| 25 |
$4,271,696 |
$1,540,858
$245,623 |
$2,485,215 |
| 26 |
$4,485,360 |
$1,619,914
$257,908 |
$2,607,538 |
| 27 |
$4,709,584 |
$1,702,876
$270,801 |
$2,735,907 |
| 28 |
$4,945,072 |
$1,790,007
$284,342 |
$2,870,723 |
| 29 |
$5,192,352 |
$1,881,501
$298,560 |
$3,012,291 |
| 30 |
$5,451,952 |
$1,977,553
$313,487 |
$3,160,912 |
|
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