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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $2,401,200 | | Net Lumpsum Payment | $23,720,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$76,820 |
$797,277 |
| 2 |
$1,390,752 |
$474,909
$80,664 |
$835,179 |
| 3 |
$1,460,272 |
$500,631
$84,696 |
$874,945 |
| 4 |
$1,533,312 |
$527,656
$88,932 |
$916,724 |
| 5 |
$1,609,960 |
$556,016
$93,378 |
$960,566 |
| 6 |
$1,690,480 |
$585,808
$98,048 |
$1,006,624 |
| 7 |
$1,774,960 |
$617,066
$102,948 |
$1,054,946 |
| 8 |
$1,863,752 |
$649,919
$108,098 |
$1,105,735 |
| 9 |
$1,956,944 |
$684,400
$113,503 |
$1,159,041 |
| 10 |
$2,054,800 |
$720,606
$119,178 |
$1,215,016 |
| 11 |
$2,157,496 |
$758,604
$125,135 |
$1,273,757 |
| 12 |
$2,265,384 |
$798,522
$131,392 |
$1,335,470 |
| 13 |
$2,378,640 |
$840,427
$137,961 |
$1,400,252 |
| 14 |
$2,497,616 |
$884,448
$144,862 |
$1,468,306 |
| 15 |
$2,622,488 |
$930,651
$152,104 |
$1,539,733 |
| 16 |
$2,753,608 |
$979,165
$159,709 |
$1,614,734 |
| 17 |
$2,891,240 |
$1,030,089
$167,692 |
$1,693,459 |
| 18 |
$3,035,824 |
$1,083,585
$176,078 |
$1,776,161 |
| 19 |
$3,187,624 |
$1,139,751
$184,882 |
$1,862,991 |
| 20 |
$3,346,992 |
$1,198,717
$194,126 |
$1,954,149 |
| 21 |
$3,514,368 |
$1,260,647
$203,833 |
$2,049,888 |
| 22 |
$3,690,104 |
$1,325,669
$214,026 |
$2,150,409 |
| 23 |
$3,874,552 |
$1,393,915
$224,724 |
$2,255,913 |
| 24 |
$4,068,328 |
$1,465,612
$235,963 |
$2,366,753 |
| 25 |
$4,271,696 |
$1,540,858
$247,758 |
$2,483,080 |
| 26 |
$4,485,360 |
$1,619,914
$260,151 |
$2,605,295 |
| 27 |
$4,709,584 |
$1,702,876
$273,156 |
$2,733,552 |
| 28 |
$4,945,072 |
$1,790,007
$286,814 |
$2,868,251 |
| 29 |
$5,192,352 |
$1,881,501
$301,156 |
$3,009,695 |
| 30 |
$5,451,952 |
$1,977,553
$316,213 |
$3,158,186 |
|
|
