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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana 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(6.75%) | $2,794,500 | | Net Lumpsum Payment | $23,327,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$89,403 |
$784,694 |
| 2 |
$1,390,752 |
$474,909
$93,876 |
$821,967 |
| 3 |
$1,460,272 |
$500,631
$98,568 |
$861,073 |
| 4 |
$1,533,312 |
$527,656
$103,499 |
$902,157 |
| 5 |
$1,609,960 |
$556,016
$108,672 |
$945,272 |
| 6 |
$1,690,480 |
$585,808
$114,107 |
$990,565 |
| 7 |
$1,774,960 |
$617,066
$119,810 |
$1,038,084 |
| 8 |
$1,863,752 |
$649,919
$125,803 |
$1,088,030 |
| 9 |
$1,956,944 |
$684,400
$132,094 |
$1,140,450 |
| 10 |
$2,054,800 |
$720,606
$138,699 |
$1,195,495 |
| 11 |
$2,157,496 |
$758,604
$145,631 |
$1,253,261 |
| 12 |
$2,265,384 |
$798,522
$152,913 |
$1,313,949 |
| 13 |
$2,378,640 |
$840,427
$160,558 |
$1,377,655 |
| 14 |
$2,497,616 |
$884,448
$168,589 |
$1,444,579 |
| 15 |
$2,622,488 |
$930,651
$177,018 |
$1,514,819 |
| 16 |
$2,753,608 |
$979,165
$185,869 |
$1,588,574 |
| 17 |
$2,891,240 |
$1,030,089
$195,159 |
$1,665,992 |
| 18 |
$3,035,824 |
$1,083,585
$204,918 |
$1,747,321 |
| 19 |
$3,187,624 |
$1,139,751
$215,165 |
$1,832,708 |
| 20 |
$3,346,992 |
$1,198,717
$225,922 |
$1,922,353 |
| 21 |
$3,514,368 |
$1,260,647
$237,220 |
$2,016,501 |
| 22 |
$3,690,104 |
$1,325,669
$249,082 |
$2,115,353 |
| 23 |
$3,874,552 |
$1,393,915
$261,532 |
$2,219,105 |
| 24 |
$4,068,328 |
$1,465,612
$274,612 |
$2,328,104 |
| 25 |
$4,271,696 |
$1,540,858
$288,339 |
$2,442,499 |
| 26 |
$4,485,360 |
$1,619,914
$302,762 |
$2,562,684 |
| 27 |
$4,709,584 |
$1,702,876
$317,897 |
$2,688,811 |
| 28 |
$4,945,072 |
$1,790,007
$333,792 |
$2,821,273 |
| 29 |
$5,192,352 |
$1,881,501
$350,484 |
$2,960,367 |
| 30 |
$5,451,952 |
$1,977,553
$368,007 |
$3,106,392 |
|
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