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 North Dakota residents, the state will deduct 2.9% from your lottery earnings.
| North Dakota 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(2.9%) | $1,200,600 | | Net Lumpsum Payment | $24,921,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$38,410 |
$835,687 |
| 2 |
$1,390,752 |
$474,909
$40,332 |
$875,511 |
| 3 |
$1,460,272 |
$500,631
$42,348 |
$917,293 |
| 4 |
$1,533,312 |
$527,656
$44,466 |
$961,190 |
| 5 |
$1,609,960 |
$556,016
$46,689 |
$1,007,255 |
| 6 |
$1,690,480 |
$585,808
$49,024 |
$1,055,648 |
| 7 |
$1,774,960 |
$617,066
$51,474 |
$1,106,420 |
| 8 |
$1,863,752 |
$649,919
$54,049 |
$1,159,784 |
| 9 |
$1,956,944 |
$684,400
$56,751 |
$1,215,793 |
| 10 |
$2,054,800 |
$720,606
$59,589 |
$1,274,605 |
| 11 |
$2,157,496 |
$758,604
$62,567 |
$1,336,325 |
| 12 |
$2,265,384 |
$798,522
$65,696 |
$1,401,166 |
| 13 |
$2,378,640 |
$840,427
$68,981 |
$1,469,232 |
| 14 |
$2,497,616 |
$884,448
$72,431 |
$1,540,737 |
| 15 |
$2,622,488 |
$930,651
$76,052 |
$1,615,785 |
| 16 |
$2,753,608 |
$979,165
$79,855 |
$1,694,588 |
| 17 |
$2,891,240 |
$1,030,089
$83,846 |
$1,777,305 |
| 18 |
$3,035,824 |
$1,083,585
$88,039 |
$1,864,200 |
| 19 |
$3,187,624 |
$1,139,751
$92,441 |
$1,955,432 |
| 20 |
$3,346,992 |
$1,198,717
$97,063 |
$2,051,212 |
| 21 |
$3,514,368 |
$1,260,647
$101,917 |
$2,151,804 |
| 22 |
$3,690,104 |
$1,325,669
$107,013 |
$2,257,422 |
| 23 |
$3,874,552 |
$1,393,915
$112,362 |
$2,368,275 |
| 24 |
$4,068,328 |
$1,465,612
$117,982 |
$2,484,734 |
| 25 |
$4,271,696 |
$1,540,858
$123,879 |
$2,606,959 |
| 26 |
$4,485,360 |
$1,619,914
$130,075 |
$2,735,371 |
| 27 |
$4,709,584 |
$1,702,876
$136,578 |
$2,870,130 |
| 28 |
$4,945,072 |
$1,790,007
$143,407 |
$3,011,658 |
| 29 |
$5,192,352 |
$1,881,501
$150,578 |
$3,160,273 |
| 30 |
$5,451,952 |
$1,977,553
$158,107 |
$3,316,292 |
|
|
