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 New York residents, the state will deduct 8.82% from your lottery earnings.
| New York 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(8.82%) | $3,651,480 | | Net Lumpsum Payment | $22,470,190 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$116,820 |
$757,277 |
| 2 |
$1,390,752 |
$474,909
$122,664 |
$793,179 |
| 3 |
$1,460,272 |
$500,631
$128,796 |
$830,845 |
| 4 |
$1,533,312 |
$527,656
$135,238 |
$870,418 |
| 5 |
$1,609,960 |
$556,016
$141,998 |
$911,946 |
| 6 |
$1,690,480 |
$585,808
$149,100 |
$955,572 |
| 7 |
$1,774,960 |
$617,066
$156,551 |
$1,001,343 |
| 8 |
$1,863,752 |
$649,919
$164,383 |
$1,049,450 |
| 9 |
$1,956,944 |
$684,400
$172,602 |
$1,099,942 |
| 10 |
$2,054,800 |
$720,606
$181,233 |
$1,152,961 |
| 11 |
$2,157,496 |
$758,604
$190,291 |
$1,208,601 |
| 12 |
$2,265,384 |
$798,522
$199,807 |
$1,267,055 |
| 13 |
$2,378,640 |
$840,427
$209,796 |
$1,328,417 |
| 14 |
$2,497,616 |
$884,448
$220,290 |
$1,392,878 |
| 15 |
$2,622,488 |
$930,651
$231,303 |
$1,460,534 |
| 16 |
$2,753,608 |
$979,165
$242,868 |
$1,531,575 |
| 17 |
$2,891,240 |
$1,030,089
$255,007 |
$1,606,144 |
| 18 |
$3,035,824 |
$1,083,585
$267,760 |
$1,684,479 |
| 19 |
$3,187,624 |
$1,139,751
$281,148 |
$1,766,725 |
| 20 |
$3,346,992 |
$1,198,717
$295,205 |
$1,853,070 |
| 21 |
$3,514,368 |
$1,260,647
$309,967 |
$1,943,754 |
| 22 |
$3,690,104 |
$1,325,669
$325,467 |
$2,038,968 |
| 23 |
$3,874,552 |
$1,393,915
$341,735 |
$2,138,902 |
| 24 |
$4,068,328 |
$1,465,612
$358,827 |
$2,243,889 |
| 25 |
$4,271,696 |
$1,540,858
$376,764 |
$2,354,074 |
| 26 |
$4,485,360 |
$1,619,914
$395,609 |
$2,469,837 |
| 27 |
$4,709,584 |
$1,702,876
$415,385 |
$2,591,323 |
| 28 |
$4,945,072 |
$1,790,007
$436,155 |
$2,718,910 |
| 29 |
$5,192,352 |
$1,881,501
$457,965 |
$2,852,886 |
| 30 |
$5,451,952 |
$1,977,553
$480,862 |
$2,993,537 |
|
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