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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $1,270,980 | | Net Lumpsum Payment | $24,850,690 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$40,662 |
$833,435 |
| 2 |
$1,390,752 |
$474,909
$42,696 |
$873,147 |
| 3 |
$1,460,272 |
$500,631
$44,830 |
$914,811 |
| 4 |
$1,533,312 |
$527,656
$47,073 |
$958,583 |
| 5 |
$1,609,960 |
$556,016
$49,426 |
$1,004,518 |
| 6 |
$1,690,480 |
$585,808
$51,898 |
$1,052,774 |
| 7 |
$1,774,960 |
$617,066
$54,491 |
$1,103,403 |
| 8 |
$1,863,752 |
$649,919
$57,217 |
$1,156,616 |
| 9 |
$1,956,944 |
$684,400
$60,078 |
$1,212,466 |
| 10 |
$2,054,800 |
$720,606
$63,082 |
$1,271,112 |
| 11 |
$2,157,496 |
$758,604
$66,235 |
$1,332,657 |
| 12 |
$2,265,384 |
$798,522
$69,547 |
$1,397,315 |
| 13 |
$2,378,640 |
$840,427
$73,024 |
$1,465,189 |
| 14 |
$2,497,616 |
$884,448
$76,677 |
$1,536,491 |
| 15 |
$2,622,488 |
$930,651
$80,510 |
$1,611,327 |
| 16 |
$2,753,608 |
$979,165
$84,536 |
$1,689,907 |
| 17 |
$2,891,240 |
$1,030,089
$88,761 |
$1,772,390 |
| 18 |
$3,035,824 |
$1,083,585
$93,200 |
$1,859,039 |
| 19 |
$3,187,624 |
$1,139,751
$97,860 |
$1,950,013 |
| 20 |
$3,346,992 |
$1,198,717
$102,753 |
$2,045,522 |
| 21 |
$3,514,368 |
$1,260,647
$107,891 |
$2,145,830 |
| 22 |
$3,690,104 |
$1,325,669
$113,286 |
$2,251,149 |
| 23 |
$3,874,552 |
$1,393,915
$118,949 |
$2,361,688 |
| 24 |
$4,068,328 |
$1,465,612
$124,898 |
$2,477,818 |
| 25 |
$4,271,696 |
$1,540,858
$131,141 |
$2,599,697 |
| 26 |
$4,485,360 |
$1,619,914
$137,701 |
$2,727,745 |
| 27 |
$4,709,584 |
$1,702,876
$144,584 |
$2,862,124 |
| 28 |
$4,945,072 |
$1,790,007
$151,814 |
$3,003,251 |
| 29 |
$5,192,352 |
$1,881,501
$159,405 |
$3,151,446 |
| 30 |
$5,451,952 |
$1,977,553
$167,375 |
$3,307,024 |
|
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