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 Virginia residents, the state will deduct 4% from your lottery earnings.
Virginia Powerball Jackpot/Cash Option for Mon May 20, 2024 |
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Draw Date | Mon May 20, 2024 | Projected Jackpot | $88,000,000 | Cash Value | $41,400,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $41,400,000 | Federal Tax(24%) | $9,936,000 | Additional Federal Tax | $5,342,330 | State Tax(4%) | $1,656,000 | Net Lumpsum Payment | $24,465,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,324,488 |
$450,391 $52,980 |
$821,117 |
2 |
$1,390,752 |
$474,909 $55,630 |
$860,213 |
3 |
$1,460,272 |
$500,631 $58,411 |
$901,230 |
4 |
$1,533,312 |
$527,656 $61,332 |
$944,324 |
5 |
$1,609,960 |
$556,016 $64,398 |
$989,546 |
6 |
$1,690,480 |
$585,808 $67,619 |
$1,037,053 |
7 |
$1,774,960 |
$617,066 $70,998 |
$1,086,896 |
8 |
$1,863,752 |
$649,919 $74,550 |
$1,139,283 |
9 |
$1,956,944 |
$684,400 $78,278 |
$1,194,266 |
10 |
$2,054,800 |
$720,606 $82,192 |
$1,252,002 |
11 |
$2,157,496 |
$758,604 $86,300 |
$1,312,592 |
12 |
$2,265,384 |
$798,522 $90,615 |
$1,376,247 |
13 |
$2,378,640 |
$840,427 $95,146 |
$1,443,067 |
14 |
$2,497,616 |
$884,448 $99,905 |
$1,513,263 |
15 |
$2,622,488 |
$930,651 $104,900 |
$1,586,937 |
16 |
$2,753,608 |
$979,165 $110,144 |
$1,664,299 |
17 |
$2,891,240 |
$1,030,089 $115,650 |
$1,745,501 |
18 |
$3,035,824 |
$1,083,585 $121,433 |
$1,830,806 |
19 |
$3,187,624 |
$1,139,751 $127,505 |
$1,920,368 |
20 |
$3,346,992 |
$1,198,717 $133,880 |
$2,014,395 |
21 |
$3,514,368 |
$1,260,647 $140,575 |
$2,113,146 |
22 |
$3,690,104 |
$1,325,669 $147,604 |
$2,216,831 |
23 |
$3,874,552 |
$1,393,915 $154,982 |
$2,325,655 |
24 |
$4,068,328 |
$1,465,612 $162,733 |
$2,439,983 |
25 |
$4,271,696 |
$1,540,858 $170,868 |
$2,559,970 |
26 |
$4,485,360 |
$1,619,914 $179,414 |
$2,686,032 |
27 |
$4,709,584 |
$1,702,876 $188,383 |
$2,818,325 |
28 |
$4,945,072 |
$1,790,007 $197,803 |
$2,957,262 |
29 |
$5,192,352 |
$1,881,501 $207,694 |
$3,103,157 |
30 |
$5,451,952 |
$1,977,553 $218,078 |
$3,256,321 |
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