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 those living in Washington, the bright side is you won't have to pay any state taxes on your lottery prize.
| Washington 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(0%) | $0 | | Net Lumpsum Payment | $26,121,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$0 |
$874,097 |
| 2 |
$1,390,752 |
$474,909
$0 |
$915,843 |
| 3 |
$1,460,272 |
$500,631
$0 |
$959,641 |
| 4 |
$1,533,312 |
$527,656
$0 |
$1,005,656 |
| 5 |
$1,609,960 |
$556,016
$0 |
$1,053,944 |
| 6 |
$1,690,480 |
$585,808
$0 |
$1,104,672 |
| 7 |
$1,774,960 |
$617,066
$0 |
$1,157,894 |
| 8 |
$1,863,752 |
$649,919
$0 |
$1,213,833 |
| 9 |
$1,956,944 |
$684,400
$0 |
$1,272,544 |
| 10 |
$2,054,800 |
$720,606
$0 |
$1,334,194 |
| 11 |
$2,157,496 |
$758,604
$0 |
$1,398,892 |
| 12 |
$2,265,384 |
$798,522
$0 |
$1,466,862 |
| 13 |
$2,378,640 |
$840,427
$0 |
$1,538,213 |
| 14 |
$2,497,616 |
$884,448
$0 |
$1,613,168 |
| 15 |
$2,622,488 |
$930,651
$0 |
$1,691,837 |
| 16 |
$2,753,608 |
$979,165
$0 |
$1,774,443 |
| 17 |
$2,891,240 |
$1,030,089
$0 |
$1,861,151 |
| 18 |
$3,035,824 |
$1,083,585
$0 |
$1,952,239 |
| 19 |
$3,187,624 |
$1,139,751
$0 |
$2,047,873 |
| 20 |
$3,346,992 |
$1,198,717
$0 |
$2,148,275 |
| 21 |
$3,514,368 |
$1,260,647
$0 |
$2,253,721 |
| 22 |
$3,690,104 |
$1,325,669
$0 |
$2,364,435 |
| 23 |
$3,874,552 |
$1,393,915
$0 |
$2,480,637 |
| 24 |
$4,068,328 |
$1,465,612
$0 |
$2,602,716 |
| 25 |
$4,271,696 |
$1,540,858
$0 |
$2,730,838 |
| 26 |
$4,485,360 |
$1,619,914
$0 |
$2,865,446 |
| 27 |
$4,709,584 |
$1,702,876
$0 |
$3,006,708 |
| 28 |
$4,945,072 |
$1,790,007
$0 |
$3,155,065 |
| 29 |
$5,192,352 |
$1,881,501
$0 |
$3,310,851 |
| 30 |
$5,451,952 |
$1,977,553
$0 |
$3,474,399 |
|
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