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 Wisconsin residents, the state will deduct 7.65% from your lottery earnings.
| Wisconsin 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(7.65%) | $3,167,100 | | Net Lumpsum Payment | $22,954,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$101,323 |
$772,774 |
| 2 |
$1,390,752 |
$474,909
$106,393 |
$809,450 |
| 3 |
$1,460,272 |
$500,631
$111,711 |
$847,930 |
| 4 |
$1,533,312 |
$527,656
$117,298 |
$888,358 |
| 5 |
$1,609,960 |
$556,016
$123,162 |
$930,782 |
| 6 |
$1,690,480 |
$585,808
$129,322 |
$975,350 |
| 7 |
$1,774,960 |
$617,066
$135,784 |
$1,022,110 |
| 8 |
$1,863,752 |
$649,919
$142,577 |
$1,071,256 |
| 9 |
$1,956,944 |
$684,400
$149,706 |
$1,122,838 |
| 10 |
$2,054,800 |
$720,606
$157,192 |
$1,177,002 |
| 11 |
$2,157,496 |
$758,604
$165,048 |
$1,233,844 |
| 12 |
$2,265,384 |
$798,522
$173,302 |
$1,293,560 |
| 13 |
$2,378,640 |
$840,427
$181,966 |
$1,356,247 |
| 14 |
$2,497,616 |
$884,448
$191,068 |
$1,422,100 |
| 15 |
$2,622,488 |
$930,651
$200,620 |
$1,491,217 |
| 16 |
$2,753,608 |
$979,165
$210,651 |
$1,563,792 |
| 17 |
$2,891,240 |
$1,030,089
$221,180 |
$1,639,971 |
| 18 |
$3,035,824 |
$1,083,585
$232,241 |
$1,719,998 |
| 19 |
$3,187,624 |
$1,139,751
$243,853 |
$1,804,020 |
| 20 |
$3,346,992 |
$1,198,717
$256,045 |
$1,892,230 |
| 21 |
$3,514,368 |
$1,260,647
$268,849 |
$1,984,872 |
| 22 |
$3,690,104 |
$1,325,669
$282,293 |
$2,082,142 |
| 23 |
$3,874,552 |
$1,393,915
$296,403 |
$2,184,234 |
| 24 |
$4,068,328 |
$1,465,612
$311,227 |
$2,291,489 |
| 25 |
$4,271,696 |
$1,540,858
$326,785 |
$2,404,053 |
| 26 |
$4,485,360 |
$1,619,914
$343,130 |
$2,522,316 |
| 27 |
$4,709,584 |
$1,702,876
$360,283 |
$2,646,425 |
| 28 |
$4,945,072 |
$1,790,007
$378,298 |
$2,776,767 |
| 29 |
$5,192,352 |
$1,881,501
$397,215 |
$2,913,636 |
| 30 |
$5,451,952 |
$1,977,553
$417,074 |
$3,057,325 |
|
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