The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 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 Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas Powerball Jackpot/Cash Option for Sat May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(4.9%) | $1,764,000 | | Net Lumpsum Payment | $20,955,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$56,787 |
$713,007 |
| 2 |
$1,216,908 |
$410,586
$59,628 |
$746,694 |
| 3 |
$1,277,738 |
$433,093
$62,609 |
$782,036 |
| 4 |
$1,341,648 |
$456,740
$65,741 |
$819,167 |
| 5 |
$1,408,715 |
$481,555
$69,027 |
$858,133 |
| 6 |
$1,479,170 |
$507,623
$72,479 |
$899,068 |
| 7 |
$1,553,090 |
$534,974
$76,101 |
$942,015 |
| 8 |
$1,630,783 |
$563,720
$79,908 |
$987,155 |
| 9 |
$1,712,326 |
$593,891
$83,904 |
$1,034,531 |
| 10 |
$1,797,950 |
$625,572
$88,100 |
$1,084,278 |
| 11 |
$1,887,809 |
$658,820
$92,503 |
$1,136,486 |
| 12 |
$1,982,211 |
$693,748
$97,128 |
$1,191,335 |
| 13 |
$2,081,310 |
$730,415
$101,984 |
$1,248,911 |
| 14 |
$2,185,414 |
$768,934
$107,085 |
$1,309,395 |
| 15 |
$2,294,677 |
$809,361
$112,439 |
$1,372,877 |
| 16 |
$2,409,407 |
$851,811
$118,061 |
$1,439,535 |
| 17 |
$2,529,835 |
$896,369
$123,962 |
$1,509,504 |
| 18 |
$2,656,346 |
$943,178
$130,161 |
$1,583,007 |
| 19 |
$2,789,171 |
$992,324
$136,669 |
$1,660,178 |
| 20 |
$2,928,618 |
$1,043,919
$143,502 |
$1,741,197 |
| 21 |
$3,075,072 |
$1,098,107
$150,679 |
$1,826,286 |
| 22 |
$3,228,841 |
$1,155,002
$158,213 |
$1,915,626 |
| 23 |
$3,390,233 |
$1,214,717
$166,121 |
$2,009,395 |
| 24 |
$3,559,787 |
$1,277,452
$174,430 |
$2,107,905 |
| 25 |
$3,737,734 |
$1,343,292
$183,149 |
$2,211,293 |
| 26 |
$3,924,690 |
$1,412,466
$192,310 |
$2,319,914 |
| 27 |
$4,120,886 |
$1,485,058
$201,923 |
$2,433,905 |
| 28 |
$4,326,938 |
$1,561,297
$212,020 |
$2,553,621 |
| 29 |
$4,543,308 |
$1,641,354
$222,622 |
$2,679,332 |
| 30 |
$4,770,458 |
$1,725,400
$233,752 |
$2,811,306 |
|
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