The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 Arizona residents, the state will deduct 2.5% from your lottery earnings.
Arizona Powerball Jackpot/Cash Option for Sat May 11, 2024 |
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Draw Date | Sat May 11, 2024 | Projected Jackpot | $36,000,000 | Cash Value | $16,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $16,800,000 | Federal Tax(24%) | $4,032,000 | Additional Federal Tax | $2,144,330 | State Tax(2.5%) | $420,000 | Net Lumpsum Payment | $10,203,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$541,836 |
$160,810 $13,546 |
$367,480 |
2 |
$568,944 |
$170,840 $14,224 |
$383,880 |
3 |
$597,384 |
$181,362 $14,935 |
$401,087 |
4 |
$627,264 |
$192,418 $15,682 |
$419,164 |
5 |
$658,620 |
$204,020 $16,466 |
$438,134 |
6 |
$691,560 |
$216,208 $17,289 |
$458,063 |
7 |
$726,120 |
$228,995 $18,153 |
$478,972 |
8 |
$762,444 |
$242,435 $19,061 |
$500,948 |
9 |
$800,568 |
$256,541 $20,014 |
$524,013 |
10 |
$840,600 |
$271,352 $21,015 |
$548,233 |
11 |
$882,612 |
$286,897 $22,065 |
$573,650 |
12 |
$926,748 |
$303,227 $23,169 |
$600,352 |
13 |
$973,080 |
$320,370 $24,327 |
$628,383 |
14 |
$1,021,752 |
$338,379 $25,544 |
$657,829 |
15 |
$1,072,836 |
$357,280 $26,821 |
$688,735 |
16 |
$1,126,476 |
$377,127 $28,162 |
$721,187 |
17 |
$1,182,780 |
$397,959 $29,570 |
$755,251 |
18 |
$1,241,928 |
$419,844 $31,048 |
$791,036 |
19 |
$1,304,028 |
$442,821 $32,601 |
$828,606 |
20 |
$1,369,224 |
$466,943 $34,231 |
$868,050 |
21 |
$1,437,696 |
$492,278 $35,942 |
$909,476 |
22 |
$1,509,588 |
$518,878 $37,740 |
$952,970 |
23 |
$1,585,044 |
$546,797 $39,626 |
$998,621 |
24 |
$1,664,316 |
$576,127 $41,608 |
$1,046,581 |
25 |
$1,747,512 |
$606,910 $43,688 |
$1,096,914 |
26 |
$1,834,920 |
$639,251 $45,873 |
$1,149,796 |
27 |
$1,926,648 |
$673,190 $48,166 |
$1,205,292 |
28 |
$2,022,984 |
$708,834 $50,575 |
$1,263,575 |
29 |
$2,124,144 |
$746,264 $53,104 |
$1,324,776 |
30 |
$2,230,344 |
$785,558 $55,759 |
$1,389,027 |
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