The jackpot for the Powerball draw on Mon May 13, 2024, is projected to be $47 Million, with an option for a cash payout of $22 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Mon May 13, 2024 |
|---|
| Draw Date | Mon May 13, 2024 | | Projected Jackpot | $47,000,000 | | Cash Value | $22,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $22,000,000 | | Federal Tax(24%) | $5,280,000 | | Additional Federal Tax | $2,820,330 | | State Tax(6.99%) | $1,537,800 | | Net Lumpsum Payment | $12,361,870 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$49,447 |
$435,883 |
| 2 |
$742,788 |
$235,162
$51,921 |
$455,705 |
| 3 |
$779,918 |
$248,900
$54,516 |
$476,502 |
| 4 |
$818,928 |
$263,334
$57,243 |
$498,351 |
| 5 |
$859,865 |
$278,480
$60,105 |
$521,280 |
| 6 |
$902,870 |
$294,392
$63,111 |
$545,367 |
| 7 |
$947,990 |
$311,087
$66,265 |
$570,638 |
| 8 |
$995,413 |
$328,633
$69,579 |
$597,201 |
| 9 |
$1,045,186 |
$347,049
$73,059 |
$625,078 |
| 10 |
$1,097,450 |
$366,387
$76,712 |
$654,351 |
| 11 |
$1,152,299 |
$386,681
$80,546 |
$685,072 |
| 12 |
$1,209,921 |
$408,001
$84,573 |
$717,347 |
| 13 |
$1,270,410 |
$430,382
$88,802 |
$751,226 |
| 14 |
$1,333,954 |
$453,893
$93,243 |
$786,818 |
| 15 |
$1,400,647 |
$478,570
$97,905 |
$824,172 |
| 16 |
$1,470,677 |
$504,481
$102,800 |
$863,396 |
| 17 |
$1,544,185 |
$531,679
$107,939 |
$904,567 |
| 18 |
$1,621,406 |
$560,251
$113,336 |
$947,819 |
| 19 |
$1,702,481 |
$590,248
$119,003 |
$993,230 |
| 20 |
$1,787,598 |
$621,742
$124,953 |
$1,040,903 |
| 21 |
$1,876,992 |
$654,817
$131,202 |
$1,090,973 |
| 22 |
$1,970,851 |
$689,545
$137,762 |
$1,143,544 |
| 23 |
$2,069,363 |
$725,995
$144,648 |
$1,198,720 |
| 24 |
$2,172,857 |
$764,287
$151,883 |
$1,256,687 |
| 25 |
$2,281,474 |
$804,476
$159,475 |
$1,317,523 |
| 26 |
$2,395,590 |
$846,699
$167,452 |
$1,381,439 |
| 27 |
$2,515,346 |
$891,008
$175,823 |
$1,448,515 |
| 28 |
$2,641,118 |
$937,544
$184,614 |
$1,518,960 |
| 29 |
$2,773,188 |
$986,410
$193,846 |
$1,592,932 |
| 30 |
$2,911,838 |
$1,037,710
$203,537 |
$1,670,591 |
|
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