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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia 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(5.75%) | $1,265,000 | | Net Lumpsum Payment | $12,634,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$40,675 |
$444,655 |
| 2 |
$742,788 |
$235,162
$42,710 |
$464,916 |
| 3 |
$779,918 |
$248,900
$44,845 |
$486,173 |
| 4 |
$818,928 |
$263,334
$47,088 |
$508,506 |
| 5 |
$859,865 |
$278,480
$49,442 |
$531,943 |
| 6 |
$902,870 |
$294,392
$51,915 |
$556,563 |
| 7 |
$947,990 |
$311,087
$54,509 |
$582,394 |
| 8 |
$995,413 |
$328,633
$57,236 |
$609,544 |
| 9 |
$1,045,186 |
$347,049
$60,098 |
$638,039 |
| 10 |
$1,097,450 |
$366,387
$63,103 |
$667,960 |
| 11 |
$1,152,299 |
$386,681
$66,257 |
$699,361 |
| 12 |
$1,209,921 |
$408,001
$69,570 |
$732,350 |
| 13 |
$1,270,410 |
$430,382
$73,049 |
$766,979 |
| 14 |
$1,333,954 |
$453,893
$76,702 |
$803,359 |
| 15 |
$1,400,647 |
$478,570
$80,537 |
$841,540 |
| 16 |
$1,470,677 |
$504,481
$84,564 |
$881,632 |
| 17 |
$1,544,185 |
$531,679
$88,791 |
$923,715 |
| 18 |
$1,621,406 |
$560,251
$93,231 |
$967,924 |
| 19 |
$1,702,481 |
$590,248
$97,893 |
$1,014,340 |
| 20 |
$1,787,598 |
$621,742
$102,787 |
$1,063,069 |
| 21 |
$1,876,992 |
$654,817
$107,927 |
$1,114,248 |
| 22 |
$1,970,851 |
$689,545
$113,324 |
$1,167,982 |
| 23 |
$2,069,363 |
$725,995
$118,988 |
$1,224,380 |
| 24 |
$2,172,857 |
$764,287
$124,939 |
$1,283,631 |
| 25 |
$2,281,474 |
$804,476
$131,185 |
$1,345,813 |
| 26 |
$2,395,590 |
$846,699
$137,746 |
$1,411,145 |
| 27 |
$2,515,346 |
$891,008
$144,632 |
$1,479,706 |
| 28 |
$2,641,118 |
$937,544
$151,864 |
$1,551,710 |
| 29 |
$2,773,188 |
$986,410
$159,458 |
$1,627,320 |
| 30 |
$2,911,838 |
$1,037,710
$167,431 |
$1,706,697 |
|
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