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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky 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(4.5%) | $990,000 | | Net Lumpsum Payment | $12,909,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$31,833 |
$453,497 |
| 2 |
$742,788 |
$235,162
$33,425 |
$474,201 |
| 3 |
$779,918 |
$248,900
$35,096 |
$495,922 |
| 4 |
$818,928 |
$263,334
$36,852 |
$518,742 |
| 5 |
$859,865 |
$278,480
$38,694 |
$542,691 |
| 6 |
$902,870 |
$294,392
$40,629 |
$567,849 |
| 7 |
$947,990 |
$311,087
$42,660 |
$594,243 |
| 8 |
$995,413 |
$328,633
$44,794 |
$621,986 |
| 9 |
$1,045,186 |
$347,049
$47,033 |
$651,104 |
| 10 |
$1,097,450 |
$366,387
$49,385 |
$681,678 |
| 11 |
$1,152,299 |
$386,681
$51,853 |
$713,765 |
| 12 |
$1,209,921 |
$408,001
$54,446 |
$747,474 |
| 13 |
$1,270,410 |
$430,382
$57,168 |
$782,860 |
| 14 |
$1,333,954 |
$453,893
$60,028 |
$820,033 |
| 15 |
$1,400,647 |
$478,570
$63,029 |
$859,048 |
| 16 |
$1,470,677 |
$504,481
$66,180 |
$900,016 |
| 17 |
$1,544,185 |
$531,679
$69,488 |
$943,018 |
| 18 |
$1,621,406 |
$560,251
$72,963 |
$988,192 |
| 19 |
$1,702,481 |
$590,248
$76,612 |
$1,035,621 |
| 20 |
$1,787,598 |
$621,742
$80,442 |
$1,085,414 |
| 21 |
$1,876,992 |
$654,817
$84,465 |
$1,137,710 |
| 22 |
$1,970,851 |
$689,545
$88,688 |
$1,192,618 |
| 23 |
$2,069,363 |
$725,995
$93,121 |
$1,250,247 |
| 24 |
$2,172,857 |
$764,287
$97,779 |
$1,310,791 |
| 25 |
$2,281,474 |
$804,476
$102,666 |
$1,374,332 |
| 26 |
$2,395,590 |
$846,699
$107,802 |
$1,441,089 |
| 27 |
$2,515,346 |
$891,008
$113,191 |
$1,511,147 |
| 28 |
$2,641,118 |
$937,544
$118,850 |
$1,584,724 |
| 29 |
$2,773,188 |
$986,410
$124,793 |
$1,661,985 |
| 30 |
$2,911,838 |
$1,037,710
$131,033 |
$1,743,095 |
|
|
