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 Louisiana residents, the state will deduct 4.75% from your lottery earnings.
| Louisiana 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(4.75%) | $1,045,000 | | Net Lumpsum Payment | $12,854,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$33,601 |
$451,729 |
| 2 |
$742,788 |
$235,162
$35,282 |
$472,344 |
| 3 |
$779,918 |
$248,900
$37,046 |
$493,972 |
| 4 |
$818,928 |
$263,334
$38,899 |
$516,695 |
| 5 |
$859,865 |
$278,480
$40,844 |
$540,541 |
| 6 |
$902,870 |
$294,392
$42,886 |
$565,592 |
| 7 |
$947,990 |
$311,087
$45,030 |
$591,873 |
| 8 |
$995,413 |
$328,633
$47,282 |
$619,498 |
| 9 |
$1,045,186 |
$347,049
$49,646 |
$648,491 |
| 10 |
$1,097,450 |
$366,387
$52,129 |
$678,934 |
| 11 |
$1,152,299 |
$386,681
$54,734 |
$710,884 |
| 12 |
$1,209,921 |
$408,001
$57,471 |
$744,449 |
| 13 |
$1,270,410 |
$430,382
$60,344 |
$779,684 |
| 14 |
$1,333,954 |
$453,893
$63,363 |
$816,698 |
| 15 |
$1,400,647 |
$478,570
$66,531 |
$855,546 |
| 16 |
$1,470,677 |
$504,481
$69,857 |
$896,339 |
| 17 |
$1,544,185 |
$531,679
$73,349 |
$939,157 |
| 18 |
$1,621,406 |
$560,251
$77,017 |
$984,138 |
| 19 |
$1,702,481 |
$590,248
$80,868 |
$1,031,365 |
| 20 |
$1,787,598 |
$621,742
$84,911 |
$1,080,945 |
| 21 |
$1,876,992 |
$654,817
$89,157 |
$1,133,018 |
| 22 |
$1,970,851 |
$689,545
$93,615 |
$1,187,691 |
| 23 |
$2,069,363 |
$725,995
$98,295 |
$1,245,073 |
| 24 |
$2,172,857 |
$764,287
$103,211 |
$1,305,359 |
| 25 |
$2,281,474 |
$804,476
$108,370 |
$1,368,628 |
| 26 |
$2,395,590 |
$846,699
$113,791 |
$1,435,100 |
| 27 |
$2,515,346 |
$891,008
$119,479 |
$1,504,859 |
| 28 |
$2,641,118 |
$937,544
$125,453 |
$1,578,121 |
| 29 |
$2,773,188 |
$986,410
$131,726 |
$1,655,052 |
| 30 |
$2,911,838 |
$1,037,710
$138,312 |
$1,735,816 |
|
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