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 Maine residents, the state will deduct 5% from your lottery earnings.
| Maine 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%) | $1,100,000 | | Net Lumpsum Payment | $12,799,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$35,370 |
$449,960 |
| 2 |
$742,788 |
$235,162
$37,139 |
$470,487 |
| 3 |
$779,918 |
$248,900
$38,996 |
$492,022 |
| 4 |
$818,928 |
$263,334
$40,946 |
$514,648 |
| 5 |
$859,865 |
$278,480
$42,993 |
$538,392 |
| 6 |
$902,870 |
$294,392
$45,144 |
$563,334 |
| 7 |
$947,990 |
$311,087
$47,400 |
$589,503 |
| 8 |
$995,413 |
$328,633
$49,771 |
$617,009 |
| 9 |
$1,045,186 |
$347,049
$52,259 |
$645,878 |
| 10 |
$1,097,450 |
$366,387
$54,873 |
$676,190 |
| 11 |
$1,152,299 |
$386,681
$57,615 |
$708,003 |
| 12 |
$1,209,921 |
$408,001
$60,496 |
$741,424 |
| 13 |
$1,270,410 |
$430,382
$63,521 |
$776,507 |
| 14 |
$1,333,954 |
$453,893
$66,698 |
$813,363 |
| 15 |
$1,400,647 |
$478,570
$70,032 |
$852,045 |
| 16 |
$1,470,677 |
$504,481
$73,534 |
$892,662 |
| 17 |
$1,544,185 |
$531,679
$77,209 |
$935,297 |
| 18 |
$1,621,406 |
$560,251
$81,070 |
$980,085 |
| 19 |
$1,702,481 |
$590,248
$85,124 |
$1,027,109 |
| 20 |
$1,787,598 |
$621,742
$89,380 |
$1,076,476 |
| 21 |
$1,876,992 |
$654,817
$93,850 |
$1,128,325 |
| 22 |
$1,970,851 |
$689,545
$98,543 |
$1,182,763 |
| 23 |
$2,069,363 |
$725,995
$103,468 |
$1,239,900 |
| 24 |
$2,172,857 |
$764,287
$108,643 |
$1,299,927 |
| 25 |
$2,281,474 |
$804,476
$114,074 |
$1,362,924 |
| 26 |
$2,395,590 |
$846,699
$119,780 |
$1,429,111 |
| 27 |
$2,515,346 |
$891,008
$125,767 |
$1,498,571 |
| 28 |
$2,641,118 |
$937,544
$132,056 |
$1,571,518 |
| 29 |
$2,773,188 |
$986,410
$138,659 |
$1,648,119 |
| 30 |
$2,911,838 |
$1,037,710
$145,592 |
$1,728,536 |
|
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