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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $1,595,000 | | Net Lumpsum Payment | $12,304,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$51,286 |
$434,044 |
| 2 |
$742,788 |
$235,162
$53,852 |
$453,774 |
| 3 |
$779,918 |
$248,900
$56,544 |
$474,474 |
| 4 |
$818,928 |
$263,334
$59,372 |
$496,222 |
| 5 |
$859,865 |
$278,480
$62,340 |
$519,045 |
| 6 |
$902,870 |
$294,392
$65,458 |
$543,020 |
| 7 |
$947,990 |
$311,087
$68,729 |
$568,174 |
| 8 |
$995,413 |
$328,633
$72,167 |
$594,613 |
| 9 |
$1,045,186 |
$347,049
$75,776 |
$622,361 |
| 10 |
$1,097,450 |
$366,387
$79,565 |
$651,498 |
| 11 |
$1,152,299 |
$386,681
$83,542 |
$682,076 |
| 12 |
$1,209,921 |
$408,001
$87,719 |
$714,201 |
| 13 |
$1,270,410 |
$430,382
$92,105 |
$747,923 |
| 14 |
$1,333,954 |
$453,893
$96,712 |
$783,349 |
| 15 |
$1,400,647 |
$478,570
$101,547 |
$820,530 |
| 16 |
$1,470,677 |
$504,481
$106,624 |
$859,572 |
| 17 |
$1,544,185 |
$531,679
$111,953 |
$900,553 |
| 18 |
$1,621,406 |
$560,251
$117,552 |
$943,603 |
| 19 |
$1,702,481 |
$590,248
$123,430 |
$988,803 |
| 20 |
$1,787,598 |
$621,742
$129,601 |
$1,036,255 |
| 21 |
$1,876,992 |
$654,817
$136,082 |
$1,086,093 |
| 22 |
$1,970,851 |
$689,545
$142,887 |
$1,138,419 |
| 23 |
$2,069,363 |
$725,995
$150,029 |
$1,193,339 |
| 24 |
$2,172,857 |
$764,287
$157,532 |
$1,251,038 |
| 25 |
$2,281,474 |
$804,476
$165,407 |
$1,311,591 |
| 26 |
$2,395,590 |
$846,699
$173,680 |
$1,375,211 |
| 27 |
$2,515,346 |
$891,008
$182,363 |
$1,441,975 |
| 28 |
$2,641,118 |
$937,544
$191,481 |
$1,512,093 |
| 29 |
$2,773,188 |
$986,410
$201,056 |
$1,585,722 |
| 30 |
$2,911,838 |
$1,037,710
$211,108 |
$1,663,020 |
|
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