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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $675,400 | | Net Lumpsum Payment | $13,224,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$21,717 |
$463,613 |
| 2 |
$742,788 |
$235,162
$22,804 |
$484,822 |
| 3 |
$779,918 |
$248,900
$23,943 |
$507,075 |
| 4 |
$818,928 |
$263,334
$25,141 |
$530,453 |
| 5 |
$859,865 |
$278,480
$26,398 |
$554,987 |
| 6 |
$902,870 |
$294,392
$27,718 |
$580,760 |
| 7 |
$947,990 |
$311,087
$29,103 |
$607,800 |
| 8 |
$995,413 |
$328,633
$30,559 |
$636,221 |
| 9 |
$1,045,186 |
$347,049
$32,087 |
$666,050 |
| 10 |
$1,097,450 |
$366,387
$33,692 |
$697,371 |
| 11 |
$1,152,299 |
$386,681
$35,376 |
$730,242 |
| 12 |
$1,209,921 |
$408,001
$37,145 |
$764,775 |
| 13 |
$1,270,410 |
$430,382
$39,002 |
$801,026 |
| 14 |
$1,333,954 |
$453,893
$40,952 |
$839,109 |
| 15 |
$1,400,647 |
$478,570
$43,000 |
$879,077 |
| 16 |
$1,470,677 |
$504,481
$45,150 |
$921,046 |
| 17 |
$1,544,185 |
$531,679
$47,406 |
$965,100 |
| 18 |
$1,621,406 |
$560,251
$49,777 |
$1,011,378 |
| 19 |
$1,702,481 |
$590,248
$52,266 |
$1,059,967 |
| 20 |
$1,787,598 |
$621,742
$54,879 |
$1,110,977 |
| 21 |
$1,876,992 |
$654,817
$57,624 |
$1,164,551 |
| 22 |
$1,970,851 |
$689,545
$60,505 |
$1,220,801 |
| 23 |
$2,069,363 |
$725,995
$63,529 |
$1,279,839 |
| 24 |
$2,172,857 |
$764,287
$66,707 |
$1,341,863 |
| 25 |
$2,281,474 |
$804,476
$70,041 |
$1,406,957 |
| 26 |
$2,395,590 |
$846,699
$73,545 |
$1,475,346 |
| 27 |
$2,515,346 |
$891,008
$77,221 |
$1,547,117 |
| 28 |
$2,641,118 |
$937,544
$81,082 |
$1,622,492 |
| 29 |
$2,773,188 |
$986,410
$85,137 |
$1,701,641 |
| 30 |
$2,911,838 |
$1,037,710
$89,393 |
$1,784,735 |
|
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