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 those living in South Dakota, the bright side is you won't have to pay any state taxes on your lottery prize.
| South Dakota 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(0%) | $0 | | Net Lumpsum Payment | $13,899,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$0 |
$485,330 |
| 2 |
$742,788 |
$235,162
$0 |
$507,626 |
| 3 |
$779,918 |
$248,900
$0 |
$531,018 |
| 4 |
$818,928 |
$263,334
$0 |
$555,594 |
| 5 |
$859,865 |
$278,480
$0 |
$581,385 |
| 6 |
$902,870 |
$294,392
$0 |
$608,478 |
| 7 |
$947,990 |
$311,087
$0 |
$636,903 |
| 8 |
$995,413 |
$328,633
$0 |
$666,780 |
| 9 |
$1,045,186 |
$347,049
$0 |
$698,137 |
| 10 |
$1,097,450 |
$366,387
$0 |
$731,063 |
| 11 |
$1,152,299 |
$386,681
$0 |
$765,618 |
| 12 |
$1,209,921 |
$408,001
$0 |
$801,920 |
| 13 |
$1,270,410 |
$430,382
$0 |
$840,028 |
| 14 |
$1,333,954 |
$453,893
$0 |
$880,061 |
| 15 |
$1,400,647 |
$478,570
$0 |
$922,077 |
| 16 |
$1,470,677 |
$504,481
$0 |
$966,196 |
| 17 |
$1,544,185 |
$531,679
$0 |
$1,012,506 |
| 18 |
$1,621,406 |
$560,251
$0 |
$1,061,155 |
| 19 |
$1,702,481 |
$590,248
$0 |
$1,112,233 |
| 20 |
$1,787,598 |
$621,742
$0 |
$1,165,856 |
| 21 |
$1,876,992 |
$654,817
$0 |
$1,222,175 |
| 22 |
$1,970,851 |
$689,545
$0 |
$1,281,306 |
| 23 |
$2,069,363 |
$725,995
$0 |
$1,343,368 |
| 24 |
$2,172,857 |
$764,287
$0 |
$1,408,570 |
| 25 |
$2,281,474 |
$804,476
$0 |
$1,476,998 |
| 26 |
$2,395,590 |
$846,699
$0 |
$1,548,891 |
| 27 |
$2,515,346 |
$891,008
$0 |
$1,624,338 |
| 28 |
$2,641,118 |
$937,544
$0 |
$1,703,574 |
| 29 |
$2,773,188 |
$986,410
$0 |
$1,786,778 |
| 30 |
$2,911,838 |
$1,037,710
$0 |
$1,874,128 |
|
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