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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont 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(6%) | $1,320,000 | | Net Lumpsum Payment | $12,579,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$42,444 |
$442,886 |
| 2 |
$742,788 |
$235,162
$44,567 |
$463,059 |
| 3 |
$779,918 |
$248,900
$46,795 |
$484,223 |
| 4 |
$818,928 |
$263,334
$49,136 |
$506,458 |
| 5 |
$859,865 |
$278,480
$51,592 |
$529,793 |
| 6 |
$902,870 |
$294,392
$54,172 |
$554,306 |
| 7 |
$947,990 |
$311,087
$56,879 |
$580,024 |
| 8 |
$995,413 |
$328,633
$59,725 |
$607,055 |
| 9 |
$1,045,186 |
$347,049
$62,711 |
$635,426 |
| 10 |
$1,097,450 |
$366,387
$65,847 |
$665,216 |
| 11 |
$1,152,299 |
$386,681
$69,138 |
$696,480 |
| 12 |
$1,209,921 |
$408,001
$72,595 |
$729,325 |
| 13 |
$1,270,410 |
$430,382
$76,225 |
$763,803 |
| 14 |
$1,333,954 |
$453,893
$80,037 |
$800,024 |
| 15 |
$1,400,647 |
$478,570
$84,039 |
$838,038 |
| 16 |
$1,470,677 |
$504,481
$88,241 |
$877,955 |
| 17 |
$1,544,185 |
$531,679
$92,651 |
$919,855 |
| 18 |
$1,621,406 |
$560,251
$97,284 |
$963,871 |
| 19 |
$1,702,481 |
$590,248
$102,149 |
$1,010,084 |
| 20 |
$1,787,598 |
$621,742
$107,256 |
$1,058,600 |
| 21 |
$1,876,992 |
$654,817
$112,620 |
$1,109,555 |
| 22 |
$1,970,851 |
$689,545
$118,251 |
$1,163,055 |
| 23 |
$2,069,363 |
$725,995
$124,162 |
$1,219,206 |
| 24 |
$2,172,857 |
$764,287
$130,371 |
$1,278,199 |
| 25 |
$2,281,474 |
$804,476
$136,888 |
$1,340,110 |
| 26 |
$2,395,590 |
$846,699
$143,735 |
$1,405,156 |
| 27 |
$2,515,346 |
$891,008
$150,921 |
$1,473,417 |
| 28 |
$2,641,118 |
$937,544
$158,467 |
$1,545,107 |
| 29 |
$2,773,188 |
$986,410
$166,391 |
$1,620,387 |
| 30 |
$2,911,838 |
$1,037,710
$174,710 |
$1,699,418 |
|
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