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 Wisconsin residents, the state will deduct 7.65% from your lottery earnings.
| Wisconsin 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(7.65%) | $1,683,000 | | Net Lumpsum Payment | $12,216,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$54,116 |
$431,214 |
| 2 |
$742,788 |
$235,162
$56,823 |
$450,803 |
| 3 |
$779,918 |
$248,900
$59,664 |
$471,354 |
| 4 |
$818,928 |
$263,334
$62,648 |
$492,946 |
| 5 |
$859,865 |
$278,480
$65,780 |
$515,605 |
| 6 |
$902,870 |
$294,392
$69,070 |
$539,408 |
| 7 |
$947,990 |
$311,087
$72,521 |
$564,382 |
| 8 |
$995,413 |
$328,633
$76,149 |
$590,631 |
| 9 |
$1,045,186 |
$347,049
$79,957 |
$618,180 |
| 10 |
$1,097,450 |
$366,387
$83,955 |
$647,108 |
| 11 |
$1,152,299 |
$386,681
$88,151 |
$677,467 |
| 12 |
$1,209,921 |
$408,001
$92,559 |
$709,361 |
| 13 |
$1,270,410 |
$430,382
$97,186 |
$742,842 |
| 14 |
$1,333,954 |
$453,893
$102,047 |
$778,014 |
| 15 |
$1,400,647 |
$478,570
$107,149 |
$814,928 |
| 16 |
$1,470,677 |
$504,481
$112,507 |
$853,689 |
| 17 |
$1,544,185 |
$531,679
$118,130 |
$894,376 |
| 18 |
$1,621,406 |
$560,251
$124,038 |
$937,117 |
| 19 |
$1,702,481 |
$590,248
$130,240 |
$981,993 |
| 20 |
$1,787,598 |
$621,742
$136,751 |
$1,029,105 |
| 21 |
$1,876,992 |
$654,817
$143,590 |
$1,078,585 |
| 22 |
$1,970,851 |
$689,545
$150,770 |
$1,130,536 |
| 23 |
$2,069,363 |
$725,995
$158,306 |
$1,185,062 |
| 24 |
$2,172,857 |
$764,287
$166,224 |
$1,242,346 |
| 25 |
$2,281,474 |
$804,476
$174,533 |
$1,302,465 |
| 26 |
$2,395,590 |
$846,699
$183,263 |
$1,365,628 |
| 27 |
$2,515,346 |
$891,008
$192,424 |
$1,431,914 |
| 28 |
$2,641,118 |
$937,544
$202,046 |
$1,501,528 |
| 29 |
$2,773,188 |
$986,410
$212,149 |
$1,574,629 |
| 30 |
$2,911,838 |
$1,037,710
$222,756 |
$1,651,372 |
|
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