The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 Arizona residents, the state will deduct 2.5% from your lottery earnings.
| Arizona Powerball Jackpot/Cash Option for Sat May 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(2.5%) | $420,000 | | Net Lumpsum Payment | $10,203,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$13,546 |
$367,480 |
| 2 |
$568,944 |
$170,840
$14,224 |
$383,880 |
| 3 |
$597,384 |
$181,362
$14,935 |
$401,087 |
| 4 |
$627,264 |
$192,418
$15,682 |
$419,164 |
| 5 |
$658,620 |
$204,020
$16,466 |
$438,134 |
| 6 |
$691,560 |
$216,208
$17,289 |
$458,063 |
| 7 |
$726,120 |
$228,995
$18,153 |
$478,972 |
| 8 |
$762,444 |
$242,435
$19,061 |
$500,948 |
| 9 |
$800,568 |
$256,541
$20,014 |
$524,013 |
| 10 |
$840,600 |
$271,352
$21,015 |
$548,233 |
| 11 |
$882,612 |
$286,897
$22,065 |
$573,650 |
| 12 |
$926,748 |
$303,227
$23,169 |
$600,352 |
| 13 |
$973,080 |
$320,370
$24,327 |
$628,383 |
| 14 |
$1,021,752 |
$338,379
$25,544 |
$657,829 |
| 15 |
$1,072,836 |
$357,280
$26,821 |
$688,735 |
| 16 |
$1,126,476 |
$377,127
$28,162 |
$721,187 |
| 17 |
$1,182,780 |
$397,959
$29,570 |
$755,251 |
| 18 |
$1,241,928 |
$419,844
$31,048 |
$791,036 |
| 19 |
$1,304,028 |
$442,821
$32,601 |
$828,606 |
| 20 |
$1,369,224 |
$466,943
$34,231 |
$868,050 |
| 21 |
$1,437,696 |
$492,278
$35,942 |
$909,476 |
| 22 |
$1,509,588 |
$518,878
$37,740 |
$952,970 |
| 23 |
$1,585,044 |
$546,797
$39,626 |
$998,621 |
| 24 |
$1,664,316 |
$576,127
$41,608 |
$1,046,581 |
| 25 |
$1,747,512 |
$606,910
$43,688 |
$1,096,914 |
| 26 |
$1,834,920 |
$639,251
$45,873 |
$1,149,796 |
| 27 |
$1,926,648 |
$673,190
$48,166 |
$1,205,292 |
| 28 |
$2,022,984 |
$708,834
$50,575 |
$1,263,575 |
| 29 |
$2,124,144 |
$746,264
$53,104 |
$1,324,776 |
| 30 |
$2,230,344 |
$785,558
$55,759 |
$1,389,027 |
|
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