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 Colorado residents, the state will deduct 4% from your lottery earnings.
Colorado Powerball Jackpot/Cash Option for Sat May 11, 2024 |
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Draw Date | Sat May 11, 2024 | Projected Jackpot | $36,000,000 | Cash Value | $16,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $16,800,000 | Federal Tax(24%) | $4,032,000 | Additional Federal Tax | $2,144,330 | State Tax(4%) | $672,000 | Net Lumpsum Payment | $9,951,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$541,836 |
$160,810 $21,673 |
$359,353 |
2 |
$568,944 |
$170,840 $22,758 |
$375,346 |
3 |
$597,384 |
$181,362 $23,895 |
$392,127 |
4 |
$627,264 |
$192,418 $25,091 |
$409,755 |
5 |
$658,620 |
$204,020 $26,345 |
$428,255 |
6 |
$691,560 |
$216,208 $27,662 |
$447,690 |
7 |
$726,120 |
$228,995 $29,045 |
$468,080 |
8 |
$762,444 |
$242,435 $30,498 |
$489,511 |
9 |
$800,568 |
$256,541 $32,023 |
$512,004 |
10 |
$840,600 |
$271,352 $33,624 |
$535,624 |
11 |
$882,612 |
$286,897 $35,304 |
$560,411 |
12 |
$926,748 |
$303,227 $37,070 |
$586,451 |
13 |
$973,080 |
$320,370 $38,923 |
$613,787 |
14 |
$1,021,752 |
$338,379 $40,870 |
$642,503 |
15 |
$1,072,836 |
$357,280 $42,913 |
$672,643 |
16 |
$1,126,476 |
$377,127 $45,059 |
$704,290 |
17 |
$1,182,780 |
$397,959 $47,311 |
$737,510 |
18 |
$1,241,928 |
$419,844 $49,677 |
$772,407 |
19 |
$1,304,028 |
$442,821 $52,161 |
$809,046 |
20 |
$1,369,224 |
$466,943 $54,769 |
$847,512 |
21 |
$1,437,696 |
$492,278 $57,508 |
$887,910 |
22 |
$1,509,588 |
$518,878 $60,384 |
$930,326 |
23 |
$1,585,044 |
$546,797 $63,402 |
$974,845 |
24 |
$1,664,316 |
$576,127 $66,573 |
$1,021,616 |
25 |
$1,747,512 |
$606,910 $69,900 |
$1,070,702 |
26 |
$1,834,920 |
$639,251 $73,397 |
$1,122,272 |
27 |
$1,926,648 |
$673,190 $77,066 |
$1,176,392 |
28 |
$2,022,984 |
$708,834 $80,919 |
$1,233,231 |
29 |
$2,124,144 |
$746,264 $84,966 |
$1,292,914 |
30 |
$2,230,344 |
$785,558 $89,214 |
$1,355,572 |
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