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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut 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(6.99%) | $1,174,320 | | Net Lumpsum Payment | $9,449,350 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$37,874 |
$343,152 |
| 2 |
$568,944 |
$170,840
$39,769 |
$358,335 |
| 3 |
$597,384 |
$181,362
$41,757 |
$374,265 |
| 4 |
$627,264 |
$192,418
$43,846 |
$391,000 |
| 5 |
$658,620 |
$204,020
$46,038 |
$408,562 |
| 6 |
$691,560 |
$216,208
$48,340 |
$427,012 |
| 7 |
$726,120 |
$228,995
$50,756 |
$446,369 |
| 8 |
$762,444 |
$242,435
$53,295 |
$466,714 |
| 9 |
$800,568 |
$256,541
$55,960 |
$488,067 |
| 10 |
$840,600 |
$271,352
$58,758 |
$510,490 |
| 11 |
$882,612 |
$286,897
$61,695 |
$534,020 |
| 12 |
$926,748 |
$303,227
$64,780 |
$558,741 |
| 13 |
$973,080 |
$320,370
$68,018 |
$584,692 |
| 14 |
$1,021,752 |
$338,379
$71,420 |
$611,953 |
| 15 |
$1,072,836 |
$357,280
$74,991 |
$640,565 |
| 16 |
$1,126,476 |
$377,127
$78,741 |
$670,608 |
| 17 |
$1,182,780 |
$397,959
$82,676 |
$702,145 |
| 18 |
$1,241,928 |
$419,844
$86,811 |
$735,273 |
| 19 |
$1,304,028 |
$442,821
$91,152 |
$770,055 |
| 20 |
$1,369,224 |
$466,943
$95,709 |
$806,572 |
| 21 |
$1,437,696 |
$492,278
$100,495 |
$844,923 |
| 22 |
$1,509,588 |
$518,878
$105,520 |
$885,190 |
| 23 |
$1,585,044 |
$546,797
$110,795 |
$927,452 |
| 24 |
$1,664,316 |
$576,127
$116,336 |
$971,853 |
| 25 |
$1,747,512 |
$606,910
$122,151 |
$1,018,451 |
| 26 |
$1,834,920 |
$639,251
$128,261 |
$1,067,408 |
| 27 |
$1,926,648 |
$673,190
$134,673 |
$1,118,785 |
| 28 |
$2,022,984 |
$708,834
$141,407 |
$1,172,743 |
| 29 |
$2,124,144 |
$746,264
$148,478 |
$1,229,402 |
| 30 |
$2,230,344 |
$785,558
$155,901 |
$1,288,885 |
|
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