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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC 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(10.75%) | $1,806,000 | | Net Lumpsum Payment | $8,817,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$58,247 |
$322,779 |
| 2 |
$568,944 |
$170,840
$61,161 |
$336,943 |
| 3 |
$597,384 |
$181,362
$64,219 |
$351,803 |
| 4 |
$627,264 |
$192,418
$67,431 |
$367,415 |
| 5 |
$658,620 |
$204,020
$70,802 |
$383,798 |
| 6 |
$691,560 |
$216,208
$74,343 |
$401,009 |
| 7 |
$726,120 |
$228,995
$78,058 |
$419,067 |
| 8 |
$762,444 |
$242,435
$81,963 |
$438,046 |
| 9 |
$800,568 |
$256,541
$86,061 |
$457,966 |
| 10 |
$840,600 |
$271,352
$90,365 |
$478,883 |
| 11 |
$882,612 |
$286,897
$94,881 |
$500,834 |
| 12 |
$926,748 |
$303,227
$99,625 |
$523,896 |
| 13 |
$973,080 |
$320,370
$104,606 |
$548,104 |
| 14 |
$1,021,752 |
$338,379
$109,838 |
$573,535 |
| 15 |
$1,072,836 |
$357,280
$115,330 |
$600,226 |
| 16 |
$1,126,476 |
$377,127
$121,096 |
$628,253 |
| 17 |
$1,182,780 |
$397,959
$127,149 |
$657,672 |
| 18 |
$1,241,928 |
$419,844
$133,507 |
$688,577 |
| 19 |
$1,304,028 |
$442,821
$140,183 |
$721,024 |
| 20 |
$1,369,224 |
$466,943
$147,192 |
$755,089 |
| 21 |
$1,437,696 |
$492,278
$154,552 |
$790,866 |
| 22 |
$1,509,588 |
$518,878
$162,281 |
$828,429 |
| 23 |
$1,585,044 |
$546,797
$170,392 |
$867,855 |
| 24 |
$1,664,316 |
$576,127
$178,914 |
$909,275 |
| 25 |
$1,747,512 |
$606,910
$187,858 |
$952,744 |
| 26 |
$1,834,920 |
$639,251
$197,254 |
$998,415 |
| 27 |
$1,926,648 |
$673,190
$207,115 |
$1,046,343 |
| 28 |
$2,022,984 |
$708,834
$217,471 |
$1,096,679 |
| 29 |
$2,124,144 |
$746,264
$228,345 |
$1,149,535 |
| 30 |
$2,230,344 |
$785,558
$239,762 |
$1,205,024 |
|
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