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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $974,400 | | Net Lumpsum Payment | $9,649,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$31,426 |
$349,600 |
| 2 |
$568,944 |
$170,840
$32,999 |
$365,105 |
| 3 |
$597,384 |
$181,362
$34,648 |
$381,374 |
| 4 |
$627,264 |
$192,418
$36,381 |
$398,465 |
| 5 |
$658,620 |
$204,020
$38,200 |
$416,400 |
| 6 |
$691,560 |
$216,208
$40,110 |
$435,242 |
| 7 |
$726,120 |
$228,995
$42,115 |
$455,010 |
| 8 |
$762,444 |
$242,435
$44,222 |
$475,787 |
| 9 |
$800,568 |
$256,541
$46,433 |
$497,594 |
| 10 |
$840,600 |
$271,352
$48,755 |
$520,493 |
| 11 |
$882,612 |
$286,897
$51,191 |
$544,524 |
| 12 |
$926,748 |
$303,227
$53,751 |
$569,770 |
| 13 |
$973,080 |
$320,370
$56,439 |
$596,271 |
| 14 |
$1,021,752 |
$338,379
$59,262 |
$624,111 |
| 15 |
$1,072,836 |
$357,280
$62,224 |
$653,332 |
| 16 |
$1,126,476 |
$377,127
$65,336 |
$684,013 |
| 17 |
$1,182,780 |
$397,959
$68,601 |
$716,220 |
| 18 |
$1,241,928 |
$419,844
$72,032 |
$750,052 |
| 19 |
$1,304,028 |
$442,821
$75,634 |
$785,573 |
| 20 |
$1,369,224 |
$466,943
$79,415 |
$822,866 |
| 21 |
$1,437,696 |
$492,278
$83,386 |
$862,032 |
| 22 |
$1,509,588 |
$518,878
$87,556 |
$903,154 |
| 23 |
$1,585,044 |
$546,797
$91,933 |
$946,314 |
| 24 |
$1,664,316 |
$576,127
$96,530 |
$991,659 |
| 25 |
$1,747,512 |
$606,910
$101,356 |
$1,039,246 |
| 26 |
$1,834,920 |
$639,251
$106,425 |
$1,089,244 |
| 27 |
$1,926,648 |
$673,190
$111,746 |
$1,141,712 |
| 28 |
$2,022,984 |
$708,834
$117,333 |
$1,196,817 |
| 29 |
$2,124,144 |
$746,264
$123,200 |
$1,254,680 |
| 30 |
$2,230,344 |
$785,558
$129,360 |
$1,315,426 |
|
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