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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky 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(4.5%) | $756,000 | | Net Lumpsum Payment | $9,867,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$24,383 |
$356,643 |
| 2 |
$568,944 |
$170,840
$25,602 |
$372,502 |
| 3 |
$597,384 |
$181,362
$26,882 |
$389,140 |
| 4 |
$627,264 |
$192,418
$28,227 |
$406,619 |
| 5 |
$658,620 |
$204,020
$29,638 |
$424,962 |
| 6 |
$691,560 |
$216,208
$31,120 |
$444,232 |
| 7 |
$726,120 |
$228,995
$32,675 |
$464,450 |
| 8 |
$762,444 |
$242,435
$34,310 |
$485,699 |
| 9 |
$800,568 |
$256,541
$36,026 |
$508,001 |
| 10 |
$840,600 |
$271,352
$37,827 |
$531,421 |
| 11 |
$882,612 |
$286,897
$39,718 |
$555,997 |
| 12 |
$926,748 |
$303,227
$41,704 |
$581,817 |
| 13 |
$973,080 |
$320,370
$43,789 |
$608,921 |
| 14 |
$1,021,752 |
$338,379
$45,979 |
$637,394 |
| 15 |
$1,072,836 |
$357,280
$48,278 |
$667,278 |
| 16 |
$1,126,476 |
$377,127
$50,691 |
$698,658 |
| 17 |
$1,182,780 |
$397,959
$53,225 |
$731,596 |
| 18 |
$1,241,928 |
$419,844
$55,887 |
$766,197 |
| 19 |
$1,304,028 |
$442,821
$58,681 |
$802,526 |
| 20 |
$1,369,224 |
$466,943
$61,615 |
$840,666 |
| 21 |
$1,437,696 |
$492,278
$64,696 |
$880,722 |
| 22 |
$1,509,588 |
$518,878
$67,931 |
$922,779 |
| 23 |
$1,585,044 |
$546,797
$71,327 |
$966,920 |
| 24 |
$1,664,316 |
$576,127
$74,894 |
$1,013,295 |
| 25 |
$1,747,512 |
$606,910
$78,638 |
$1,061,964 |
| 26 |
$1,834,920 |
$639,251
$82,571 |
$1,113,098 |
| 27 |
$1,926,648 |
$673,190
$86,699 |
$1,166,759 |
| 28 |
$2,022,984 |
$708,834
$91,034 |
$1,223,116 |
| 29 |
$2,124,144 |
$746,264
$95,586 |
$1,282,294 |
| 30 |
$2,230,344 |
$785,558
$100,365 |
$1,344,421 |
|
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