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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $1,218,000 | | Net Lumpsum Payment | $9,405,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$39,283 |
$341,743 |
| 2 |
$568,944 |
$170,840
$41,248 |
$356,856 |
| 3 |
$597,384 |
$181,362
$43,310 |
$372,712 |
| 4 |
$627,264 |
$192,418
$45,477 |
$389,369 |
| 5 |
$658,620 |
$204,020
$47,750 |
$406,850 |
| 6 |
$691,560 |
$216,208
$50,138 |
$425,214 |
| 7 |
$726,120 |
$228,995
$52,644 |
$444,481 |
| 8 |
$762,444 |
$242,435
$55,277 |
$464,732 |
| 9 |
$800,568 |
$256,541
$58,041 |
$485,986 |
| 10 |
$840,600 |
$271,352
$60,944 |
$508,304 |
| 11 |
$882,612 |
$286,897
$63,989 |
$531,726 |
| 12 |
$926,748 |
$303,227
$67,189 |
$556,332 |
| 13 |
$973,080 |
$320,370
$70,548 |
$582,162 |
| 14 |
$1,021,752 |
$338,379
$74,077 |
$609,296 |
| 15 |
$1,072,836 |
$357,280
$77,781 |
$637,775 |
| 16 |
$1,126,476 |
$377,127
$81,670 |
$667,679 |
| 17 |
$1,182,780 |
$397,959
$85,752 |
$699,069 |
| 18 |
$1,241,928 |
$419,844
$90,040 |
$732,044 |
| 19 |
$1,304,028 |
$442,821
$94,542 |
$766,665 |
| 20 |
$1,369,224 |
$466,943
$99,269 |
$803,012 |
| 21 |
$1,437,696 |
$492,278
$104,233 |
$841,185 |
| 22 |
$1,509,588 |
$518,878
$109,445 |
$881,265 |
| 23 |
$1,585,044 |
$546,797
$114,916 |
$923,331 |
| 24 |
$1,664,316 |
$576,127
$120,663 |
$967,526 |
| 25 |
$1,747,512 |
$606,910
$126,695 |
$1,013,907 |
| 26 |
$1,834,920 |
$639,251
$133,032 |
$1,062,637 |
| 27 |
$1,926,648 |
$673,190
$139,682 |
$1,113,776 |
| 28 |
$2,022,984 |
$708,834
$146,666 |
$1,167,484 |
| 29 |
$2,124,144 |
$746,264
$154,000 |
$1,223,880 |
| 30 |
$2,230,344 |
$785,558
$161,700 |
$1,283,086 |
|
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