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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana 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(6.75%) | $1,134,000 | | Net Lumpsum Payment | $9,489,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$36,574 |
$344,452 |
| 2 |
$568,944 |
$170,840
$38,404 |
$359,700 |
| 3 |
$597,384 |
$181,362
$40,323 |
$375,699 |
| 4 |
$627,264 |
$192,418
$42,340 |
$392,506 |
| 5 |
$658,620 |
$204,020
$44,457 |
$410,143 |
| 6 |
$691,560 |
$216,208
$46,680 |
$428,672 |
| 7 |
$726,120 |
$228,995
$49,013 |
$448,112 |
| 8 |
$762,444 |
$242,435
$51,465 |
$468,544 |
| 9 |
$800,568 |
$256,541
$54,038 |
$489,989 |
| 10 |
$840,600 |
$271,352
$56,741 |
$512,507 |
| 11 |
$882,612 |
$286,897
$59,576 |
$536,139 |
| 12 |
$926,748 |
$303,227
$62,555 |
$560,966 |
| 13 |
$973,080 |
$320,370
$65,683 |
$587,027 |
| 14 |
$1,021,752 |
$338,379
$68,968 |
$614,405 |
| 15 |
$1,072,836 |
$357,280
$72,416 |
$643,140 |
| 16 |
$1,126,476 |
$377,127
$76,037 |
$673,312 |
| 17 |
$1,182,780 |
$397,959
$79,838 |
$704,983 |
| 18 |
$1,241,928 |
$419,844
$83,830 |
$738,254 |
| 19 |
$1,304,028 |
$442,821
$88,022 |
$773,185 |
| 20 |
$1,369,224 |
$466,943
$92,423 |
$809,858 |
| 21 |
$1,437,696 |
$492,278
$97,044 |
$848,374 |
| 22 |
$1,509,588 |
$518,878
$101,897 |
$888,813 |
| 23 |
$1,585,044 |
$546,797
$106,990 |
$931,257 |
| 24 |
$1,664,316 |
$576,127
$112,341 |
$975,848 |
| 25 |
$1,747,512 |
$606,910
$117,957 |
$1,022,645 |
| 26 |
$1,834,920 |
$639,251
$123,857 |
$1,071,812 |
| 27 |
$1,926,648 |
$673,190
$130,049 |
$1,123,409 |
| 28 |
$2,022,984 |
$708,834
$136,551 |
$1,177,599 |
| 29 |
$2,124,144 |
$746,264
$143,380 |
$1,234,500 |
| 30 |
$2,230,344 |
$785,558
$150,548 |
$1,294,238 |
|
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