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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $670,320 | | Net Lumpsum Payment | $9,953,350 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$21,619 |
$359,407 |
| 2 |
$568,944 |
$170,840
$22,701 |
$375,403 |
| 3 |
$597,384 |
$181,362
$23,836 |
$392,186 |
| 4 |
$627,264 |
$192,418
$25,028 |
$409,818 |
| 5 |
$658,620 |
$204,020
$26,279 |
$428,321 |
| 6 |
$691,560 |
$216,208
$27,593 |
$447,759 |
| 7 |
$726,120 |
$228,995
$28,972 |
$468,153 |
| 8 |
$762,444 |
$242,435
$30,422 |
$489,587 |
| 9 |
$800,568 |
$256,541
$31,943 |
$512,084 |
| 10 |
$840,600 |
$271,352
$33,540 |
$535,708 |
| 11 |
$882,612 |
$286,897
$35,216 |
$560,499 |
| 12 |
$926,748 |
$303,227
$36,977 |
$586,544 |
| 13 |
$973,080 |
$320,370
$38,826 |
$613,884 |
| 14 |
$1,021,752 |
$338,379
$40,768 |
$642,605 |
| 15 |
$1,072,836 |
$357,280
$42,806 |
$672,750 |
| 16 |
$1,126,476 |
$377,127
$44,946 |
$704,403 |
| 17 |
$1,182,780 |
$397,959
$47,193 |
$737,628 |
| 18 |
$1,241,928 |
$419,844
$49,553 |
$772,531 |
| 19 |
$1,304,028 |
$442,821
$52,031 |
$809,176 |
| 20 |
$1,369,224 |
$466,943
$54,632 |
$847,649 |
| 21 |
$1,437,696 |
$492,278
$57,364 |
$888,054 |
| 22 |
$1,509,588 |
$518,878
$60,233 |
$930,477 |
| 23 |
$1,585,044 |
$546,797
$63,243 |
$975,004 |
| 24 |
$1,664,316 |
$576,127
$66,406 |
$1,021,783 |
| 25 |
$1,747,512 |
$606,910
$69,726 |
$1,070,876 |
| 26 |
$1,834,920 |
$639,251
$73,213 |
$1,122,456 |
| 27 |
$1,926,648 |
$673,190
$76,873 |
$1,176,585 |
| 28 |
$2,022,984 |
$708,834
$80,717 |
$1,233,433 |
| 29 |
$2,124,144 |
$746,264
$84,753 |
$1,293,127 |
| 30 |
$2,230,344 |
$785,558
$88,991 |
$1,355,795 |
|
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