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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $515,760 | | Net Lumpsum Payment | $10,107,910 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$16,634 |
$364,392 |
| 2 |
$568,944 |
$170,840
$17,467 |
$380,637 |
| 3 |
$597,384 |
$181,362
$18,340 |
$397,682 |
| 4 |
$627,264 |
$192,418
$19,257 |
$415,589 |
| 5 |
$658,620 |
$204,020
$20,220 |
$434,380 |
| 6 |
$691,560 |
$216,208
$21,231 |
$454,121 |
| 7 |
$726,120 |
$228,995
$22,292 |
$474,833 |
| 8 |
$762,444 |
$242,435
$23,407 |
$496,602 |
| 9 |
$800,568 |
$256,541
$24,577 |
$519,450 |
| 10 |
$840,600 |
$271,352
$25,806 |
$543,442 |
| 11 |
$882,612 |
$286,897
$27,096 |
$568,619 |
| 12 |
$926,748 |
$303,227
$28,451 |
$595,070 |
| 13 |
$973,080 |
$320,370
$29,874 |
$622,836 |
| 14 |
$1,021,752 |
$338,379
$31,368 |
$652,005 |
| 15 |
$1,072,836 |
$357,280
$32,936 |
$682,620 |
| 16 |
$1,126,476 |
$377,127
$34,583 |
$714,766 |
| 17 |
$1,182,780 |
$397,959
$36,311 |
$748,510 |
| 18 |
$1,241,928 |
$419,844
$38,127 |
$783,957 |
| 19 |
$1,304,028 |
$442,821
$40,034 |
$821,173 |
| 20 |
$1,369,224 |
$466,943
$42,035 |
$860,246 |
| 21 |
$1,437,696 |
$492,278
$44,137 |
$901,281 |
| 22 |
$1,509,588 |
$518,878
$46,344 |
$944,366 |
| 23 |
$1,585,044 |
$546,797
$48,661 |
$989,586 |
| 24 |
$1,664,316 |
$576,127
$51,095 |
$1,037,094 |
| 25 |
$1,747,512 |
$606,910
$53,649 |
$1,086,953 |
| 26 |
$1,834,920 |
$639,251
$56,332 |
$1,139,337 |
| 27 |
$1,926,648 |
$673,190
$59,148 |
$1,194,310 |
| 28 |
$2,022,984 |
$708,834
$62,106 |
$1,252,044 |
| 29 |
$2,124,144 |
$746,264
$65,211 |
$1,312,669 |
| 30 |
$2,230,344 |
$785,558
$68,472 |
$1,376,314 |
|
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