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 those living in Texas, the bright side is you won't have to pay any state taxes on your lottery prize.
Texas Powerball Jackpot/Cash Option for Sat May 11, 2024 |
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Draw Date | Sat May 11, 2024 | Projected Jackpot | $36,000,000 | Cash Value | $16,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $16,800,000 | Federal Tax(24%) | $4,032,000 | Additional Federal Tax | $2,144,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $10,623,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$541,836 |
$160,810 $0 |
$381,026 |
2 |
$568,944 |
$170,840 $0 |
$398,104 |
3 |
$597,384 |
$181,362 $0 |
$416,022 |
4 |
$627,264 |
$192,418 $0 |
$434,846 |
5 |
$658,620 |
$204,020 $0 |
$454,600 |
6 |
$691,560 |
$216,208 $0 |
$475,352 |
7 |
$726,120 |
$228,995 $0 |
$497,125 |
8 |
$762,444 |
$242,435 $0 |
$520,009 |
9 |
$800,568 |
$256,541 $0 |
$544,027 |
10 |
$840,600 |
$271,352 $0 |
$569,248 |
11 |
$882,612 |
$286,897 $0 |
$595,715 |
12 |
$926,748 |
$303,227 $0 |
$623,521 |
13 |
$973,080 |
$320,370 $0 |
$652,710 |
14 |
$1,021,752 |
$338,379 $0 |
$683,373 |
15 |
$1,072,836 |
$357,280 $0 |
$715,556 |
16 |
$1,126,476 |
$377,127 $0 |
$749,349 |
17 |
$1,182,780 |
$397,959 $0 |
$784,821 |
18 |
$1,241,928 |
$419,844 $0 |
$822,084 |
19 |
$1,304,028 |
$442,821 $0 |
$861,207 |
20 |
$1,369,224 |
$466,943 $0 |
$902,281 |
21 |
$1,437,696 |
$492,278 $0 |
$945,418 |
22 |
$1,509,588 |
$518,878 $0 |
$990,710 |
23 |
$1,585,044 |
$546,797 $0 |
$1,038,247 |
24 |
$1,664,316 |
$576,127 $0 |
$1,088,189 |
25 |
$1,747,512 |
$606,910 $0 |
$1,140,602 |
26 |
$1,834,920 |
$639,251 $0 |
$1,195,669 |
27 |
$1,926,648 |
$673,190 $0 |
$1,253,458 |
28 |
$2,022,984 |
$708,834 $0 |
$1,314,150 |
29 |
$2,124,144 |
$746,264 $0 |
$1,377,880 |
30 |
$2,230,344 |
$785,558 $0 |
$1,444,786 |
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