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 Vermont residents, the state will deduct 6% from your lottery earnings.
Vermont 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(6%) | $1,008,000 | Net Lumpsum Payment | $9,615,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$541,836 |
$160,810 $32,510 |
$348,516 |
2 |
$568,944 |
$170,840 $34,137 |
$363,967 |
3 |
$597,384 |
$181,362 $35,843 |
$380,179 |
4 |
$627,264 |
$192,418 $37,636 |
$397,210 |
5 |
$658,620 |
$204,020 $39,517 |
$415,083 |
6 |
$691,560 |
$216,208 $41,494 |
$433,858 |
7 |
$726,120 |
$228,995 $43,567 |
$453,558 |
8 |
$762,444 |
$242,435 $45,747 |
$474,262 |
9 |
$800,568 |
$256,541 $48,034 |
$495,993 |
10 |
$840,600 |
$271,352 $50,436 |
$518,812 |
11 |
$882,612 |
$286,897 $52,957 |
$542,758 |
12 |
$926,748 |
$303,227 $55,605 |
$567,916 |
13 |
$973,080 |
$320,370 $58,385 |
$594,325 |
14 |
$1,021,752 |
$338,379 $61,305 |
$622,068 |
15 |
$1,072,836 |
$357,280 $64,370 |
$651,186 |
16 |
$1,126,476 |
$377,127 $67,589 |
$681,760 |
17 |
$1,182,780 |
$397,959 $70,967 |
$713,854 |
18 |
$1,241,928 |
$419,844 $74,516 |
$747,568 |
19 |
$1,304,028 |
$442,821 $78,242 |
$782,965 |
20 |
$1,369,224 |
$466,943 $82,153 |
$820,128 |
21 |
$1,437,696 |
$492,278 $86,262 |
$859,156 |
22 |
$1,509,588 |
$518,878 $90,575 |
$900,135 |
23 |
$1,585,044 |
$546,797 $95,103 |
$943,144 |
24 |
$1,664,316 |
$576,127 $99,859 |
$988,330 |
25 |
$1,747,512 |
$606,910 $104,851 |
$1,035,751 |
26 |
$1,834,920 |
$639,251 $110,095 |
$1,085,574 |
27 |
$1,926,648 |
$673,190 $115,599 |
$1,137,859 |
28 |
$2,022,984 |
$708,834 $121,379 |
$1,192,771 |
29 |
$2,124,144 |
$746,264 $127,449 |
$1,250,431 |
30 |
$2,230,344 |
$785,558 $133,821 |
$1,310,965 |
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