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 Wisconsin residents, the state will deduct 7.65% from your lottery earnings.
Wisconsin 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(7.65%) | $1,285,200 | Net Lumpsum Payment | $9,338,470 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$541,836 |
$160,810 $41,450 |
$339,576 |
2 |
$568,944 |
$170,840 $43,524 |
$354,580 |
3 |
$597,384 |
$181,362 $45,700 |
$370,322 |
4 |
$627,264 |
$192,418 $47,986 |
$386,860 |
5 |
$658,620 |
$204,020 $50,384 |
$404,216 |
6 |
$691,560 |
$216,208 $52,904 |
$422,448 |
7 |
$726,120 |
$228,995 $55,548 |
$441,577 |
8 |
$762,444 |
$242,435 $58,327 |
$461,682 |
9 |
$800,568 |
$256,541 $61,243 |
$482,784 |
10 |
$840,600 |
$271,352 $64,306 |
$504,942 |
11 |
$882,612 |
$286,897 $67,520 |
$528,195 |
12 |
$926,748 |
$303,227 $70,896 |
$552,625 |
13 |
$973,080 |
$320,370 $74,441 |
$578,269 |
14 |
$1,021,752 |
$338,379 $78,164 |
$605,209 |
15 |
$1,072,836 |
$357,280 $82,072 |
$633,484 |
16 |
$1,126,476 |
$377,127 $86,175 |
$663,174 |
17 |
$1,182,780 |
$397,959 $90,483 |
$694,338 |
18 |
$1,241,928 |
$419,844 $95,007 |
$727,077 |
19 |
$1,304,028 |
$442,821 $99,758 |
$761,449 |
20 |
$1,369,224 |
$466,943 $104,746 |
$797,535 |
21 |
$1,437,696 |
$492,278 $109,984 |
$835,434 |
22 |
$1,509,588 |
$518,878 $115,483 |
$875,227 |
23 |
$1,585,044 |
$546,797 $121,256 |
$916,991 |
24 |
$1,664,316 |
$576,127 $127,320 |
$960,869 |
25 |
$1,747,512 |
$606,910 $133,685 |
$1,006,917 |
26 |
$1,834,920 |
$639,251 $140,371 |
$1,055,298 |
27 |
$1,926,648 |
$673,190 $147,389 |
$1,106,069 |
28 |
$2,022,984 |
$708,834 $154,758 |
$1,159,392 |
29 |
$2,124,144 |
$746,264 $162,497 |
$1,215,383 |
30 |
$2,230,344 |
$785,558 $170,621 |
$1,274,165 |
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