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 Washington, the bright side is you won't have to pay any state taxes on your lottery prize.
| Washington 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(0%) | $0 | | Net Lumpsum Payment | $10,623,670 |
| Annuity Payment in 30 Installations |
|---|
| 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 |
|
|
