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 Massachusetts residents, the state will deduct 5% from your lottery earnings.
| Massachusetts 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(5%) | $840,000 | | Net Lumpsum Payment | $9,783,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$27,092 |
$353,934 |
| 2 |
$568,944 |
$170,840
$28,447 |
$369,657 |
| 3 |
$597,384 |
$181,362
$29,869 |
$386,153 |
| 4 |
$627,264 |
$192,418
$31,363 |
$403,483 |
| 5 |
$658,620 |
$204,020
$32,931 |
$421,669 |
| 6 |
$691,560 |
$216,208
$34,578 |
$440,774 |
| 7 |
$726,120 |
$228,995
$36,306 |
$460,819 |
| 8 |
$762,444 |
$242,435
$38,122 |
$481,887 |
| 9 |
$800,568 |
$256,541
$40,028 |
$503,999 |
| 10 |
$840,600 |
$271,352
$42,030 |
$527,218 |
| 11 |
$882,612 |
$286,897
$44,131 |
$551,584 |
| 12 |
$926,748 |
$303,227
$46,337 |
$577,184 |
| 13 |
$973,080 |
$320,370
$48,654 |
$604,056 |
| 14 |
$1,021,752 |
$338,379
$51,088 |
$632,285 |
| 15 |
$1,072,836 |
$357,280
$53,642 |
$661,914 |
| 16 |
$1,126,476 |
$377,127
$56,324 |
$693,025 |
| 17 |
$1,182,780 |
$397,959
$59,139 |
$725,682 |
| 18 |
$1,241,928 |
$419,844
$62,096 |
$759,988 |
| 19 |
$1,304,028 |
$442,821
$65,201 |
$796,006 |
| 20 |
$1,369,224 |
$466,943
$68,461 |
$833,820 |
| 21 |
$1,437,696 |
$492,278
$71,885 |
$873,533 |
| 22 |
$1,509,588 |
$518,878
$75,479 |
$915,231 |
| 23 |
$1,585,044 |
$546,797
$79,252 |
$958,995 |
| 24 |
$1,664,316 |
$576,127
$83,216 |
$1,004,973 |
| 25 |
$1,747,512 |
$606,910
$87,376 |
$1,053,226 |
| 26 |
$1,834,920 |
$639,251
$91,746 |
$1,103,923 |
| 27 |
$1,926,648 |
$673,190
$96,332 |
$1,157,126 |
| 28 |
$2,022,984 |
$708,834
$101,149 |
$1,213,001 |
| 29 |
$2,124,144 |
$746,264
$106,207 |
$1,271,673 |
| 30 |
$2,230,344 |
$785,558
$111,517 |
$1,333,269 |
|
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