Arizona Lottery

AZLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Arizona, your state will take 2.5% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Arizona Powerball Jackpot/Cash Option for Sat May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$16,800,000
Federal Tax(24%)	$4,032,000
Additional Federal Tax	$2,144,330
State Tax(2.5%)	$420,000
Net Lumpsum Payment	$10,203,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$13,546	$367,480
2	$568,944	-$170,840 -$14,224	$383,880
3	$597,384	-$181,362 -$14,935	$401,087
4	$627,264	-$192,418 -$15,682	$419,164
5	$658,620	-$204,020 -$16,466	$438,134
6	$691,560	-$216,208 -$17,289	$458,063
7	$726,120	-$228,995 -$18,153	$478,972
8	$762,444	-$242,435 -$19,061	$500,948
9	$800,568	-$256,541 -$20,014	$524,013
10	$840,600	-$271,352 -$21,015	$548,233
11	$882,612	-$286,897 -$22,065	$573,650
12	$926,748	-$303,227 -$23,169	$600,352
13	$973,080	-$320,370 -$24,327	$628,383
14	$1,021,752	-$338,379 -$25,544	$657,829
15	$1,072,836	-$357,280 -$26,821	$688,735
16	$1,126,476	-$377,127 -$28,162	$721,187
17	$1,182,780	-$397,959 -$29,570	$755,251
18	$1,241,928	-$419,844 -$31,048	$791,036
19	$1,304,028	-$442,821 -$32,601	$828,606
20	$1,369,224	-$466,943 -$34,231	$868,050
21	$1,437,696	-$492,278 -$35,942	$909,476
22	$1,509,588	-$518,878 -$37,740	$952,970
23	$1,585,044	-$546,797 -$39,626	$998,621
24	$1,664,316	-$576,127 -$41,608	$1,046,581
25	$1,747,512	-$606,910 -$43,688	$1,096,914
26	$1,834,920	-$639,251 -$45,873	$1,149,796
27	$1,926,648	-$673,190 -$48,166	$1,205,292
28	$2,022,984	-$708,834 -$50,575	$1,263,575
29	$2,124,144	-$746,264 -$53,104	$1,324,776
30	$2,230,344	-$785,558 -$55,759	$1,389,027