Connecticut Lottery

CTLottery 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 Connecticut, your state will take 6.99% 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.

Connecticut 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(6.99%)	$1,174,320
Net Lumpsum Payment	$9,449,350

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$37,874	$343,152
2	$568,944	-$170,840 -$39,769	$358,335
3	$597,384	-$181,362 -$41,757	$374,265
4	$627,264	-$192,418 -$43,846	$391,000
5	$658,620	-$204,020 -$46,038	$408,562
6	$691,560	-$216,208 -$48,340	$427,012
7	$726,120	-$228,995 -$50,756	$446,369
8	$762,444	-$242,435 -$53,295	$466,714
9	$800,568	-$256,541 -$55,960	$488,067
10	$840,600	-$271,352 -$58,758	$510,490
11	$882,612	-$286,897 -$61,695	$534,020
12	$926,748	-$303,227 -$64,780	$558,741
13	$973,080	-$320,370 -$68,018	$584,692
14	$1,021,752	-$338,379 -$71,420	$611,953
15	$1,072,836	-$357,280 -$74,991	$640,565
16	$1,126,476	-$377,127 -$78,741	$670,608
17	$1,182,780	-$397,959 -$82,676	$702,145
18	$1,241,928	-$419,844 -$86,811	$735,273
19	$1,304,028	-$442,821 -$91,152	$770,055
20	$1,369,224	-$466,943 -$95,709	$806,572
21	$1,437,696	-$492,278 -$100,495	$844,923
22	$1,509,588	-$518,878 -$105,520	$885,190
23	$1,585,044	-$546,797 -$110,795	$927,452
24	$1,664,316	-$576,127 -$116,336	$971,853
25	$1,747,512	-$606,910 -$122,151	$1,018,451
26	$1,834,920	-$639,251 -$128,261	$1,067,408
27	$1,926,648	-$673,190 -$134,673	$1,118,785
28	$2,022,984	-$708,834 -$141,407	$1,172,743
29	$2,124,144	-$746,264 -$148,478	$1,229,402
30	$2,230,344	-$785,558 -$155,901	$1,288,885