Georgia Lottery

GALottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed May 8, 2024 is estimated to be $20 Million, with a cash option of 9.3 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 Georgia, your state will take 5.75% 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.

Georgia Powerball Jackpot/Cash Option for Wed May 8, 2024

Draw Date	Jackpot	Cash Option
Wed May 8, 2024	$20,000,000	$9,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$9,300,000
Federal Tax(24%)	$2,232,000
Additional Federal Tax	$1,169,330
State Tax(5.75%)	$534,750
Net Lumpsum Payment	$5,363,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$17,309	$212,003
2	$316,080	-$77,280 -$18,175	$220,625
3	$331,880	-$83,126 -$19,083	$229,671
4	$348,480	-$89,268 -$20,038	$239,174
5	$365,900	-$95,713 -$21,039	$249,148
6	$384,200	-$102,484 -$22,092	$259,624
7	$403,400	-$109,588 -$23,196	$270,616
8	$423,580	-$117,055 -$24,356	$282,169
9	$444,760	-$124,892 -$25,574	$294,294
10	$467,000	-$133,120 -$26,853	$307,027
11	$490,340	-$141,756 -$28,195	$320,389
12	$514,860	-$150,829 -$29,604	$334,427
13	$540,600	-$160,352 -$31,085	$349,163
14	$567,640	-$170,357 -$32,639	$364,644
15	$596,020	-$180,858 -$34,271	$380,891
16	$625,820	-$191,884 -$35,985	$397,951
17	$657,100	-$203,457 -$37,783	$415,860
18	$689,960	-$215,616 -$39,673	$434,671
19	$724,460	-$228,381 -$41,656	$454,423
20	$760,680	-$241,782 -$43,739	$475,159
21	$798,720	-$255,857 -$45,926	$496,937
22	$838,660	-$270,635 -$48,223	$519,802
23	$880,580	-$286,145 -$50,633	$543,802
24	$924,620	-$302,440 -$53,166	$569,014
25	$970,840	-$319,541 -$55,823	$595,476
26	$1,019,400	-$337,508 -$58,616	$623,276
27	$1,070,360	-$356,364 -$61,546	$652,450
28	$1,123,880	-$376,166 -$64,623	$683,091
29	$1,180,080	-$396,960 -$67,855	$715,265
30	$1,239,080	-$418,790 -$71,247	$749,043