Iowa Lottery

IALottery 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 Iowa, your state will take 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.

Iowa 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(5%)	$840,000
Net Lumpsum Payment	$9,783,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	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