Kentucky Lottery

KYLottery 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 Kentucky, your state will take 4.5% 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.

Kentucky 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(4.5%)	$756,000
Net Lumpsum Payment	$9,867,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$24,383	$356,643
2	$568,944	-$170,840 -$25,602	$372,502
3	$597,384	-$181,362 -$26,882	$389,140
4	$627,264	-$192,418 -$28,227	$406,619
5	$658,620	-$204,020 -$29,638	$424,962
6	$691,560	-$216,208 -$31,120	$444,232
7	$726,120	-$228,995 -$32,675	$464,450
8	$762,444	-$242,435 -$34,310	$485,699
9	$800,568	-$256,541 -$36,026	$508,001
10	$840,600	-$271,352 -$37,827	$531,421
11	$882,612	-$286,897 -$39,718	$555,997
12	$926,748	-$303,227 -$41,704	$581,817
13	$973,080	-$320,370 -$43,789	$608,921
14	$1,021,752	-$338,379 -$45,979	$637,394
15	$1,072,836	-$357,280 -$48,278	$667,278
16	$1,126,476	-$377,127 -$50,691	$698,658
17	$1,182,780	-$397,959 -$53,225	$731,596
18	$1,241,928	-$419,844 -$55,887	$766,197
19	$1,304,028	-$442,821 -$58,681	$802,526
20	$1,369,224	-$466,943 -$61,615	$840,666
21	$1,437,696	-$492,278 -$64,696	$880,722
22	$1,509,588	-$518,878 -$67,931	$922,779
23	$1,585,044	-$546,797 -$71,327	$966,920
24	$1,664,316	-$576,127 -$74,894	$1,013,295
25	$1,747,512	-$606,910 -$78,638	$1,061,964
26	$1,834,920	-$639,251 -$82,571	$1,113,098
27	$1,926,648	-$673,190 -$86,699	$1,166,759
28	$2,022,984	-$708,834 -$91,034	$1,223,116
29	$2,124,144	-$746,264 -$95,586	$1,282,294
30	$2,230,344	-$785,558 -$100,365	$1,344,421