North Dakota Lottery

NDLottery 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 North Dakota, your state will take 2.9% 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.

North Dakota 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(2.9%)	$269,700
Net Lumpsum Payment	$5,628,970

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$8,730	$220,582
2	$316,080	-$77,280 -$9,166	$229,634
3	$331,880	-$83,126 -$9,625	$239,129
4	$348,480	-$89,268 -$10,106	$249,106
5	$365,900	-$95,713 -$10,611	$259,576
6	$384,200	-$102,484 -$11,142	$270,574
7	$403,400	-$109,588 -$11,699	$282,113
8	$423,580	-$117,055 -$12,284	$294,241
9	$444,760	-$124,892 -$12,898	$306,970
10	$467,000	-$133,120 -$13,543	$320,337
11	$490,340	-$141,756 -$14,220	$334,364
12	$514,860	-$150,829 -$14,931	$349,100
13	$540,600	-$160,352 -$15,677	$364,571
14	$567,640	-$170,357 -$16,462	$380,821
15	$596,020	-$180,858 -$17,285	$397,877
16	$625,820	-$191,884 -$18,149	$415,787
17	$657,100	-$203,457 -$19,056	$434,587
18	$689,960	-$215,616 -$20,009	$454,335
19	$724,460	-$228,381 -$21,009	$475,070
20	$760,680	-$241,782 -$22,060	$496,838
21	$798,720	-$255,857 -$23,163	$519,700
22	$838,660	-$270,635 -$24,321	$543,704
23	$880,580	-$286,145 -$25,537	$568,898
24	$924,620	-$302,440 -$26,814	$595,366
25	$970,840	-$319,541 -$28,154	$623,145
26	$1,019,400	-$337,508 -$29,563	$652,329
27	$1,070,360	-$356,364 -$31,040	$682,956
28	$1,123,880	-$376,166 -$32,593	$715,121
29	$1,180,080	-$396,960 -$34,222	$748,898
30	$1,239,080	-$418,790 -$35,933	$784,357