Ohio Lottery

OHLottery 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 Ohio, your state will take 3.99% 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.

Ohio 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(3.99%)	$670,320
Net Lumpsum Payment	$9,953,350

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$21,619	$359,407
2	$568,944	-$170,840 -$22,701	$375,403
3	$597,384	-$181,362 -$23,836	$392,186
4	$627,264	-$192,418 -$25,028	$409,818
5	$658,620	-$204,020 -$26,279	$428,321
6	$691,560	-$216,208 -$27,593	$447,759
7	$726,120	-$228,995 -$28,972	$468,153
8	$762,444	-$242,435 -$30,422	$489,587
9	$800,568	-$256,541 -$31,943	$512,084
10	$840,600	-$271,352 -$33,540	$535,708
11	$882,612	-$286,897 -$35,216	$560,499
12	$926,748	-$303,227 -$36,977	$586,544
13	$973,080	-$320,370 -$38,826	$613,884
14	$1,021,752	-$338,379 -$40,768	$642,605
15	$1,072,836	-$357,280 -$42,806	$672,750
16	$1,126,476	-$377,127 -$44,946	$704,403
17	$1,182,780	-$397,959 -$47,193	$737,628
18	$1,241,928	-$419,844 -$49,553	$772,531
19	$1,304,028	-$442,821 -$52,031	$809,176
20	$1,369,224	-$466,943 -$54,632	$847,649
21	$1,437,696	-$492,278 -$57,364	$888,054
22	$1,509,588	-$518,878 -$60,233	$930,477
23	$1,585,044	-$546,797 -$63,243	$975,004
24	$1,664,316	-$576,127 -$66,406	$1,021,783
25	$1,747,512	-$606,910 -$69,726	$1,070,876
26	$1,834,920	-$639,251 -$73,213	$1,122,456
27	$1,926,648	-$673,190 -$76,873	$1,176,585
28	$2,022,984	-$708,834 -$80,717	$1,233,433
29	$2,124,144	-$746,264 -$84,753	$1,293,127
30	$2,230,344	-$785,558 -$88,991	$1,355,795