Pennsylvania Lottery

PALottery 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 Pennsylvania, your state will take 3.07% 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.

Pennsylvania 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(3.07%)	$515,760
Net Lumpsum Payment	$10,107,910

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$16,634	$364,392
2	$568,944	-$170,840 -$17,467	$380,637
3	$597,384	-$181,362 -$18,340	$397,682
4	$627,264	-$192,418 -$19,257	$415,589
5	$658,620	-$204,020 -$20,220	$434,380
6	$691,560	-$216,208 -$21,231	$454,121
7	$726,120	-$228,995 -$22,292	$474,833
8	$762,444	-$242,435 -$23,407	$496,602
9	$800,568	-$256,541 -$24,577	$519,450
10	$840,600	-$271,352 -$25,806	$543,442
11	$882,612	-$286,897 -$27,096	$568,619
12	$926,748	-$303,227 -$28,451	$595,070
13	$973,080	-$320,370 -$29,874	$622,836
14	$1,021,752	-$338,379 -$31,368	$652,005
15	$1,072,836	-$357,280 -$32,936	$682,620
16	$1,126,476	-$377,127 -$34,583	$714,766
17	$1,182,780	-$397,959 -$36,311	$748,510
18	$1,241,928	-$419,844 -$38,127	$783,957
19	$1,304,028	-$442,821 -$40,034	$821,173
20	$1,369,224	-$466,943 -$42,035	$860,246
21	$1,437,696	-$492,278 -$44,137	$901,281
22	$1,509,588	-$518,878 -$46,344	$944,366
23	$1,585,044	-$546,797 -$48,661	$989,586
24	$1,664,316	-$576,127 -$51,095	$1,037,094
25	$1,747,512	-$606,910 -$53,649	$1,086,953
26	$1,834,920	-$639,251 -$56,332	$1,139,337
27	$1,926,648	-$673,190 -$59,148	$1,194,310
28	$2,022,984	-$708,834 -$62,106	$1,252,044
29	$2,124,144	-$746,264 -$65,211	$1,312,669
30	$2,230,344	-$785,558 -$68,472	$1,376,314