Puerto Rico Lottery

PRLottery 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. The good news is that if you're a resident of Puerto Rico, you won't owe any state tax on 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.

Puerto Rico 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(0%)	$0
Net Lumpsum Payment	$5,898,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$0	$229,312
2	$316,080	-$77,280 -$0	$238,800
3	$331,880	-$83,126 -$0	$248,754
4	$348,480	-$89,268 -$0	$259,212
5	$365,900	-$95,713 -$0	$270,187
6	$384,200	-$102,484 -$0	$281,716
7	$403,400	-$109,588 -$0	$293,812
8	$423,580	-$117,055 -$0	$306,525
9	$444,760	-$124,892 -$0	$319,868
10	$467,000	-$133,120 -$0	$333,880
11	$490,340	-$141,756 -$0	$348,584
12	$514,860	-$150,829 -$0	$364,031
13	$540,600	-$160,352 -$0	$380,248
14	$567,640	-$170,357 -$0	$397,283
15	$596,020	-$180,858 -$0	$415,162
16	$625,820	-$191,884 -$0	$433,936
17	$657,100	-$203,457 -$0	$453,643
18	$689,960	-$215,616 -$0	$474,344
19	$724,460	-$228,381 -$0	$496,079
20	$760,680	-$241,782 -$0	$518,898
21	$798,720	-$255,857 -$0	$542,863
22	$838,660	-$270,635 -$0	$568,025
23	$880,580	-$286,145 -$0	$594,435
24	$924,620	-$302,440 -$0	$622,180
25	$970,840	-$319,541 -$0	$651,299
26	$1,019,400	-$337,508 -$0	$681,892
27	$1,070,360	-$356,364 -$0	$713,996
28	$1,123,880	-$376,166 -$0	$747,714
29	$1,180,080	-$396,960 -$0	$783,120
30	$1,239,080	-$418,790 -$0	$820,290