Vermont Lottery

VTLottery 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 Vermont, your state will take 6% 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.

Vermont 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(6%)	$1,008,000
Net Lumpsum Payment	$9,615,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$32,510	$348,516
2	$568,944	-$170,840 -$34,137	$363,967
3	$597,384	-$181,362 -$35,843	$380,179
4	$627,264	-$192,418 -$37,636	$397,210
5	$658,620	-$204,020 -$39,517	$415,083
6	$691,560	-$216,208 -$41,494	$433,858
7	$726,120	-$228,995 -$43,567	$453,558
8	$762,444	-$242,435 -$45,747	$474,262
9	$800,568	-$256,541 -$48,034	$495,993
10	$840,600	-$271,352 -$50,436	$518,812
11	$882,612	-$286,897 -$52,957	$542,758
12	$926,748	-$303,227 -$55,605	$567,916
13	$973,080	-$320,370 -$58,385	$594,325
14	$1,021,752	-$338,379 -$61,305	$622,068
15	$1,072,836	-$357,280 -$64,370	$651,186
16	$1,126,476	-$377,127 -$67,589	$681,760
17	$1,182,780	-$397,959 -$70,967	$713,854
18	$1,241,928	-$419,844 -$74,516	$747,568
19	$1,304,028	-$442,821 -$78,242	$782,965
20	$1,369,224	-$466,943 -$82,153	$820,128
21	$1,437,696	-$492,278 -$86,262	$859,156
22	$1,509,588	-$518,878 -$90,575	$900,135
23	$1,585,044	-$546,797 -$95,103	$943,144
24	$1,664,316	-$576,127 -$99,859	$988,330
25	$1,747,512	-$606,910 -$104,851	$1,035,751
26	$1,834,920	-$639,251 -$110,095	$1,085,574
27	$1,926,648	-$673,190 -$115,599	$1,137,859
28	$2,022,984	-$708,834 -$121,379	$1,192,771
29	$2,124,144	-$746,264 -$127,449	$1,250,431
30	$2,230,344	-$785,558 -$133,821	$1,310,965