Arizona Lottery

AZLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon May 6, 2024 is estimated to be $214 Million, with a cash option of 99.7 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 Arizona, your state will take 2.5% 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.

Arizona Powerball Jackpot/Cash Option for Mon May 6, 2024

Draw Date	Jackpot	Cash Option
Mon May 6, 2024	$214,000,000	$99,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,700,000
Federal Tax(24%)	$23,928,000
Additional Federal Tax	$12,921,330
State Tax(2.5%)	$2,492,500
Net Lumpsum Payment	$60,358,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,220,914	-$1,152,069 -$80,523	$1,988,322
2	$3,382,056	-$1,211,691 -$84,551	$2,085,814
3	$3,551,116	-$1,274,243 -$88,778	$2,188,095
4	$3,728,736	-$1,339,963 -$93,218	$2,295,555
5	$3,915,130	-$1,408,928 -$97,878	$2,408,324
6	$4,110,940	-$1,481,378 -$102,774	$2,526,788
7	$4,316,380	-$1,557,391 -$107,910	$2,651,079
8	$4,532,306	-$1,637,284 -$113,308	$2,781,714
9	$4,758,932	-$1,721,135 -$118,973	$2,918,824
10	$4,996,900	-$1,809,183 -$124,923	$3,062,794
11	$5,246,638	-$1,901,586 -$131,166	$3,213,886
12	$5,509,002	-$1,998,661 -$137,725	$3,372,616
13	$5,784,420	-$2,100,566 -$144,611	$3,539,243
14	$6,073,748	-$2,207,617 -$151,844	$3,714,287
15	$6,377,414	-$2,319,974 -$159,435	$3,898,005
16	$6,696,274	-$2,437,952 -$167,407	$4,090,915
17	$7,030,970	-$2,561,789 -$175,774	$4,293,407
18	$7,382,572	-$2,691,882 -$184,564	$4,506,126
19	$7,751,722	-$2,828,468 -$193,793	$4,729,461
20	$8,139,276	-$2,971,863 -$203,482	$4,963,931
21	$8,546,304	-$3,122,463 -$213,658	$5,210,183
22	$8,973,662	-$3,280,585 -$224,342	$5,468,735
23	$9,422,206	-$3,446,547 -$235,555	$5,740,104
24	$9,893,434	-$3,620,901 -$247,336	$6,025,197
25	$10,387,988	-$3,803,886 -$259,700	$6,324,402
26	$10,907,580	-$3,996,135 -$272,690	$6,638,755
27	$11,452,852	-$4,197,886 -$286,321	$6,968,645
28	$12,025,516	-$4,409,771 -$300,638	$7,315,107
29	$12,626,856	-$4,632,267 -$315,671	$7,678,918
30	$13,258,156	-$4,865,848 -$331,454	$8,060,854