Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 4, 2024 is estimated to be $203 Million, with a cash option of 92.7 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 Connecticut, your state will take 6.99% 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.

Connecticut Powerball Jackpot/Cash Option for Sat May 4, 2024

Draw Date	Jackpot	Cash Option
Sat May 4, 2024	$203,000,000	$92,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$92,700,000
Federal Tax(24%)	$22,248,000
Additional Federal Tax	$12,011,330
State Tax(6.99%)	$6,479,730
Net Lumpsum Payment	$51,960,940

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,055,353	-$1,090,811 -$213,569	$1,750,973
2	$3,208,212	-$1,147,369 -$224,254	$1,836,589
3	$3,368,582	-$1,206,706 -$235,464	$1,926,412
4	$3,537,072	-$1,269,047 -$247,241	$2,020,784
5	$3,713,885	-$1,334,468 -$259,601	$2,119,816
6	$3,899,630	-$1,403,193 -$272,584	$2,223,853
7	$4,094,510	-$1,475,299 -$286,206	$2,333,005
8	$4,299,337	-$1,551,085 -$300,524	$2,447,728
9	$4,514,314	-$1,630,627 -$315,551	$2,568,136
10	$4,740,050	-$1,714,149 -$331,329	$2,694,572
11	$4,976,951	-$1,801,802 -$347,889	$2,827,260
12	$5,225,829	-$1,893,887 -$365,285	$2,966,657
13	$5,487,090	-$1,990,554 -$383,548	$3,112,988
14	$5,761,546	-$2,092,102 -$402,732	$3,266,712
15	$6,049,603	-$2,198,683 -$422,867	$3,428,053
16	$6,352,073	-$2,310,597 -$444,010	$3,597,466
17	$6,669,565	-$2,428,069 -$466,203	$3,775,293
18	$7,003,094	-$2,551,475 -$489,516	$3,962,103
19	$7,353,269	-$2,681,040 -$513,994	$4,158,235
20	$7,720,902	-$2,817,064 -$539,691	$4,364,147
21	$8,107,008	-$2,959,923 -$566,680	$4,580,405
22	$8,512,399	-$3,109,918 -$595,017	$4,807,464
23	$8,937,887	-$3,267,349 -$624,758	$5,045,780
24	$9,384,893	-$3,432,741 -$656,004	$5,296,148
25	$9,854,026	-$3,606,320 -$688,796	$5,558,910
26	$10,346,910	-$3,788,687 -$723,249	$5,834,974
27	$10,864,154	-$3,980,067 -$759,404	$6,124,683
28	$11,407,382	-$4,181,062 -$797,376	$6,428,944
29	$11,977,812	-$4,392,121 -$837,249	$6,748,442
30	$12,576,662	-$4,613,695 -$879,109	$7,083,858