Washington DC Lottery

DCLottery 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. Additionally, if you are a resident of Washington DC, your state will take 10.75% 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.

Washington DC 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(10.75%)	$999,750
Net Lumpsum Payment	$4,898,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$32,360	$196,952
2	$316,080	-$77,280 -$33,979	$204,821
3	$331,880	-$83,126 -$35,677	$213,077
4	$348,480	-$89,268 -$37,462	$221,750
5	$365,900	-$95,713 -$39,334	$230,853
6	$384,200	-$102,484 -$41,302	$240,414
7	$403,400	-$109,588 -$43,366	$250,446
8	$423,580	-$117,055 -$45,535	$260,990
9	$444,760	-$124,892 -$47,812	$272,056
10	$467,000	-$133,120 -$50,203	$283,677
11	$490,340	-$141,756 -$52,712	$295,872
12	$514,860	-$150,829 -$55,347	$308,684
13	$540,600	-$160,352 -$58,115	$322,133
14	$567,640	-$170,357 -$61,021	$336,262
15	$596,020	-$180,858 -$64,072	$351,090
16	$625,820	-$191,884 -$67,276	$366,660
17	$657,100	-$203,457 -$70,638	$383,005
18	$689,960	-$215,616 -$74,171	$400,173
19	$724,460	-$228,381 -$77,879	$418,200
20	$760,680	-$241,782 -$81,773	$437,125
21	$798,720	-$255,857 -$85,862	$457,001
22	$838,660	-$270,635 -$90,156	$477,869
23	$880,580	-$286,145 -$94,662	$499,773
24	$924,620	-$302,440 -$99,397	$522,783
25	$970,840	-$319,541 -$104,365	$546,934
26	$1,019,400	-$337,508 -$109,586	$572,306
27	$1,070,360	-$356,364 -$115,064	$598,932
28	$1,123,880	-$376,166 -$120,817	$626,897
29	$1,180,080	-$396,960 -$126,859	$656,261
30	$1,239,080	-$418,790 -$133,201	$687,089