Florida Lottery

FLLottery 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. The good news is that if you're a resident of Florida, 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.

Florida 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(0%)	$0
Net Lumpsum Payment	$58,440,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,055,353	-$1,090,811 -$0	$1,964,542
2	$3,208,212	-$1,147,369 -$0	$2,060,843
3	$3,368,582	-$1,206,706 -$0	$2,161,876
4	$3,537,072	-$1,269,047 -$0	$2,268,025
5	$3,713,885	-$1,334,468 -$0	$2,379,417
6	$3,899,630	-$1,403,193 -$0	$2,496,437
7	$4,094,510	-$1,475,299 -$0	$2,619,211
8	$4,299,337	-$1,551,085 -$0	$2,748,252
9	$4,514,314	-$1,630,627 -$0	$2,883,687
10	$4,740,050	-$1,714,149 -$0	$3,025,901
11	$4,976,951	-$1,801,802 -$0	$3,175,149
12	$5,225,829	-$1,893,887 -$0	$3,331,942
13	$5,487,090	-$1,990,554 -$0	$3,496,536
14	$5,761,546	-$2,092,102 -$0	$3,669,444
15	$6,049,603	-$2,198,683 -$0	$3,850,920
16	$6,352,073	-$2,310,597 -$0	$4,041,476
17	$6,669,565	-$2,428,069 -$0	$4,241,496
18	$7,003,094	-$2,551,475 -$0	$4,451,619
19	$7,353,269	-$2,681,040 -$0	$4,672,229
20	$7,720,902	-$2,817,064 -$0	$4,903,838
21	$8,107,008	-$2,959,923 -$0	$5,147,085
22	$8,512,399	-$3,109,918 -$0	$5,402,481
23	$8,937,887	-$3,267,349 -$0	$5,670,538
24	$9,384,893	-$3,432,741 -$0	$5,952,152
25	$9,854,026	-$3,606,320 -$0	$6,247,706
26	$10,346,910	-$3,788,687 -$0	$6,558,223
27	$10,864,154	-$3,980,067 -$0	$6,884,087
28	$11,407,382	-$4,181,062 -$0	$7,226,320
29	$11,977,812	-$4,392,121 -$0	$7,585,691
30	$12,576,662	-$4,613,695 -$0	$7,962,967