Georgia Lottery

GALottery 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 Georgia, your state will take 5.75% 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.

Georgia 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(5.75%)	$5,330,250
Net Lumpsum Payment	$53,110,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,055,353	-$1,090,811 -$175,683	$1,788,859
2	$3,208,212	-$1,147,369 -$184,472	$1,876,371
3	$3,368,582	-$1,206,706 -$193,693	$1,968,183
4	$3,537,072	-$1,269,047 -$203,382	$2,064,643
5	$3,713,885	-$1,334,468 -$213,548	$2,165,869
6	$3,899,630	-$1,403,193 -$224,229	$2,272,208
7	$4,094,510	-$1,475,299 -$235,434	$2,383,777
8	$4,299,337	-$1,551,085 -$247,212	$2,501,040
9	$4,514,314	-$1,630,627 -$259,573	$2,624,114
10	$4,740,050	-$1,714,149 -$272,553	$2,753,348
11	$4,976,951	-$1,801,802 -$286,175	$2,888,974
12	$5,225,829	-$1,893,887 -$300,485	$3,031,457
13	$5,487,090	-$1,990,554 -$315,508	$3,181,028
14	$5,761,546	-$2,092,102 -$331,289	$3,338,155
15	$6,049,603	-$2,198,683 -$347,852	$3,503,068
16	$6,352,073	-$2,310,597 -$365,244	$3,676,232
17	$6,669,565	-$2,428,069 -$383,500	$3,857,996
18	$7,003,094	-$2,551,475 -$402,678	$4,048,941
19	$7,353,269	-$2,681,040 -$422,813	$4,249,416
20	$7,720,902	-$2,817,064 -$443,952	$4,459,886
21	$8,107,008	-$2,959,923 -$466,153	$4,680,932
22	$8,512,399	-$3,109,918 -$489,463	$4,913,018
23	$8,937,887	-$3,267,349 -$513,929	$5,156,609
24	$9,384,893	-$3,432,741 -$539,631	$5,412,521
25	$9,854,026	-$3,606,320 -$566,606	$5,681,100
26	$10,346,910	-$3,788,687 -$594,947	$5,963,276
27	$10,864,154	-$3,980,067 -$624,689	$6,259,398
28	$11,407,382	-$4,181,062 -$655,924	$6,570,396
29	$11,977,812	-$4,392,121 -$688,724	$6,896,967
30	$12,576,662	-$4,613,695 -$723,158	$7,239,809