Maine Lottery

MELottery 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 Maine, your state will take 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.

Maine 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(5%)	$465,000
Net Lumpsum Payment	$5,433,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$15,051	$214,261
2	$316,080	-$77,280 -$15,804	$222,996
3	$331,880	-$83,126 -$16,594	$232,160
4	$348,480	-$89,268 -$17,424	$241,788
5	$365,900	-$95,713 -$18,295	$251,892
6	$384,200	-$102,484 -$19,210	$262,506
7	$403,400	-$109,588 -$20,170	$273,642
8	$423,580	-$117,055 -$21,179	$285,346
9	$444,760	-$124,892 -$22,238	$297,630
10	$467,000	-$133,120 -$23,350	$310,530
11	$490,340	-$141,756 -$24,517	$324,067
12	$514,860	-$150,829 -$25,743	$338,288
13	$540,600	-$160,352 -$27,030	$353,218
14	$567,640	-$170,357 -$28,382	$368,901
15	$596,020	-$180,858 -$29,801	$385,361
16	$625,820	-$191,884 -$31,291	$402,645
17	$657,100	-$203,457 -$32,855	$420,788
18	$689,960	-$215,616 -$34,498	$439,846
19	$724,460	-$228,381 -$36,223	$459,856
20	$760,680	-$241,782 -$38,034	$480,864
21	$798,720	-$255,857 -$39,936	$502,927
22	$838,660	-$270,635 -$41,933	$526,092
23	$880,580	-$286,145 -$44,029	$550,406
24	$924,620	-$302,440 -$46,231	$575,949
25	$970,840	-$319,541 -$48,542	$602,757
26	$1,019,400	-$337,508 -$50,970	$630,922
27	$1,070,360	-$356,364 -$53,518	$660,478
28	$1,123,880	-$376,166 -$56,194	$691,520
29	$1,180,080	-$396,960 -$59,004	$724,116
30	$1,239,080	-$418,790 -$61,954	$758,336