Mississippi Lottery

MSLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon May 6, 2024 is estimated to be $214 Million, with a cash option of 99.7 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 Mississippi, 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.

Mississippi Powerball Jackpot/Cash Option for Mon May 6, 2024

Draw Date	Jackpot	Cash Option
Mon May 6, 2024	$214,000,000	$99,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,700,000
Federal Tax(24%)	$23,928,000
Additional Federal Tax	$12,921,330
State Tax(5%)	$4,985,000
Net Lumpsum Payment	$57,865,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,220,914	-$1,152,069 -$161,046	$1,907,799
2	$3,382,056	-$1,211,691 -$169,103	$2,001,262
3	$3,551,116	-$1,274,243 -$177,556	$2,099,317
4	$3,728,736	-$1,339,963 -$186,437	$2,202,336
5	$3,915,130	-$1,408,928 -$195,757	$2,310,445
6	$4,110,940	-$1,481,378 -$205,547	$2,424,015
7	$4,316,380	-$1,557,391 -$215,819	$2,543,170
8	$4,532,306	-$1,637,284 -$226,615	$2,668,407
9	$4,758,932	-$1,721,135 -$237,947	$2,799,850
10	$4,996,900	-$1,809,183 -$249,845	$2,937,872
11	$5,246,638	-$1,901,586 -$262,332	$3,082,720
12	$5,509,002	-$1,998,661 -$275,450	$3,234,891
13	$5,784,420	-$2,100,566 -$289,221	$3,394,633
14	$6,073,748	-$2,207,617 -$303,687	$3,562,444
15	$6,377,414	-$2,319,974 -$318,871	$3,738,569
16	$6,696,274	-$2,437,952 -$334,814	$3,923,508
17	$7,030,970	-$2,561,789 -$351,549	$4,117,632
18	$7,382,572	-$2,691,882 -$369,129	$4,321,561
19	$7,751,722	-$2,828,468 -$387,586	$4,535,668
20	$8,139,276	-$2,971,863 -$406,964	$4,760,449
21	$8,546,304	-$3,122,463 -$427,315	$4,996,526
22	$8,973,662	-$3,280,585 -$448,683	$5,244,394
23	$9,422,206	-$3,446,547 -$471,110	$5,504,549
24	$9,893,434	-$3,620,901 -$494,672	$5,777,861
25	$10,387,988	-$3,803,886 -$519,399	$6,064,703
26	$10,907,580	-$3,996,135 -$545,379	$6,366,066
27	$11,452,852	-$4,197,886 -$572,643	$6,682,323
28	$12,025,516	-$4,409,771 -$601,276	$7,014,469
29	$12,626,856	-$4,632,267 -$631,343	$7,363,246
30	$13,258,156	-$4,865,848 -$662,908	$7,729,400