Oklahoma Lottery

OKLottery 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 Oklahoma, your state will take 4.75% 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.

Oklahoma 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(4.75%)	$441,750
Net Lumpsum Payment	$5,456,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$14,298	$215,014
2	$316,080	-$77,280 -$15,014	$223,786
3	$331,880	-$83,126 -$15,764	$232,990
4	$348,480	-$89,268 -$16,553	$242,659
5	$365,900	-$95,713 -$17,380	$252,807
6	$384,200	-$102,484 -$18,250	$263,466
7	$403,400	-$109,588 -$19,162	$274,650
8	$423,580	-$117,055 -$20,120	$286,405
9	$444,760	-$124,892 -$21,126	$298,742
10	$467,000	-$133,120 -$22,183	$311,697
11	$490,340	-$141,756 -$23,291	$325,293
12	$514,860	-$150,829 -$24,456	$339,575
13	$540,600	-$160,352 -$25,679	$354,569
14	$567,640	-$170,357 -$26,963	$370,320
15	$596,020	-$180,858 -$28,311	$386,851
16	$625,820	-$191,884 -$29,726	$404,210
17	$657,100	-$203,457 -$31,212	$422,431
18	$689,960	-$215,616 -$32,773	$441,571
19	$724,460	-$228,381 -$34,412	$461,667
20	$760,680	-$241,782 -$36,132	$482,766
21	$798,720	-$255,857 -$37,939	$504,924
22	$838,660	-$270,635 -$39,836	$528,189
23	$880,580	-$286,145 -$41,828	$552,607
24	$924,620	-$302,440 -$43,919	$578,261
25	$970,840	-$319,541 -$46,115	$605,184
26	$1,019,400	-$337,508 -$48,422	$633,470
27	$1,070,360	-$356,364 -$50,842	$663,154
28	$1,123,880	-$376,166 -$53,384	$694,330
29	$1,180,080	-$396,960 -$56,054	$727,066
30	$1,239,080	-$418,790 -$58,856	$761,434