Pennsylvania Lottery

PALottery 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 Pennsylvania, your state will take 3.07% 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.

Pennsylvania 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(3.07%)	$285,510
Net Lumpsum Payment	$5,613,160

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$9,241	$220,071
2	$316,080	-$77,280 -$9,704	$229,096
3	$331,880	-$83,126 -$10,189	$238,565
4	$348,480	-$89,268 -$10,698	$248,514
5	$365,900	-$95,713 -$11,233	$258,954
6	$384,200	-$102,484 -$11,795	$269,921
7	$403,400	-$109,588 -$12,384	$281,428
8	$423,580	-$117,055 -$13,004	$293,521
9	$444,760	-$124,892 -$13,654	$306,214
10	$467,000	-$133,120 -$14,337	$319,543
11	$490,340	-$141,756 -$15,053	$333,531
12	$514,860	-$150,829 -$15,806	$348,225
13	$540,600	-$160,352 -$16,596	$363,652
14	$567,640	-$170,357 -$17,427	$379,856
15	$596,020	-$180,858 -$18,298	$396,864
16	$625,820	-$191,884 -$19,213	$414,723
17	$657,100	-$203,457 -$20,173	$433,470
18	$689,960	-$215,616 -$21,182	$453,162
19	$724,460	-$228,381 -$22,241	$473,838
20	$760,680	-$241,782 -$23,353	$495,545
21	$798,720	-$255,857 -$24,521	$518,342
22	$838,660	-$270,635 -$25,747	$542,278
23	$880,580	-$286,145 -$27,034	$567,401
24	$924,620	-$302,440 -$28,386	$593,794
25	$970,840	-$319,541 -$29,805	$621,494
26	$1,019,400	-$337,508 -$31,296	$650,596
27	$1,070,360	-$356,364 -$32,860	$681,136
28	$1,123,880	-$376,166 -$34,503	$713,211
29	$1,180,080	-$396,960 -$36,228	$746,892
30	$1,239,080	-$418,790 -$38,040	$782,250