Puerto Rico Lottery

PRLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 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. The good news is that if you're a resident of Puerto Rico, you won't owe any state tax on 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.

Puerto Rico Powerball Jackpot/Cash Option for Sat May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$16,800,000
Federal Tax(24%)	$4,032,000
Additional Federal Tax	$2,144,330
State Tax(0%)	$0
Net Lumpsum Payment	$10,623,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$0	$381,026
2	$568,944	-$170,840 -$0	$398,104
3	$597,384	-$181,362 -$0	$416,022
4	$627,264	-$192,418 -$0	$434,846
5	$658,620	-$204,020 -$0	$454,600
6	$691,560	-$216,208 -$0	$475,352
7	$726,120	-$228,995 -$0	$497,125
8	$762,444	-$242,435 -$0	$520,009
9	$800,568	-$256,541 -$0	$544,027
10	$840,600	-$271,352 -$0	$569,248
11	$882,612	-$286,897 -$0	$595,715
12	$926,748	-$303,227 -$0	$623,521
13	$973,080	-$320,370 -$0	$652,710
14	$1,021,752	-$338,379 -$0	$683,373
15	$1,072,836	-$357,280 -$0	$715,556
16	$1,126,476	-$377,127 -$0	$749,349
17	$1,182,780	-$397,959 -$0	$784,821
18	$1,241,928	-$419,844 -$0	$822,084
19	$1,304,028	-$442,821 -$0	$861,207
20	$1,369,224	-$466,943 -$0	$902,281
21	$1,437,696	-$492,278 -$0	$945,418
22	$1,509,588	-$518,878 -$0	$990,710
23	$1,585,044	-$546,797 -$0	$1,038,247
24	$1,664,316	-$576,127 -$0	$1,088,189
25	$1,747,512	-$606,910 -$0	$1,140,602
26	$1,834,920	-$639,251 -$0	$1,195,669
27	$1,926,648	-$673,190 -$0	$1,253,458
28	$2,022,984	-$708,834 -$0	$1,314,150
29	$2,124,144	-$746,264 -$0	$1,377,880
30	$2,230,344	-$785,558 -$0	$1,444,786