South Dakota Lottery

SDLottery 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. The good news is that if you're a resident of South Dakota, 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.

South Dakota 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(0%)	$0
Net Lumpsum Payment	$62,850,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,220,914	-$1,152,069 -$0	$2,068,845
2	$3,382,056	-$1,211,691 -$0	$2,170,365
3	$3,551,116	-$1,274,243 -$0	$2,276,873
4	$3,728,736	-$1,339,963 -$0	$2,388,773
5	$3,915,130	-$1,408,928 -$0	$2,506,202
6	$4,110,940	-$1,481,378 -$0	$2,629,562
7	$4,316,380	-$1,557,391 -$0	$2,758,989
8	$4,532,306	-$1,637,284 -$0	$2,895,022
9	$4,758,932	-$1,721,135 -$0	$3,037,797
10	$4,996,900	-$1,809,183 -$0	$3,187,717
11	$5,246,638	-$1,901,586 -$0	$3,345,052
12	$5,509,002	-$1,998,661 -$0	$3,510,341
13	$5,784,420	-$2,100,566 -$0	$3,683,854
14	$6,073,748	-$2,207,617 -$0	$3,866,131
15	$6,377,414	-$2,319,974 -$0	$4,057,440
16	$6,696,274	-$2,437,952 -$0	$4,258,322
17	$7,030,970	-$2,561,789 -$0	$4,469,181
18	$7,382,572	-$2,691,882 -$0	$4,690,690
19	$7,751,722	-$2,828,468 -$0	$4,923,254
20	$8,139,276	-$2,971,863 -$0	$5,167,413
21	$8,546,304	-$3,122,463 -$0	$5,423,841
22	$8,973,662	-$3,280,585 -$0	$5,693,077
23	$9,422,206	-$3,446,547 -$0	$5,975,659
24	$9,893,434	-$3,620,901 -$0	$6,272,533
25	$10,387,988	-$3,803,886 -$0	$6,584,102
26	$10,907,580	-$3,996,135 -$0	$6,911,445
27	$11,452,852	-$4,197,886 -$0	$7,254,966
28	$12,025,516	-$4,409,771 -$0	$7,615,745
29	$12,626,856	-$4,632,267 -$0	$7,994,589
30	$13,258,156	-$4,865,848 -$0	$8,392,308