The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Sat Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $117,700,000 | | Federal Tax(24%) | $28,248,000 | | Additional Federal Tax | $15,261,330 | | State Tax(6.99%) | $8,227,230 | | Net Lumpsum Payment | $65,963,440 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$276,693 |
$2,256,777 |
| 2 |
$4,156,452 |
$1,498,218
$290,536 |
$2,367,698 |
| 3 |
$4,364,222 |
$1,575,093
$305,059 |
$2,484,070 |
| 4 |
$4,582,512 |
$1,655,860
$320,318 |
$2,606,334 |
| 5 |
$4,811,585 |
$1,740,617
$336,330 |
$2,734,638 |
| 6 |
$5,052,230 |
$1,829,655
$353,151 |
$2,869,424 |
| 7 |
$5,304,710 |
$1,923,073
$370,799 |
$3,010,838 |
| 8 |
$5,570,077 |
$2,021,259
$389,348 |
$3,159,470 |
| 9 |
$5,848,594 |
$2,124,310
$408,817 |
$3,315,467 |
| 10 |
$6,141,050 |
$2,232,519
$429,259 |
$3,479,272 |
| 11 |
$6,447,971 |
$2,346,080
$450,713 |
$3,651,178 |
| 12 |
$6,770,409 |
$2,465,382
$473,252 |
$3,831,775 |
| 13 |
$7,108,890 |
$2,590,620
$496,911 |
$4,021,359 |
| 14 |
$7,464,466 |
$2,722,183
$521,766 |
$4,220,517 |
| 15 |
$7,837,663 |
$2,860,266
$547,853 |
$4,429,544 |
| 16 |
$8,229,533 |
$3,005,258
$575,244 |
$4,649,031 |
| 17 |
$8,640,865 |
$3,157,450
$603,996 |
$4,879,419 |
| 18 |
$9,072,974 |
$3,317,331
$634,201 |
$5,121,442 |
| 19 |
$9,526,649 |
$3,485,191
$665,913 |
$5,375,545 |
| 20 |
$10,002,942 |
$3,661,419
$699,206 |
$5,642,317 |
| 21 |
$10,503,168 |
$3,846,503
$734,171 |
$5,922,494 |
| 22 |
$11,028,379 |
$4,040,831
$770,884 |
$6,216,664 |
| 23 |
$11,579,627 |
$4,244,792
$809,416 |
$6,525,419 |
| 24 |
$12,158,753 |
$4,459,069
$849,897 |
$6,849,787 |
| 25 |
$12,766,546 |
$4,683,952
$892,382 |
$7,190,212 |
| 26 |
$13,405,110 |
$4,920,221
$937,017 |
$7,547,872 |
| 27 |
$14,075,234 |
$5,168,167
$983,859 |
$7,923,208 |
| 28 |
$14,779,022 |
$5,428,569
$1,033,054 |
$8,317,399 |
| 29 |
$15,518,052 |
$5,702,010
$1,084,712 |
$8,731,330 |
| 30 |
$16,293,902 |
$5,989,074
$1,138,944 |
$9,165,884 |
|
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