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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC 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(10.75%) | $12,652,750 | | Net Lumpsum Payment | $61,537,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$425,529 |
$2,107,941 |
| 2 |
$4,156,452 |
$1,498,218
$446,819 |
$2,211,415 |
| 3 |
$4,364,222 |
$1,575,093
$469,154 |
$2,319,975 |
| 4 |
$4,582,512 |
$1,655,860
$492,620 |
$2,434,032 |
| 5 |
$4,811,585 |
$1,740,617
$517,245 |
$2,553,723 |
| 6 |
$5,052,230 |
$1,829,655
$543,115 |
$2,679,460 |
| 7 |
$5,304,710 |
$1,923,073
$570,256 |
$2,811,381 |
| 8 |
$5,570,077 |
$2,021,259
$598,783 |
$2,950,035 |
| 9 |
$5,848,594 |
$2,124,310
$628,724 |
$3,095,560 |
| 10 |
$6,141,050 |
$2,232,519
$660,163 |
$3,248,368 |
| 11 |
$6,447,971 |
$2,346,080
$693,157 |
$3,408,734 |
| 12 |
$6,770,409 |
$2,465,382
$727,819 |
$3,577,208 |
| 13 |
$7,108,890 |
$2,590,620
$764,206 |
$3,754,064 |
| 14 |
$7,464,466 |
$2,722,183
$802,430 |
$3,939,853 |
| 15 |
$7,837,663 |
$2,860,266
$842,549 |
$4,134,848 |
| 16 |
$8,229,533 |
$3,005,258
$884,675 |
$4,339,600 |
| 17 |
$8,640,865 |
$3,157,450
$928,893 |
$4,554,522 |
| 18 |
$9,072,974 |
$3,317,331
$975,345 |
$4,780,298 |
| 19 |
$9,526,649 |
$3,485,191
$1,024,115 |
$5,017,343 |
| 20 |
$10,002,942 |
$3,661,419
$1,075,316 |
$5,266,207 |
| 21 |
$10,503,168 |
$3,846,503
$1,129,091 |
$5,527,574 |
| 22 |
$11,028,379 |
$4,040,831
$1,185,551 |
$5,801,997 |
| 23 |
$11,579,627 |
$4,244,792
$1,244,810 |
$6,090,025 |
| 24 |
$12,158,753 |
$4,459,069
$1,307,066 |
$6,392,618 |
| 25 |
$12,766,546 |
$4,683,952
$1,372,404 |
$6,710,190 |
| 26 |
$13,405,110 |
$4,920,221
$1,441,049 |
$7,043,840 |
| 27 |
$14,075,234 |
$5,168,167
$1,513,088 |
$7,393,979 |
| 28 |
$14,779,022 |
$5,428,569
$1,588,745 |
$7,761,708 |
| 29 |
$15,518,052 |
$5,702,010
$1,668,191 |
$8,147,851 |
| 30 |
$16,293,902 |
$5,989,074
$1,751,594 |
$8,553,234 |
|
|
