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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia 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(5.75%) | $6,767,750 | | Net Lumpsum Payment | $67,422,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$227,609 |
$2,305,861 |
| 2 |
$4,156,452 |
$1,498,218
$238,996 |
$2,419,238 |
| 3 |
$4,364,222 |
$1,575,093
$250,943 |
$2,538,186 |
| 4 |
$4,582,512 |
$1,655,860
$263,494 |
$2,663,158 |
| 5 |
$4,811,585 |
$1,740,617
$276,666 |
$2,794,302 |
| 6 |
$5,052,230 |
$1,829,655
$290,503 |
$2,932,072 |
| 7 |
$5,304,710 |
$1,923,073
$305,021 |
$3,076,616 |
| 8 |
$5,570,077 |
$2,021,259
$320,279 |
$3,228,539 |
| 9 |
$5,848,594 |
$2,124,310
$336,294 |
$3,387,990 |
| 10 |
$6,141,050 |
$2,232,519
$353,110 |
$3,555,421 |
| 11 |
$6,447,971 |
$2,346,080
$370,758 |
$3,731,133 |
| 12 |
$6,770,409 |
$2,465,382
$389,299 |
$3,915,728 |
| 13 |
$7,108,890 |
$2,590,620
$408,761 |
$4,109,509 |
| 14 |
$7,464,466 |
$2,722,183
$429,207 |
$4,313,076 |
| 15 |
$7,837,663 |
$2,860,266
$450,666 |
$4,526,731 |
| 16 |
$8,229,533 |
$3,005,258
$473,198 |
$4,751,077 |
| 17 |
$8,640,865 |
$3,157,450
$496,850 |
$4,986,565 |
| 18 |
$9,072,974 |
$3,317,331
$521,696 |
$5,233,947 |
| 19 |
$9,526,649 |
$3,485,191
$547,782 |
$5,493,676 |
| 20 |
$10,002,942 |
$3,661,419
$575,169 |
$5,766,354 |
| 21 |
$10,503,168 |
$3,846,503
$603,932 |
$6,052,733 |
| 22 |
$11,028,379 |
$4,040,831
$634,132 |
$6,353,416 |
| 23 |
$11,579,627 |
$4,244,792
$665,829 |
$6,669,006 |
| 24 |
$12,158,753 |
$4,459,069
$699,128 |
$7,000,556 |
| 25 |
$12,766,546 |
$4,683,952
$734,076 |
$7,348,518 |
| 26 |
$13,405,110 |
$4,920,221
$770,794 |
$7,714,095 |
| 27 |
$14,075,234 |
$5,168,167
$809,326 |
$8,097,741 |
| 28 |
$14,779,022 |
$5,428,569
$849,794 |
$8,500,659 |
| 29 |
$15,518,052 |
$5,702,010
$892,288 |
$8,923,754 |
| 30 |
$16,293,902 |
$5,989,074
$936,899 |
$9,367,929 |
|
|
