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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa 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%) | $5,885,000 | | Net Lumpsum Payment | $68,305,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$197,921 |
$2,335,549 |
| 2 |
$4,156,452 |
$1,498,218
$207,823 |
$2,450,411 |
| 3 |
$4,364,222 |
$1,575,093
$218,211 |
$2,570,918 |
| 4 |
$4,582,512 |
$1,655,860
$229,126 |
$2,697,526 |
| 5 |
$4,811,585 |
$1,740,617
$240,579 |
$2,830,389 |
| 6 |
$5,052,230 |
$1,829,655
$252,612 |
$2,969,963 |
| 7 |
$5,304,710 |
$1,923,073
$265,236 |
$3,116,401 |
| 8 |
$5,570,077 |
$2,021,259
$278,504 |
$3,270,314 |
| 9 |
$5,848,594 |
$2,124,310
$292,430 |
$3,431,854 |
| 10 |
$6,141,050 |
$2,232,519
$307,053 |
$3,601,478 |
| 11 |
$6,447,971 |
$2,346,080
$322,399 |
$3,779,492 |
| 12 |
$6,770,409 |
$2,465,382
$338,520 |
$3,966,507 |
| 13 |
$7,108,890 |
$2,590,620
$355,445 |
$4,162,825 |
| 14 |
$7,464,466 |
$2,722,183
$373,223 |
$4,369,060 |
| 15 |
$7,837,663 |
$2,860,266
$391,883 |
$4,585,514 |
| 16 |
$8,229,533 |
$3,005,258
$411,477 |
$4,812,798 |
| 17 |
$8,640,865 |
$3,157,450
$432,043 |
$5,051,372 |
| 18 |
$9,072,974 |
$3,317,331
$453,649 |
$5,301,994 |
| 19 |
$9,526,649 |
$3,485,191
$476,332 |
$5,565,126 |
| 20 |
$10,002,942 |
$3,661,419
$500,147 |
$5,841,376 |
| 21 |
$10,503,168 |
$3,846,503
$525,158 |
$6,131,507 |
| 22 |
$11,028,379 |
$4,040,831
$551,419 |
$6,436,129 |
| 23 |
$11,579,627 |
$4,244,792
$578,981 |
$6,755,854 |
| 24 |
$12,158,753 |
$4,459,069
$607,938 |
$7,091,746 |
| 25 |
$12,766,546 |
$4,683,952
$638,327 |
$7,444,267 |
| 26 |
$13,405,110 |
$4,920,221
$670,256 |
$7,814,633 |
| 27 |
$14,075,234 |
$5,168,167
$703,762 |
$8,203,305 |
| 28 |
$14,779,022 |
$5,428,569
$738,951 |
$8,611,502 |
| 29 |
$15,518,052 |
$5,702,010
$775,903 |
$9,040,139 |
| 30 |
$16,293,902 |
$5,989,074
$814,695 |
$9,490,133 |
|
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