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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $6,826,600 | | Net Lumpsum Payment | $67,364,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$229,588 |
$2,303,882 |
| 2 |
$4,156,452 |
$1,498,218
$241,074 |
$2,417,160 |
| 3 |
$4,364,222 |
$1,575,093
$253,125 |
$2,536,004 |
| 4 |
$4,582,512 |
$1,655,860
$265,786 |
$2,660,866 |
| 5 |
$4,811,585 |
$1,740,617
$279,072 |
$2,791,896 |
| 6 |
$5,052,230 |
$1,829,655
$293,029 |
$2,929,546 |
| 7 |
$5,304,710 |
$1,923,073
$307,673 |
$3,073,964 |
| 8 |
$5,570,077 |
$2,021,259
$323,064 |
$3,225,754 |
| 9 |
$5,848,594 |
$2,124,310
$339,218 |
$3,385,066 |
| 10 |
$6,141,050 |
$2,232,519
$356,181 |
$3,552,350 |
| 11 |
$6,447,971 |
$2,346,080
$373,982 |
$3,727,909 |
| 12 |
$6,770,409 |
$2,465,382
$392,684 |
$3,912,343 |
| 13 |
$7,108,890 |
$2,590,620
$412,316 |
$4,105,954 |
| 14 |
$7,464,466 |
$2,722,183
$432,939 |
$4,309,344 |
| 15 |
$7,837,663 |
$2,860,266
$454,584 |
$4,522,813 |
| 16 |
$8,229,533 |
$3,005,258
$477,313 |
$4,746,962 |
| 17 |
$8,640,865 |
$3,157,450
$501,170 |
$4,982,245 |
| 18 |
$9,072,974 |
$3,317,331
$526,232 |
$5,229,411 |
| 19 |
$9,526,649 |
$3,485,191
$552,546 |
$5,488,912 |
| 20 |
$10,002,942 |
$3,661,419
$580,171 |
$5,761,352 |
| 21 |
$10,503,168 |
$3,846,503
$609,184 |
$6,047,481 |
| 22 |
$11,028,379 |
$4,040,831
$639,646 |
$6,347,902 |
| 23 |
$11,579,627 |
$4,244,792
$671,618 |
$6,663,217 |
| 24 |
$12,158,753 |
$4,459,069
$705,208 |
$6,994,476 |
| 25 |
$12,766,546 |
$4,683,952
$740,460 |
$7,342,134 |
| 26 |
$13,405,110 |
$4,920,221
$777,496 |
$7,707,393 |
| 27 |
$14,075,234 |
$5,168,167
$816,364 |
$8,090,703 |
| 28 |
$14,779,022 |
$5,428,569
$857,183 |
$8,493,270 |
| 29 |
$15,518,052 |
$5,702,010
$900,047 |
$8,915,995 |
| 30 |
$16,293,902 |
$5,989,074
$945,046 |
$9,359,782 |
|
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