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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky 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(4.5%) | $5,296,500 | | Net Lumpsum Payment | $68,894,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$178,129 |
$2,355,341 |
| 2 |
$4,156,452 |
$1,498,218
$187,040 |
$2,471,194 |
| 3 |
$4,364,222 |
$1,575,093
$196,390 |
$2,592,739 |
| 4 |
$4,582,512 |
$1,655,860
$206,213 |
$2,720,439 |
| 5 |
$4,811,585 |
$1,740,617
$216,521 |
$2,854,447 |
| 6 |
$5,052,230 |
$1,829,655
$227,350 |
$2,995,225 |
| 7 |
$5,304,710 |
$1,923,073
$238,712 |
$3,142,925 |
| 8 |
$5,570,077 |
$2,021,259
$250,653 |
$3,298,165 |
| 9 |
$5,848,594 |
$2,124,310
$263,187 |
$3,461,097 |
| 10 |
$6,141,050 |
$2,232,519
$276,347 |
$3,632,184 |
| 11 |
$6,447,971 |
$2,346,080
$290,159 |
$3,811,732 |
| 12 |
$6,770,409 |
$2,465,382
$304,668 |
$4,000,359 |
| 13 |
$7,108,890 |
$2,590,620
$319,900 |
$4,198,370 |
| 14 |
$7,464,466 |
$2,722,183
$335,901 |
$4,406,382 |
| 15 |
$7,837,663 |
$2,860,266
$352,695 |
$4,624,702 |
| 16 |
$8,229,533 |
$3,005,258
$370,329 |
$4,853,946 |
| 17 |
$8,640,865 |
$3,157,450
$388,839 |
$5,094,576 |
| 18 |
$9,072,974 |
$3,317,331
$408,284 |
$5,347,359 |
| 19 |
$9,526,649 |
$3,485,191
$428,699 |
$5,612,759 |
| 20 |
$10,002,942 |
$3,661,419
$450,132 |
$5,891,391 |
| 21 |
$10,503,168 |
$3,846,503
$472,643 |
$6,184,022 |
| 22 |
$11,028,379 |
$4,040,831
$496,277 |
$6,491,271 |
| 23 |
$11,579,627 |
$4,244,792
$521,083 |
$6,813,752 |
| 24 |
$12,158,753 |
$4,459,069
$547,144 |
$7,152,540 |
| 25 |
$12,766,546 |
$4,683,952
$574,495 |
$7,508,099 |
| 26 |
$13,405,110 |
$4,920,221
$603,230 |
$7,881,659 |
| 27 |
$14,075,234 |
$5,168,167
$633,386 |
$8,273,681 |
| 28 |
$14,779,022 |
$5,428,569
$665,056 |
$8,685,397 |
| 29 |
$15,518,052 |
$5,702,010
$698,312 |
$9,117,730 |
| 30 |
$16,293,902 |
$5,989,074
$733,226 |
$9,571,602 |
|
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