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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $8,533,250 | | Net Lumpsum Payment | $65,657,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$286,985 |
$2,246,485 |
| 2 |
$4,156,452 |
$1,498,218
$301,343 |
$2,356,891 |
| 3 |
$4,364,222 |
$1,575,093
$316,406 |
$2,472,723 |
| 4 |
$4,582,512 |
$1,655,860
$332,232 |
$2,594,420 |
| 5 |
$4,811,585 |
$1,740,617
$348,840 |
$2,722,128 |
| 6 |
$5,052,230 |
$1,829,655
$366,287 |
$2,856,288 |
| 7 |
$5,304,710 |
$1,923,073
$384,591 |
$2,997,046 |
| 8 |
$5,570,077 |
$2,021,259
$403,831 |
$3,144,987 |
| 9 |
$5,848,594 |
$2,124,310
$424,023 |
$3,300,261 |
| 10 |
$6,141,050 |
$2,232,519
$445,226 |
$3,463,305 |
| 11 |
$6,447,971 |
$2,346,080
$467,478 |
$3,634,413 |
| 12 |
$6,770,409 |
$2,465,382
$490,855 |
$3,814,172 |
| 13 |
$7,108,890 |
$2,590,620
$515,395 |
$4,002,875 |
| 14 |
$7,464,466 |
$2,722,183
$541,174 |
$4,201,109 |
| 15 |
$7,837,663 |
$2,860,266
$568,231 |
$4,409,166 |
| 16 |
$8,229,533 |
$3,005,258
$596,641 |
$4,627,634 |
| 17 |
$8,640,865 |
$3,157,450
$626,463 |
$4,856,952 |
| 18 |
$9,072,974 |
$3,317,331
$657,791 |
$5,097,852 |
| 19 |
$9,526,649 |
$3,485,191
$690,682 |
$5,350,776 |
| 20 |
$10,002,942 |
$3,661,419
$725,213 |
$5,616,310 |
| 21 |
$10,503,168 |
$3,846,503
$761,480 |
$5,895,185 |
| 22 |
$11,028,379 |
$4,040,831
$799,557 |
$6,187,991 |
| 23 |
$11,579,627 |
$4,244,792
$839,523 |
$6,495,312 |
| 24 |
$12,158,753 |
$4,459,069
$881,510 |
$6,818,174 |
| 25 |
$12,766,546 |
$4,683,952
$925,575 |
$7,157,019 |
| 26 |
$13,405,110 |
$4,920,221
$971,870 |
$7,513,019 |
| 27 |
$14,075,234 |
$5,168,167
$1,020,454 |
$7,886,613 |
| 28 |
$14,779,022 |
$5,428,569
$1,071,479 |
$8,278,974 |
| 29 |
$15,518,052 |
$5,702,010
$1,125,059 |
$8,690,983 |
| 30 |
$16,293,902 |
$5,989,074
$1,181,308 |
$9,123,520 |
|
|
