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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $4,696,230 | | Net Lumpsum Payment | $69,494,440 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$157,941 |
$2,375,529 |
| 2 |
$4,156,452 |
$1,498,218
$165,842 |
$2,492,392 |
| 3 |
$4,364,222 |
$1,575,093
$174,132 |
$2,614,997 |
| 4 |
$4,582,512 |
$1,655,860
$182,842 |
$2,743,810 |
| 5 |
$4,811,585 |
$1,740,617
$191,982 |
$2,878,986 |
| 6 |
$5,052,230 |
$1,829,655
$201,584 |
$3,020,991 |
| 7 |
$5,304,710 |
$1,923,073
$211,658 |
$3,169,979 |
| 8 |
$5,570,077 |
$2,021,259
$222,246 |
$3,326,572 |
| 9 |
$5,848,594 |
$2,124,310
$233,359 |
$3,490,925 |
| 10 |
$6,141,050 |
$2,232,519
$245,028 |
$3,663,503 |
| 11 |
$6,447,971 |
$2,346,080
$257,274 |
$3,844,617 |
| 12 |
$6,770,409 |
$2,465,382
$270,139 |
$4,034,888 |
| 13 |
$7,108,890 |
$2,590,620
$283,645 |
$4,234,625 |
| 14 |
$7,464,466 |
$2,722,183
$297,832 |
$4,444,451 |
| 15 |
$7,837,663 |
$2,860,266
$312,723 |
$4,664,674 |
| 16 |
$8,229,533 |
$3,005,258
$328,358 |
$4,895,917 |
| 17 |
$8,640,865 |
$3,157,450
$344,771 |
$5,138,644 |
| 18 |
$9,072,974 |
$3,317,331
$362,012 |
$5,393,631 |
| 19 |
$9,526,649 |
$3,485,191
$380,113 |
$5,661,345 |
| 20 |
$10,002,942 |
$3,661,419
$399,117 |
$5,942,406 |
| 21 |
$10,503,168 |
$3,846,503
$419,076 |
$6,237,589 |
| 22 |
$11,028,379 |
$4,040,831
$440,032 |
$6,547,516 |
| 23 |
$11,579,627 |
$4,244,792
$462,027 |
$6,872,808 |
| 24 |
$12,158,753 |
$4,459,069
$485,134 |
$7,214,550 |
| 25 |
$12,766,546 |
$4,683,952
$509,385 |
$7,573,209 |
| 26 |
$13,405,110 |
$4,920,221
$534,864 |
$7,950,025 |
| 27 |
$14,075,234 |
$5,168,167
$561,602 |
$8,345,465 |
| 28 |
$14,779,022 |
$5,428,569
$589,683 |
$8,760,770 |
| 29 |
$15,518,052 |
$5,702,010
$619,170 |
$9,196,872 |
| 30 |
$16,293,902 |
$5,989,074
$650,127 |
$9,654,701 |
|
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