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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $3,613,390 | | Net Lumpsum Payment | $70,577,280 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$121,523 |
$2,411,947 |
| 2 |
$4,156,452 |
$1,498,218
$127,603 |
$2,530,631 |
| 3 |
$4,364,222 |
$1,575,093
$133,982 |
$2,655,147 |
| 4 |
$4,582,512 |
$1,655,860
$140,683 |
$2,785,969 |
| 5 |
$4,811,585 |
$1,740,617
$147,716 |
$2,923,252 |
| 6 |
$5,052,230 |
$1,829,655
$155,103 |
$3,067,472 |
| 7 |
$5,304,710 |
$1,923,073
$162,855 |
$3,218,782 |
| 8 |
$5,570,077 |
$2,021,259
$171,001 |
$3,377,817 |
| 9 |
$5,848,594 |
$2,124,310
$179,552 |
$3,544,732 |
| 10 |
$6,141,050 |
$2,232,519
$188,530 |
$3,720,001 |
| 11 |
$6,447,971 |
$2,346,080
$197,953 |
$3,903,938 |
| 12 |
$6,770,409 |
$2,465,382
$207,852 |
$4,097,175 |
| 13 |
$7,108,890 |
$2,590,620
$218,243 |
$4,300,027 |
| 14 |
$7,464,466 |
$2,722,183
$229,159 |
$4,513,124 |
| 15 |
$7,837,663 |
$2,860,266
$240,616 |
$4,736,781 |
| 16 |
$8,229,533 |
$3,005,258
$252,647 |
$4,971,628 |
| 17 |
$8,640,865 |
$3,157,450
$265,275 |
$5,218,140 |
| 18 |
$9,072,974 |
$3,317,331
$278,540 |
$5,477,103 |
| 19 |
$9,526,649 |
$3,485,191
$292,468 |
$5,748,990 |
| 20 |
$10,002,942 |
$3,661,419
$307,090 |
$6,034,433 |
| 21 |
$10,503,168 |
$3,846,503
$322,447 |
$6,334,218 |
| 22 |
$11,028,379 |
$4,040,831
$338,571 |
$6,648,977 |
| 23 |
$11,579,627 |
$4,244,792
$355,495 |
$6,979,340 |
| 24 |
$12,158,753 |
$4,459,069
$373,274 |
$7,326,410 |
| 25 |
$12,766,546 |
$4,683,952
$391,933 |
$7,690,661 |
| 26 |
$13,405,110 |
$4,920,221
$411,537 |
$8,073,352 |
| 27 |
$14,075,234 |
$5,168,167
$432,110 |
$8,474,957 |
| 28 |
$14,779,022 |
$5,428,569
$453,716 |
$8,896,737 |
| 29 |
$15,518,052 |
$5,702,010
$476,404 |
$9,339,638 |
| 30 |
$16,293,902 |
$5,989,074
$500,223 |
$9,804,605 |
|
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