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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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%) | $4,708,000 | | Net Lumpsum Payment | $69,482,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$158,337 |
$2,375,133 |
| 2 |
$4,156,452 |
$1,498,218
$166,258 |
$2,491,976 |
| 3 |
$4,364,222 |
$1,575,093
$174,569 |
$2,614,560 |
| 4 |
$4,582,512 |
$1,655,860
$183,300 |
$2,743,352 |
| 5 |
$4,811,585 |
$1,740,617
$192,463 |
$2,878,505 |
| 6 |
$5,052,230 |
$1,829,655
$202,089 |
$3,020,486 |
| 7 |
$5,304,710 |
$1,923,073
$212,188 |
$3,169,449 |
| 8 |
$5,570,077 |
$2,021,259
$222,803 |
$3,326,015 |
| 9 |
$5,848,594 |
$2,124,310
$233,944 |
$3,490,340 |
| 10 |
$6,141,050 |
$2,232,519
$245,642 |
$3,662,889 |
| 11 |
$6,447,971 |
$2,346,080
$257,919 |
$3,843,972 |
| 12 |
$6,770,409 |
$2,465,382
$270,816 |
$4,034,211 |
| 13 |
$7,108,890 |
$2,590,620
$284,356 |
$4,233,914 |
| 14 |
$7,464,466 |
$2,722,183
$298,579 |
$4,443,704 |
| 15 |
$7,837,663 |
$2,860,266
$313,507 |
$4,663,890 |
| 16 |
$8,229,533 |
$3,005,258
$329,181 |
$4,895,094 |
| 17 |
$8,640,865 |
$3,157,450
$345,635 |
$5,137,780 |
| 18 |
$9,072,974 |
$3,317,331
$362,919 |
$5,392,724 |
| 19 |
$9,526,649 |
$3,485,191
$381,066 |
$5,660,392 |
| 20 |
$10,002,942 |
$3,661,419
$400,118 |
$5,941,405 |
| 21 |
$10,503,168 |
$3,846,503
$420,127 |
$6,236,538 |
| 22 |
$11,028,379 |
$4,040,831
$441,135 |
$6,546,413 |
| 23 |
$11,579,627 |
$4,244,792
$463,185 |
$6,871,650 |
| 24 |
$12,158,753 |
$4,459,069
$486,350 |
$7,213,334 |
| 25 |
$12,766,546 |
$4,683,952
$510,662 |
$7,571,932 |
| 26 |
$13,405,110 |
$4,920,221
$536,204 |
$7,948,685 |
| 27 |
$14,075,234 |
$5,168,167
$563,009 |
$8,344,058 |
| 28 |
$14,779,022 |
$5,428,569
$591,161 |
$8,759,292 |
| 29 |
$15,518,052 |
$5,702,010
$620,722 |
$9,195,320 |
| 30 |
$16,293,902 |
$5,989,074
$651,756 |
$9,653,072 |
|
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