The jackpot for the Powerball draw on Wed Jul 16, 2025, is projected to be $264 Million, with an option for a cash payout of $119.7 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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa Powerball Jackpot/Cash Option for Wed Jul 16, 2025 |
|---|
| Draw Date | Wed Jul 16, 2025 | | Projected Jackpot | $264,000,000 | | Cash Value | $119,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $119,700,000 | | Federal Tax(24%) | $28,728,000 | | Additional Federal Tax | $15,521,330 | | State Tax(5%) | $5,985,000 | | Net Lumpsum Payment | $69,465,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,973,464 |
$1,430,512
$198,673 |
$2,344,279 |
| 2 |
$4,172,256 |
$1,504,065
$208,613 |
$2,459,578 |
| 3 |
$4,380,816 |
$1,581,232
$219,041 |
$2,580,543 |
| 4 |
$4,599,936 |
$1,662,307
$229,997 |
$2,707,632 |
| 5 |
$4,829,880 |
$1,747,386
$241,494 |
$2,841,000 |
| 6 |
$5,071,440 |
$1,836,763
$253,572 |
$2,981,105 |
| 7 |
$5,324,880 |
$1,930,536
$266,244 |
$3,128,100 |
| 8 |
$5,591,256 |
$2,029,095
$279,563 |
$3,282,598 |
| 9 |
$5,870,832 |
$2,132,538
$293,542 |
$3,444,752 |
| 10 |
$6,164,400 |
$2,241,158
$308,220 |
$3,615,022 |
| 11 |
$6,472,488 |
$2,355,151
$323,624 |
$3,793,713 |
| 12 |
$6,796,152 |
$2,474,907
$339,808 |
$3,981,437 |
| 13 |
$7,135,920 |
$2,600,621
$356,796 |
$4,178,503 |
| 14 |
$7,492,848 |
$2,732,684
$374,642 |
$4,385,522 |
| 15 |
$7,867,464 |
$2,871,292
$393,373 |
$4,602,799 |
| 16 |
$8,260,824 |
$3,016,835
$413,041 |
$4,830,948 |
| 17 |
$8,673,720 |
$3,169,607
$433,686 |
$5,070,427 |
| 18 |
$9,107,472 |
$3,330,095
$455,374 |
$5,322,003 |
| 19 |
$9,562,872 |
$3,498,593
$478,144 |
$5,586,135 |
| 20 |
$10,040,976 |
$3,675,492
$502,049 |
$5,863,435 |
| 21 |
$10,543,104 |
$3,861,279
$527,155 |
$6,154,670 |
| 22 |
$11,070,312 |
$4,056,346
$553,516 |
$6,460,450 |
| 23 |
$11,623,656 |
$4,261,083
$581,183 |
$6,781,390 |
| 24 |
$12,204,984 |
$4,476,174
$610,249 |
$7,118,561 |
| 25 |
$12,815,088 |
$4,701,913
$640,754 |
$7,472,421 |
| 26 |
$13,456,080 |
$4,939,080
$672,804 |
$7,844,196 |
| 27 |
$14,128,752 |
$5,187,969
$706,438 |
$8,234,345 |
| 28 |
$14,835,216 |
$5,449,360
$741,761 |
$8,644,095 |
| 29 |
$15,577,056 |
$5,723,841
$778,853 |
$9,074,362 |
| 30 |
$16,355,856 |
$6,011,997
$817,793 |
$9,526,066 |
|
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