The jackpot for the Powerball draw on Wed Jan 29, 2025, is projected to be $69 Million, with an option for a cash payout of $30.7 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Wed Jan 29, 2025 |
|---|
| Draw Date | Wed Jan 29, 2025 | | Projected Jackpot | $69,000,000 | | Cash Value | $30,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $30,700,000 | | Federal Tax(24%) | $7,368,000 | | Additional Federal Tax | $3,951,330 | | State Tax(6.99%) | $2,145,930 | | Net Lumpsum Payment | $17,234,740 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$72,592 |
$621,345 |
| 2 |
$1,090,476 |
$363,807
$76,224 |
$650,445 |
| 3 |
$1,144,986 |
$383,975
$80,035 |
$680,976 |
| 4 |
$1,202,256 |
$405,165
$84,038 |
$713,053 |
| 5 |
$1,262,355 |
$427,402
$88,239 |
$746,714 |
| 6 |
$1,325,490 |
$450,762
$92,652 |
$782,076 |
| 7 |
$1,391,730 |
$475,270
$97,282 |
$819,178 |
| 8 |
$1,461,351 |
$501,030
$102,148 |
$858,173 |
| 9 |
$1,534,422 |
$528,067
$107,256 |
$899,099 |
| 10 |
$1,611,150 |
$556,456
$112,619 |
$942,075 |
| 11 |
$1,691,673 |
$586,249
$118,248 |
$987,176 |
| 12 |
$1,776,267 |
$617,549
$124,161 |
$1,034,557 |
| 13 |
$1,865,070 |
$650,406
$130,368 |
$1,084,296 |
| 14 |
$1,958,358 |
$684,923
$136,889 |
$1,136,546 |
| 15 |
$2,056,269 |
$721,150
$143,733 |
$1,191,386 |
| 16 |
$2,159,079 |
$759,190
$150,920 |
$1,248,969 |
| 17 |
$2,266,995 |
$799,119
$158,463 |
$1,309,413 |
| 18 |
$2,380,362 |
$841,064
$166,387 |
$1,372,911 |
| 19 |
$2,499,387 |
$885,104
$174,707 |
$1,439,576 |
| 20 |
$2,624,346 |
$931,338
$183,442 |
$1,509,566 |
| 21 |
$2,755,584 |
$979,896
$192,615 |
$1,583,073 |
| 22 |
$2,893,377 |
$1,030,880
$202,247 |
$1,660,250 |
| 23 |
$3,038,001 |
$1,084,391
$212,356 |
$1,741,254 |
| 24 |
$3,189,939 |
$1,140,608
$222,977 |
$1,826,354 |
| 25 |
$3,349,398 |
$1,199,608
$234,123 |
$1,915,667 |
| 26 |
$3,516,930 |
$1,261,594
$245,833 |
$2,009,503 |
| 27 |
$3,692,742 |
$1,326,645
$258,123 |
$2,107,974 |
| 28 |
$3,877,386 |
$1,394,963
$271,029 |
$2,211,394 |
| 29 |
$4,071,276 |
$1,466,703
$284,582 |
$2,319,991 |
| 30 |
$4,274,826 |
$1,542,016
$298,810 |
$2,434,000 |
|
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