The jackpot for the Powerball draw on Mon Mar 3, 2025, is projected to be $279 Million, with an option for a cash payout of $131.5 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 Mon Mar 3, 2025 |
|---|
| Draw Date | Mon Mar 3, 2025 | | Projected Jackpot | $279,000,000 | | Cash Value | $131,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $131,500,000 | | Federal Tax(24%) | $31,560,000 | | Additional Federal Tax | $17,055,330 | | State Tax(6.99%) | $9,191,850 | | Net Lumpsum Payment | $73,692,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,199,229 |
$1,514,045
$293,526 |
$2,391,658 |
| 2 |
$4,409,316 |
$1,591,777
$308,211 |
$2,509,328 |
| 3 |
$4,629,726 |
$1,673,329
$323,618 |
$2,632,779 |
| 4 |
$4,861,296 |
$1,759,010
$339,805 |
$2,762,481 |
| 5 |
$5,104,305 |
$1,848,923
$356,791 |
$2,898,591 |
| 6 |
$5,359,590 |
$1,943,379
$374,635 |
$3,041,576 |
| 7 |
$5,627,430 |
$2,042,479
$393,357 |
$3,191,594 |
| 8 |
$5,908,941 |
$2,146,639
$413,035 |
$3,349,267 |
| 9 |
$6,204,402 |
$2,255,959
$433,688 |
$3,514,755 |
| 10 |
$6,514,650 |
$2,370,751
$455,374 |
$3,688,525 |
| 11 |
$6,840,243 |
$2,491,220
$478,133 |
$3,870,890 |
| 12 |
$7,182,297 |
$2,617,780
$502,043 |
$4,062,474 |
| 13 |
$7,541,370 |
$2,750,637
$527,142 |
$4,263,591 |
| 14 |
$7,918,578 |
$2,890,204
$553,509 |
$4,474,865 |
| 15 |
$8,314,479 |
$3,036,688
$581,182 |
$4,696,609 |
| 16 |
$8,730,189 |
$3,190,500
$610,240 |
$4,929,449 |
| 17 |
$9,166,545 |
$3,351,952
$640,741 |
$5,173,852 |
| 18 |
$9,624,942 |
$3,521,559
$672,783 |
$5,430,600 |
| 19 |
$10,106,217 |
$3,699,631
$706,425 |
$5,700,161 |
| 20 |
$10,611,486 |
$3,886,580
$741,743 |
$5,983,163 |
| 21 |
$11,142,144 |
$4,082,924
$778,836 |
$6,280,384 |
| 22 |
$11,699,307 |
$4,289,074
$817,782 |
$6,592,451 |
| 23 |
$12,284,091 |
$4,505,444
$858,658 |
$6,919,989 |
| 24 |
$12,898,449 |
$4,732,757
$901,602 |
$7,264,090 |
| 25 |
$13,543,218 |
$4,971,321
$946,671 |
$7,625,226 |
| 26 |
$14,220,630 |
$5,221,963
$994,022 |
$8,004,645 |
| 27 |
$14,931,522 |
$5,484,994
$1,043,713 |
$8,402,815 |
| 28 |
$15,678,126 |
$5,761,237
$1,095,901 |
$8,820,988 |
| 29 |
$16,462,116 |
$6,051,313
$1,150,702 |
$9,260,101 |
| 30 |
$17,285,166 |
$6,355,842
$1,208,233 |
$9,721,091 |
|
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