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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC 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(10.75%) | $3,300,250 | | Net Lumpsum Payment | $16,080,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$111,641 |
$582,296 |
| 2 |
$1,090,476 |
$363,807
$117,226 |
$609,443 |
| 3 |
$1,144,986 |
$383,975
$123,086 |
$637,925 |
| 4 |
$1,202,256 |
$405,165
$129,243 |
$667,848 |
| 5 |
$1,262,355 |
$427,402
$135,703 |
$699,250 |
| 6 |
$1,325,490 |
$450,762
$142,490 |
$732,238 |
| 7 |
$1,391,730 |
$475,270
$149,611 |
$766,849 |
| 8 |
$1,461,351 |
$501,030
$157,095 |
$803,226 |
| 9 |
$1,534,422 |
$528,067
$164,950 |
$841,405 |
| 10 |
$1,611,150 |
$556,456
$173,199 |
$881,495 |
| 11 |
$1,691,673 |
$586,249
$181,855 |
$923,569 |
| 12 |
$1,776,267 |
$617,549
$190,949 |
$967,769 |
| 13 |
$1,865,070 |
$650,406
$200,495 |
$1,014,169 |
| 14 |
$1,958,358 |
$684,923
$210,523 |
$1,062,912 |
| 15 |
$2,056,269 |
$721,150
$221,049 |
$1,114,070 |
| 16 |
$2,159,079 |
$759,190
$232,101 |
$1,167,788 |
| 17 |
$2,266,995 |
$799,119
$243,702 |
$1,224,174 |
| 18 |
$2,380,362 |
$841,064
$255,889 |
$1,283,409 |
| 19 |
$2,499,387 |
$885,104
$268,684 |
$1,345,599 |
| 20 |
$2,624,346 |
$931,338
$282,117 |
$1,410,891 |
| 21 |
$2,755,584 |
$979,896
$296,225 |
$1,479,463 |
| 22 |
$2,893,377 |
$1,030,880
$311,038 |
$1,551,459 |
| 23 |
$3,038,001 |
$1,084,391
$326,585 |
$1,627,025 |
| 24 |
$3,189,939 |
$1,140,608
$342,918 |
$1,706,413 |
| 25 |
$3,349,398 |
$1,199,608
$360,060 |
$1,789,730 |
| 26 |
$3,516,930 |
$1,261,594
$378,070 |
$1,877,266 |
| 27 |
$3,692,742 |
$1,326,645
$396,970 |
$1,969,127 |
| 28 |
$3,877,386 |
$1,394,963
$416,819 |
$2,065,604 |
| 29 |
$4,071,276 |
$1,466,703
$437,662 |
$2,166,911 |
| 30 |
$4,274,826 |
$1,542,016
$459,544 |
$2,273,266 |
|
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