The jackpot for the Powerball draw on Mon Feb 3, 2025, is projected to be $100 Million, with an option for a cash payout of $45.3 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 those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida Powerball Jackpot/Cash Option for Mon Feb 3, 2025 |
|---|
| Draw Date | Mon Feb 3, 2025 | | Projected Jackpot | $100,000,000 | | Cash Value | $45,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $45,300,000 | | Federal Tax(24%) | $10,872,000 | | Additional Federal Tax | $5,849,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $28,578,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,505,100 |
$517,217
$0 |
$987,883 |
| 2 |
$1,580,400 |
$545,078
$0 |
$1,035,322 |
| 3 |
$1,659,400 |
$574,308
$0 |
$1,085,092 |
| 4 |
$1,742,400 |
$605,018
$0 |
$1,137,382 |
| 5 |
$1,829,500 |
$637,245
$0 |
$1,192,255 |
| 6 |
$1,921,000 |
$671,100
$0 |
$1,249,900 |
| 7 |
$2,017,000 |
$706,620
$0 |
$1,310,380 |
| 8 |
$2,117,900 |
$743,953
$0 |
$1,373,947 |
| 9 |
$2,223,800 |
$783,136
$0 |
$1,440,664 |
| 10 |
$2,335,000 |
$824,280
$0 |
$1,510,720 |
| 11 |
$2,451,700 |
$867,459
$0 |
$1,584,241 |
| 12 |
$2,574,300 |
$912,821
$0 |
$1,661,479 |
| 13 |
$2,703,000 |
$960,440
$0 |
$1,742,560 |
| 14 |
$2,838,200 |
$1,010,464
$0 |
$1,827,736 |
| 15 |
$2,980,100 |
$1,062,967
$0 |
$1,917,133 |
| 16 |
$3,129,100 |
$1,118,097
$0 |
$2,011,003 |
| 17 |
$3,285,500 |
$1,175,965
$0 |
$2,109,535 |
| 18 |
$3,449,800 |
$1,236,756
$0 |
$2,213,044 |
| 19 |
$3,622,300 |
$1,300,581
$0 |
$2,321,719 |
| 20 |
$3,803,400 |
$1,367,588
$0 |
$2,435,812 |
| 21 |
$3,993,600 |
$1,437,962
$0 |
$2,555,638 |
| 22 |
$4,193,300 |
$1,511,851
$0 |
$2,681,449 |
| 23 |
$4,402,900 |
$1,589,403
$0 |
$2,813,497 |
| 24 |
$4,623,100 |
$1,670,877
$0 |
$2,952,223 |
| 25 |
$4,854,200 |
$1,756,384
$0 |
$3,097,816 |
| 26 |
$5,097,000 |
$1,846,220
$0 |
$3,250,780 |
| 27 |
$5,351,800 |
$1,940,496
$0 |
$3,411,304 |
| 28 |
$5,619,400 |
$2,039,508
$0 |
$3,579,892 |
| 29 |
$5,900,400 |
$2,143,478
$0 |
$3,756,922 |
| 30 |
$6,195,400 |
$2,252,628
$0 |
$3,942,772 |
|
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