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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia 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(5.75%) | $1,765,250 | | Net Lumpsum Payment | $17,615,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$59,715 |
$634,222 |
| 2 |
$1,090,476 |
$363,807
$62,702 |
$663,967 |
| 3 |
$1,144,986 |
$383,975
$65,837 |
$695,174 |
| 4 |
$1,202,256 |
$405,165
$69,130 |
$727,961 |
| 5 |
$1,262,355 |
$427,402
$72,585 |
$762,368 |
| 6 |
$1,325,490 |
$450,762
$76,216 |
$798,512 |
| 7 |
$1,391,730 |
$475,270
$80,024 |
$836,436 |
| 8 |
$1,461,351 |
$501,030
$84,028 |
$876,293 |
| 9 |
$1,534,422 |
$528,067
$88,229 |
$918,126 |
| 10 |
$1,611,150 |
$556,456
$92,641 |
$962,053 |
| 11 |
$1,691,673 |
$586,249
$97,271 |
$1,008,153 |
| 12 |
$1,776,267 |
$617,549
$102,135 |
$1,056,583 |
| 13 |
$1,865,070 |
$650,406
$107,242 |
$1,107,422 |
| 14 |
$1,958,358 |
$684,923
$112,606 |
$1,160,829 |
| 15 |
$2,056,269 |
$721,150
$118,235 |
$1,216,884 |
| 16 |
$2,159,079 |
$759,190
$124,147 |
$1,275,742 |
| 17 |
$2,266,995 |
$799,119
$130,352 |
$1,337,524 |
| 18 |
$2,380,362 |
$841,064
$136,871 |
$1,402,427 |
| 19 |
$2,499,387 |
$885,104
$143,715 |
$1,470,568 |
| 20 |
$2,624,346 |
$931,338
$150,900 |
$1,542,108 |
| 21 |
$2,755,584 |
$979,896
$158,446 |
$1,617,242 |
| 22 |
$2,893,377 |
$1,030,880
$166,369 |
$1,696,128 |
| 23 |
$3,038,001 |
$1,084,391
$174,685 |
$1,778,925 |
| 24 |
$3,189,939 |
$1,140,608
$183,421 |
$1,865,910 |
| 25 |
$3,349,398 |
$1,199,608
$192,590 |
$1,957,200 |
| 26 |
$3,516,930 |
$1,261,594
$202,223 |
$2,053,113 |
| 27 |
$3,692,742 |
$1,326,645
$212,333 |
$2,153,764 |
| 28 |
$3,877,386 |
$1,394,963
$222,950 |
$2,259,473 |
| 29 |
$4,071,276 |
$1,466,703
$234,098 |
$2,370,475 |
| 30 |
$4,274,826 |
$1,542,016
$245,802 |
$2,487,008 |
|
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