The jackpot for the Powerball draw on Wed Apr 2, 2025, is projected to be $30 Million, with an option for a cash payout of $13.9 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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa Powerball Jackpot/Cash Option for Wed Apr 2, 2025 |
|---|
| Draw Date | Wed Apr 2, 2025 | | Projected Jackpot | $30,000,000 | | Cash Value | $13,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $13,900,000 | | Federal Tax(24%) | $3,336,000 | | Additional Federal Tax | $1,767,330 | | State Tax(5%) | $695,000 | | Net Lumpsum Payment | $8,101,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$22,577 |
$301,557 |
| 2 |
$474,120 |
$135,755
$23,706 |
$314,659 |
| 3 |
$497,820 |
$144,524
$24,891 |
$328,405 |
| 4 |
$522,720 |
$153,737
$26,136 |
$342,847 |
| 5 |
$548,850 |
$163,405
$27,443 |
$358,002 |
| 6 |
$576,300 |
$173,561
$28,815 |
$373,924 |
| 7 |
$605,100 |
$184,217
$30,255 |
$390,628 |
| 8 |
$635,370 |
$195,417
$31,769 |
$408,184 |
| 9 |
$667,140 |
$207,172
$33,357 |
$426,611 |
| 10 |
$700,500 |
$219,515
$35,025 |
$445,960 |
| 11 |
$735,510 |
$232,469
$36,776 |
$466,265 |
| 12 |
$772,290 |
$246,078
$38,615 |
$487,597 |
| 13 |
$810,900 |
$260,363
$40,545 |
$509,992 |
| 14 |
$851,460 |
$275,371
$42,573 |
$533,516 |
| 15 |
$894,030 |
$291,121
$44,702 |
$558,207 |
| 16 |
$938,730 |
$307,660
$46,937 |
$584,133 |
| 17 |
$985,650 |
$325,021
$49,283 |
$611,346 |
| 18 |
$1,034,940 |
$343,258
$51,747 |
$639,935 |
| 19 |
$1,086,690 |
$362,406
$54,335 |
$669,949 |
| 20 |
$1,141,020 |
$382,508
$57,051 |
$701,461 |
| 21 |
$1,198,080 |
$403,620
$59,904 |
$734,556 |
| 22 |
$1,257,990 |
$425,787
$62,900 |
$769,303 |
| 23 |
$1,320,870 |
$449,052
$66,044 |
$805,774 |
| 24 |
$1,386,930 |
$473,494
$69,347 |
$844,089 |
| 25 |
$1,456,260 |
$499,147
$72,813 |
$884,300 |
| 26 |
$1,529,100 |
$526,097
$76,455 |
$926,548 |
| 27 |
$1,605,540 |
$554,380
$80,277 |
$970,883 |
| 28 |
$1,685,820 |
$584,084
$84,291 |
$1,017,445 |
| 29 |
$1,770,120 |
$615,275
$88,506 |
$1,066,339 |
| 30 |
$1,858,620 |
$648,020
$92,931 |
$1,117,669 |
|
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