The jackpot for the Powerball draw on Wed Jan 22, 2025, is projected to be $31 Million, with an option for a cash payout of $13.8 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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho Powerball Jackpot/Cash Option for Wed Jan 22, 2025 |
|---|
| Draw Date | Wed Jan 22, 2025 | | Projected Jackpot | $31,000,000 | | Cash Value | $13,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $13,800,000 | | Federal Tax(24%) | $3,312,000 | | Additional Federal Tax | $1,754,330 | | State Tax(5.8%) | $800,400 | | Net Lumpsum Payment | $7,933,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$466,581 |
$132,965
$27,062 |
$306,554 |
| 2 |
$489,924 |
$141,602
$28,416 |
$319,906 |
| 3 |
$514,414 |
$150,664
$29,836 |
$333,914 |
| 4 |
$540,144 |
$160,184
$31,328 |
$348,632 |
| 5 |
$567,145 |
$170,174
$32,894 |
$364,077 |
| 6 |
$595,510 |
$180,669
$34,540 |
$380,301 |
| 7 |
$625,270 |
$191,680
$36,266 |
$397,324 |
| 8 |
$656,549 |
$203,254
$38,080 |
$415,215 |
| 9 |
$689,378 |
$215,400
$39,984 |
$433,994 |
| 10 |
$723,850 |
$228,155
$41,983 |
$453,712 |
| 11 |
$760,027 |
$241,540
$44,082 |
$474,405 |
| 12 |
$798,033 |
$255,603
$46,286 |
$496,144 |
| 13 |
$837,930 |
$270,364
$48,600 |
$518,966 |
| 14 |
$879,842 |
$285,872
$51,031 |
$542,939 |
| 15 |
$923,831 |
$302,148
$53,582 |
$568,101 |
| 16 |
$970,021 |
$319,238
$56,261 |
$594,522 |
| 17 |
$1,018,505 |
$337,177
$59,073 |
$622,255 |
| 18 |
$1,069,438 |
$356,022
$62,027 |
$651,389 |
| 19 |
$1,122,913 |
$375,808
$65,129 |
$681,976 |
| 20 |
$1,179,054 |
$396,580
$68,385 |
$714,089 |
| 21 |
$1,238,016 |
$418,396
$71,805 |
$747,815 |
| 22 |
$1,299,923 |
$441,302
$75,396 |
$783,225 |
| 23 |
$1,364,899 |
$465,343
$79,164 |
$820,392 |
| 24 |
$1,433,161 |
$490,600
$83,123 |
$859,438 |
| 25 |
$1,504,802 |
$517,107
$87,279 |
$900,416 |
| 26 |
$1,580,070 |
$544,956
$91,644 |
$943,470 |
| 27 |
$1,659,058 |
$574,182
$96,225 |
$988,651 |
| 28 |
$1,742,014 |
$604,876
$101,037 |
$1,036,101 |
| 29 |
$1,829,124 |
$637,106
$106,089 |
$1,085,929 |
| 30 |
$1,920,574 |
$670,943
$111,393 |
$1,138,238 |
|
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