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 Kansas residents, the state will deduct 5% from your lottery earnings.
Kansas Powerball Jackpot/Cash Option for Wed Jan 29, 2025 |
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Draw Date | Wed Jan 29, 2025 | Projected Jackpot | $69,000,000 | Cash Value | $30,700,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $30,700,000 | Federal Tax(24%) | $7,368,000 | Additional Federal Tax | $3,951,330 | State Tax(5%) | $1,535,000 | Net Lumpsum Payment | $17,845,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,038,519 |
$344,582 $51,926 |
$642,011 |
2 |
$1,090,476 |
$363,807 $54,524 |
$672,145 |
3 |
$1,144,986 |
$383,975 $57,249 |
$703,762 |
4 |
$1,202,256 |
$405,165 $60,113 |
$736,978 |
5 |
$1,262,355 |
$427,402 $63,118 |
$771,835 |
6 |
$1,325,490 |
$450,762 $66,275 |
$808,453 |
7 |
$1,391,730 |
$475,270 $69,587 |
$846,873 |
8 |
$1,461,351 |
$501,030 $73,068 |
$887,253 |
9 |
$1,534,422 |
$528,067 $76,721 |
$929,634 |
10 |
$1,611,150 |
$556,456 $80,558 |
$974,136 |
11 |
$1,691,673 |
$586,249 $84,584 |
$1,020,840 |
12 |
$1,776,267 |
$617,549 $88,813 |
$1,069,905 |
13 |
$1,865,070 |
$650,406 $93,254 |
$1,121,410 |
14 |
$1,958,358 |
$684,923 $97,918 |
$1,175,517 |
15 |
$2,056,269 |
$721,150 $102,813 |
$1,232,306 |
16 |
$2,159,079 |
$759,190 $107,954 |
$1,291,935 |
17 |
$2,266,995 |
$799,119 $113,350 |
$1,354,526 |
18 |
$2,380,362 |
$841,064 $119,018 |
$1,420,280 |
19 |
$2,499,387 |
$885,104 $124,969 |
$1,489,314 |
20 |
$2,624,346 |
$931,338 $131,217 |
$1,561,791 |
21 |
$2,755,584 |
$979,896 $137,779 |
$1,637,909 |
22 |
$2,893,377 |
$1,030,880 $144,669 |
$1,717,828 |
23 |
$3,038,001 |
$1,084,391 $151,900 |
$1,801,710 |
24 |
$3,189,939 |
$1,140,608 $159,497 |
$1,889,834 |
25 |
$3,349,398 |
$1,199,608 $167,470 |
$1,982,320 |
26 |
$3,516,930 |
$1,261,594 $175,847 |
$2,079,489 |
27 |
$3,692,742 |
$1,326,645 $184,637 |
$2,181,460 |
28 |
$3,877,386 |
$1,394,963 $193,869 |
$2,288,554 |
29 |
$4,071,276 |
$1,466,703 $203,564 |
$2,401,009 |
30 |
$4,274,826 |
$1,542,016 $213,741 |
$2,519,069 |
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