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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky 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(4.5%) | $621,000 | | Net Lumpsum Payment | $8,112,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$466,581 |
$132,965
$20,996 |
$312,620 |
| 2 |
$489,924 |
$141,602
$22,047 |
$326,275 |
| 3 |
$514,414 |
$150,664
$23,149 |
$340,601 |
| 4 |
$540,144 |
$160,184
$24,306 |
$355,654 |
| 5 |
$567,145 |
$170,174
$25,522 |
$371,449 |
| 6 |
$595,510 |
$180,669
$26,798 |
$388,043 |
| 7 |
$625,270 |
$191,680
$28,137 |
$405,453 |
| 8 |
$656,549 |
$203,254
$29,545 |
$423,750 |
| 9 |
$689,378 |
$215,400
$31,022 |
$442,956 |
| 10 |
$723,850 |
$228,155
$32,573 |
$463,122 |
| 11 |
$760,027 |
$241,540
$34,201 |
$484,286 |
| 12 |
$798,033 |
$255,603
$35,911 |
$506,519 |
| 13 |
$837,930 |
$270,364
$37,707 |
$529,859 |
| 14 |
$879,842 |
$285,872
$39,593 |
$554,377 |
| 15 |
$923,831 |
$302,148
$41,572 |
$580,111 |
| 16 |
$970,021 |
$319,238
$43,651 |
$607,132 |
| 17 |
$1,018,505 |
$337,177
$45,833 |
$635,495 |
| 18 |
$1,069,438 |
$356,022
$48,125 |
$665,291 |
| 19 |
$1,122,913 |
$375,808
$50,531 |
$696,574 |
| 20 |
$1,179,054 |
$396,580
$53,057 |
$729,417 |
| 21 |
$1,238,016 |
$418,396
$55,711 |
$763,909 |
| 22 |
$1,299,923 |
$441,302
$58,497 |
$800,124 |
| 23 |
$1,364,899 |
$465,343
$61,420 |
$838,136 |
| 24 |
$1,433,161 |
$490,600
$64,492 |
$878,069 |
| 25 |
$1,504,802 |
$517,107
$67,716 |
$919,979 |
| 26 |
$1,580,070 |
$544,956
$71,103 |
$964,011 |
| 27 |
$1,659,058 |
$574,182
$74,658 |
$1,010,218 |
| 28 |
$1,742,014 |
$604,876
$78,391 |
$1,058,747 |
| 29 |
$1,829,124 |
$637,106
$82,311 |
$1,109,707 |
| 30 |
$1,920,574 |
$670,943
$86,426 |
$1,163,205 |
|
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