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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
Kentucky Powerball Jackpot/Cash Option for Wed Apr 2, 2025 |
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Draw Date | Wed Apr 2, 2025 | Projected Jackpot | $30,000,000 | Cash Value | $13,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $13,900,000 | Federal Tax(24%) | $3,336,000 | Additional Federal Tax | $1,767,330 | State Tax(4.5%) | $625,500 | Net Lumpsum Payment | $8,171,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$451,530 |
$127,396 $20,319 |
$303,815 |
2 |
$474,120 |
$135,755 $21,335 |
$317,030 |
3 |
$497,820 |
$144,524 $22,402 |
$330,894 |
4 |
$522,720 |
$153,737 $23,522 |
$345,461 |
5 |
$548,850 |
$163,405 $24,698 |
$360,747 |
6 |
$576,300 |
$173,561 $25,934 |
$376,805 |
7 |
$605,100 |
$184,217 $27,230 |
$393,653 |
8 |
$635,370 |
$195,417 $28,592 |
$411,361 |
9 |
$667,140 |
$207,172 $30,021 |
$429,947 |
10 |
$700,500 |
$219,515 $31,523 |
$449,462 |
11 |
$735,510 |
$232,469 $33,098 |
$469,943 |
12 |
$772,290 |
$246,078 $34,753 |
$491,459 |
13 |
$810,900 |
$260,363 $36,491 |
$514,046 |
14 |
$851,460 |
$275,371 $38,316 |
$537,773 |
15 |
$894,030 |
$291,121 $40,231 |
$562,678 |
16 |
$938,730 |
$307,660 $42,243 |
$588,827 |
17 |
$985,650 |
$325,021 $44,354 |
$616,275 |
18 |
$1,034,940 |
$343,258 $46,572 |
$645,110 |
19 |
$1,086,690 |
$362,406 $48,901 |
$675,383 |
20 |
$1,141,020 |
$382,508 $51,346 |
$707,166 |
21 |
$1,198,080 |
$403,620 $53,914 |
$740,546 |
22 |
$1,257,990 |
$425,787 $56,610 |
$775,593 |
23 |
$1,320,870 |
$449,052 $59,439 |
$812,379 |
24 |
$1,386,930 |
$473,494 $62,412 |
$851,024 |
25 |
$1,456,260 |
$499,147 $65,532 |
$891,581 |
26 |
$1,529,100 |
$526,097 $68,810 |
$934,193 |
27 |
$1,605,540 |
$554,380 $72,249 |
$978,911 |
28 |
$1,685,820 |
$584,084 $75,862 |
$1,025,874 |
29 |
$1,770,120 |
$615,275 $79,655 |
$1,075,190 |
30 |
$1,858,620 |
$648,020 $83,638 |
$1,126,962 |
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