The jackpot for the Powerball draw on Mon Feb 24, 2025, is projected to be $230 Million, with an option for a cash payout of $105.2 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 Maine residents, the state will deduct 5% from your lottery earnings.
| Maine Powerball Jackpot/Cash Option for Mon Feb 24, 2025 |
|---|
| Draw Date | Mon Feb 24, 2025 | | Projected Jackpot | $230,000,000 | | Cash Value | $105,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $105,200,000 | | Federal Tax(24%) | $25,248,000 | | Additional Federal Tax | $13,636,330 | | State Tax(5%) | $5,260,000 | | Net Lumpsum Payment | $61,055,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,461,730 |
$1,241,170
$173,087 |
$2,047,473 |
| 2 |
$3,634,920 |
$1,305,251
$181,746 |
$2,147,923 |
| 3 |
$3,816,620 |
$1,372,480
$190,831 |
$2,253,309 |
| 4 |
$4,007,520 |
$1,443,113
$200,376 |
$2,364,031 |
| 5 |
$4,207,850 |
$1,517,235
$210,393 |
$2,480,222 |
| 6 |
$4,418,300 |
$1,595,101
$220,915 |
$2,602,284 |
| 7 |
$4,639,100 |
$1,676,797
$231,955 |
$2,730,348 |
| 8 |
$4,871,170 |
$1,762,663
$243,559 |
$2,864,948 |
| 9 |
$5,114,740 |
$1,852,784
$255,737 |
$3,006,219 |
| 10 |
$5,370,500 |
$1,947,415
$268,525 |
$3,154,560 |
| 11 |
$5,638,910 |
$2,046,727
$281,946 |
$3,310,237 |
| 12 |
$5,920,890 |
$2,151,060
$296,045 |
$3,473,785 |
| 13 |
$6,216,900 |
$2,260,583
$310,845 |
$3,645,472 |
| 14 |
$6,527,860 |
$2,375,639
$326,393 |
$3,825,828 |
| 15 |
$6,854,230 |
$2,496,395
$342,712 |
$4,015,123 |
| 16 |
$7,196,930 |
$2,623,194
$359,847 |
$4,213,889 |
| 17 |
$7,556,650 |
$2,756,291
$377,833 |
$4,422,526 |
| 18 |
$7,934,540 |
$2,896,110
$396,727 |
$4,641,703 |
| 19 |
$8,331,290 |
$3,042,908
$416,565 |
$4,871,817 |
| 20 |
$8,747,820 |
$3,197,024
$437,391 |
$5,113,405 |
| 21 |
$9,185,280 |
$3,358,884
$459,264 |
$5,367,132 |
| 22 |
$9,644,590 |
$3,528,829
$482,230 |
$5,633,531 |
| 23 |
$10,126,670 |
$3,707,198
$506,334 |
$5,913,138 |
| 24 |
$10,633,130 |
$3,894,588
$531,657 |
$6,206,885 |
| 25 |
$11,164,660 |
$4,091,255
$558,233 |
$6,515,172 |
| 26 |
$11,723,100 |
$4,297,877
$586,155 |
$6,839,068 |
| 27 |
$12,309,140 |
$4,514,712
$615,457 |
$7,178,971 |
| 28 |
$12,924,620 |
$4,742,440
$646,231 |
$7,535,949 |
| 29 |
$13,570,920 |
$4,981,571
$678,546 |
$7,910,803 |
| 30 |
$14,249,420 |
$5,232,616
$712,471 |
$8,304,333 |
|
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