The jackpot for the Powerball draw on Mon Mar 31, 2025, is projected to be $20 Million, with an option for a cash payout of $9.3 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota Powerball Jackpot/Cash Option for Mon Mar 31, 2025 |
|---|
| Draw Date | Mon Mar 31, 2025 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,300,000 | | Federal Tax(24%) | $2,232,000 | | Additional Federal Tax | $1,169,330 | | State Tax(7.25%) | $674,250 | | Net Lumpsum Payment | $5,224,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$21,824 |
$207,488 |
| 2 |
$316,080 |
$77,280
$22,916 |
$215,884 |
| 3 |
$331,880 |
$83,126
$24,061 |
$224,693 |
| 4 |
$348,480 |
$89,268
$25,265 |
$233,947 |
| 5 |
$365,900 |
$95,713
$26,528 |
$243,659 |
| 6 |
$384,200 |
$102,484
$27,855 |
$253,861 |
| 7 |
$403,400 |
$109,588
$29,247 |
$264,565 |
| 8 |
$423,580 |
$117,055
$30,710 |
$275,815 |
| 9 |
$444,760 |
$124,892
$32,245 |
$287,623 |
| 10 |
$467,000 |
$133,120
$33,858 |
$300,022 |
| 11 |
$490,340 |
$141,756
$35,550 |
$313,034 |
| 12 |
$514,860 |
$150,829
$37,327 |
$326,704 |
| 13 |
$540,600 |
$160,352
$39,194 |
$341,054 |
| 14 |
$567,640 |
$170,357
$41,154 |
$356,129 |
| 15 |
$596,020 |
$180,858
$43,211 |
$371,951 |
| 16 |
$625,820 |
$191,884
$45,372 |
$388,564 |
| 17 |
$657,100 |
$203,457
$47,640 |
$406,003 |
| 18 |
$689,960 |
$215,616
$50,022 |
$424,322 |
| 19 |
$724,460 |
$228,381
$52,523 |
$443,556 |
| 20 |
$760,680 |
$241,782
$55,149 |
$463,749 |
| 21 |
$798,720 |
$255,857
$57,907 |
$484,956 |
| 22 |
$838,660 |
$270,635
$60,803 |
$507,222 |
| 23 |
$880,580 |
$286,145
$63,842 |
$530,593 |
| 24 |
$924,620 |
$302,440
$67,035 |
$555,145 |
| 25 |
$970,840 |
$319,541
$70,386 |
$580,913 |
| 26 |
$1,019,400 |
$337,508
$73,907 |
$607,985 |
| 27 |
$1,070,360 |
$356,364
$77,601 |
$636,395 |
| 28 |
$1,123,880 |
$376,166
$81,481 |
$666,233 |
| 29 |
$1,180,080 |
$396,960
$85,556 |
$697,564 |
| 30 |
$1,239,080 |
$418,790
$89,833 |
$730,457 |
|
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