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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $7,627,000 | | Net Lumpsum Payment | $58,688,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,461,730 |
$1,241,170
$250,975 |
$1,969,585 |
| 2 |
$3,634,920 |
$1,305,251
$263,532 |
$2,066,137 |
| 3 |
$3,816,620 |
$1,372,480
$276,705 |
$2,167,435 |
| 4 |
$4,007,520 |
$1,443,113
$290,545 |
$2,273,862 |
| 5 |
$4,207,850 |
$1,517,235
$305,069 |
$2,385,546 |
| 6 |
$4,418,300 |
$1,595,101
$320,327 |
$2,502,872 |
| 7 |
$4,639,100 |
$1,676,797
$336,335 |
$2,625,968 |
| 8 |
$4,871,170 |
$1,762,663
$353,160 |
$2,755,347 |
| 9 |
$5,114,740 |
$1,852,784
$370,819 |
$2,891,137 |
| 10 |
$5,370,500 |
$1,947,415
$389,361 |
$3,033,724 |
| 11 |
$5,638,910 |
$2,046,727
$408,821 |
$3,183,362 |
| 12 |
$5,920,890 |
$2,151,060
$429,265 |
$3,340,565 |
| 13 |
$6,216,900 |
$2,260,583
$450,725 |
$3,505,592 |
| 14 |
$6,527,860 |
$2,375,639
$473,270 |
$3,678,951 |
| 15 |
$6,854,230 |
$2,496,395
$496,932 |
$3,860,903 |
| 16 |
$7,196,930 |
$2,623,194
$521,777 |
$4,051,959 |
| 17 |
$7,556,650 |
$2,756,291
$547,857 |
$4,252,502 |
| 18 |
$7,934,540 |
$2,896,110
$575,254 |
$4,463,176 |
| 19 |
$8,331,290 |
$3,042,908
$604,019 |
$4,684,363 |
| 20 |
$8,747,820 |
$3,197,024
$634,217 |
$4,916,579 |
| 21 |
$9,185,280 |
$3,358,884
$665,933 |
$5,160,463 |
| 22 |
$9,644,590 |
$3,528,829
$699,233 |
$5,416,528 |
| 23 |
$10,126,670 |
$3,707,198
$734,184 |
$5,685,288 |
| 24 |
$10,633,130 |
$3,894,588
$770,902 |
$5,967,640 |
| 25 |
$11,164,660 |
$4,091,255
$809,438 |
$6,263,967 |
| 26 |
$11,723,100 |
$4,297,877
$849,925 |
$6,575,298 |
| 27 |
$12,309,140 |
$4,514,712
$892,413 |
$6,902,015 |
| 28 |
$12,924,620 |
$4,742,440
$937,035 |
$7,245,145 |
| 29 |
$13,570,920 |
$4,981,571
$983,892 |
$7,605,457 |
| 30 |
$14,249,420 |
$5,232,616
$1,033,083 |
$7,983,721 |
|
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