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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana 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(6.75%) | $931,500 | | Net Lumpsum Payment | $7,802,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$466,581 |
$132,965
$31,494 |
$302,122 |
| 2 |
$489,924 |
$141,602
$33,070 |
$315,252 |
| 3 |
$514,414 |
$150,664
$34,723 |
$329,027 |
| 4 |
$540,144 |
$160,184
$36,460 |
$343,500 |
| 5 |
$567,145 |
$170,174
$38,282 |
$358,689 |
| 6 |
$595,510 |
$180,669
$40,197 |
$374,644 |
| 7 |
$625,270 |
$191,680
$42,206 |
$391,384 |
| 8 |
$656,549 |
$203,254
$44,317 |
$408,978 |
| 9 |
$689,378 |
$215,400
$46,533 |
$427,445 |
| 10 |
$723,850 |
$228,155
$48,860 |
$446,835 |
| 11 |
$760,027 |
$241,540
$51,302 |
$467,185 |
| 12 |
$798,033 |
$255,603
$53,867 |
$488,563 |
| 13 |
$837,930 |
$270,364
$56,560 |
$511,006 |
| 14 |
$879,842 |
$285,872
$59,389 |
$534,581 |
| 15 |
$923,831 |
$302,148
$62,359 |
$559,324 |
| 16 |
$970,021 |
$319,238
$65,476 |
$585,307 |
| 17 |
$1,018,505 |
$337,177
$68,749 |
$612,579 |
| 18 |
$1,069,438 |
$356,022
$72,187 |
$641,229 |
| 19 |
$1,122,913 |
$375,808
$75,797 |
$671,308 |
| 20 |
$1,179,054 |
$396,580
$79,586 |
$702,888 |
| 21 |
$1,238,016 |
$418,396
$83,566 |
$736,054 |
| 22 |
$1,299,923 |
$441,302
$87,745 |
$770,876 |
| 23 |
$1,364,899 |
$465,343
$92,131 |
$807,425 |
| 24 |
$1,433,161 |
$490,600
$96,738 |
$845,823 |
| 25 |
$1,504,802 |
$517,107
$101,574 |
$886,121 |
| 26 |
$1,580,070 |
$544,956
$106,655 |
$928,459 |
| 27 |
$1,659,058 |
$574,182
$111,986 |
$972,890 |
| 28 |
$1,742,014 |
$604,876
$117,586 |
$1,019,552 |
| 29 |
$1,829,124 |
$637,106
$123,466 |
$1,068,552 |
| 30 |
$1,920,574 |
$670,943
$129,639 |
$1,119,992 |
|
|
