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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $4,197,480 | | Net Lumpsum Payment | $62,118,190 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,461,730 |
$1,241,170
$138,123 |
$2,082,437 |
| 2 |
$3,634,920 |
$1,305,251
$145,033 |
$2,184,636 |
| 3 |
$3,816,620 |
$1,372,480
$152,283 |
$2,291,857 |
| 4 |
$4,007,520 |
$1,443,113
$159,900 |
$2,404,507 |
| 5 |
$4,207,850 |
$1,517,235
$167,893 |
$2,522,722 |
| 6 |
$4,418,300 |
$1,595,101
$176,290 |
$2,646,909 |
| 7 |
$4,639,100 |
$1,676,797
$185,100 |
$2,777,203 |
| 8 |
$4,871,170 |
$1,762,663
$194,360 |
$2,914,147 |
| 9 |
$5,114,740 |
$1,852,784
$204,078 |
$3,057,878 |
| 10 |
$5,370,500 |
$1,947,415
$214,283 |
$3,208,802 |
| 11 |
$5,638,910 |
$2,046,727
$224,993 |
$3,367,190 |
| 12 |
$5,920,890 |
$2,151,060
$236,244 |
$3,533,586 |
| 13 |
$6,216,900 |
$2,260,583
$248,054 |
$3,708,263 |
| 14 |
$6,527,860 |
$2,375,639
$260,462 |
$3,891,759 |
| 15 |
$6,854,230 |
$2,496,395
$273,484 |
$4,084,351 |
| 16 |
$7,196,930 |
$2,623,194
$287,158 |
$4,286,578 |
| 17 |
$7,556,650 |
$2,756,291
$301,510 |
$4,498,849 |
| 18 |
$7,934,540 |
$2,896,110
$316,588 |
$4,721,842 |
| 19 |
$8,331,290 |
$3,042,908
$332,418 |
$4,955,964 |
| 20 |
$8,747,820 |
$3,197,024
$349,038 |
$5,201,758 |
| 21 |
$9,185,280 |
$3,358,884
$366,493 |
$5,459,903 |
| 22 |
$9,644,590 |
$3,528,829
$384,819 |
$5,730,942 |
| 23 |
$10,126,670 |
$3,707,198
$404,054 |
$6,015,418 |
| 24 |
$10,633,130 |
$3,894,588
$424,262 |
$6,314,280 |
| 25 |
$11,164,660 |
$4,091,255
$445,470 |
$6,627,935 |
| 26 |
$11,723,100 |
$4,297,877
$467,752 |
$6,957,471 |
| 27 |
$12,309,140 |
$4,514,712
$491,135 |
$7,303,293 |
| 28 |
$12,924,620 |
$4,742,440
$515,692 |
$7,666,488 |
| 29 |
$13,570,920 |
$4,981,571
$541,480 |
$8,047,869 |
| 30 |
$14,249,420 |
$5,232,616
$568,552 |
$8,448,252 |
|
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