The jackpot for the Powerball draw on Wed Jul 16, 2025, is projected to be $264 Million, with an option for a cash payout of $119.7 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 Wed Jul 16, 2025 |
|---|
| Draw Date | Wed Jul 16, 2025 | | Projected Jackpot | $264,000,000 | | Cash Value | $119,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $119,700,000 | | Federal Tax(24%) | $28,728,000 | | Additional Federal Tax | $15,521,330 | | State Tax(3.99%) | $4,776,030 | | Net Lumpsum Payment | $70,674,640 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,973,464 |
$1,430,512
$158,541 |
$2,384,411 |
| 2 |
$4,172,256 |
$1,504,065
$166,473 |
$2,501,718 |
| 3 |
$4,380,816 |
$1,581,232
$174,795 |
$2,624,789 |
| 4 |
$4,599,936 |
$1,662,307
$183,537 |
$2,754,092 |
| 5 |
$4,829,880 |
$1,747,386
$192,712 |
$2,889,782 |
| 6 |
$5,071,440 |
$1,836,763
$202,350 |
$3,032,327 |
| 7 |
$5,324,880 |
$1,930,536
$212,463 |
$3,181,881 |
| 8 |
$5,591,256 |
$2,029,095
$223,091 |
$3,339,070 |
| 9 |
$5,870,832 |
$2,132,538
$234,246 |
$3,504,048 |
| 10 |
$6,164,400 |
$2,241,158
$245,960 |
$3,677,282 |
| 11 |
$6,472,488 |
$2,355,151
$258,252 |
$3,859,085 |
| 12 |
$6,796,152 |
$2,474,907
$271,166 |
$4,050,079 |
| 13 |
$7,135,920 |
$2,600,621
$284,723 |
$4,250,576 |
| 14 |
$7,492,848 |
$2,732,684
$298,965 |
$4,461,199 |
| 15 |
$7,867,464 |
$2,871,292
$313,912 |
$4,682,260 |
| 16 |
$8,260,824 |
$3,016,835
$329,607 |
$4,914,382 |
| 17 |
$8,673,720 |
$3,169,607
$346,081 |
$5,158,032 |
| 18 |
$9,107,472 |
$3,330,095
$363,388 |
$5,413,989 |
| 19 |
$9,562,872 |
$3,498,593
$381,559 |
$5,682,720 |
| 20 |
$10,040,976 |
$3,675,492
$400,635 |
$5,964,849 |
| 21 |
$10,543,104 |
$3,861,279
$420,670 |
$6,261,155 |
| 22 |
$11,070,312 |
$4,056,346
$441,705 |
$6,572,261 |
| 23 |
$11,623,656 |
$4,261,083
$463,784 |
$6,898,789 |
| 24 |
$12,204,984 |
$4,476,174
$486,979 |
$7,241,831 |
| 25 |
$12,815,088 |
$4,701,913
$511,322 |
$7,601,853 |
| 26 |
$13,456,080 |
$4,939,080
$536,898 |
$7,980,102 |
| 27 |
$14,128,752 |
$5,187,969
$563,737 |
$8,377,046 |
| 28 |
$14,835,216 |
$5,449,360
$591,925 |
$8,793,931 |
| 29 |
$15,577,056 |
$5,723,841
$621,525 |
$9,231,690 |
| 30 |
$16,355,856 |
$6,011,997
$652,599 |
$9,691,260 |
|
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