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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $550,620 | | Net Lumpsum Payment | $8,183,050 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$466,581 |
$132,965
$18,617 |
$314,999 |
| 2 |
$489,924 |
$141,602
$19,548 |
$328,774 |
| 3 |
$514,414 |
$150,664
$20,525 |
$343,225 |
| 4 |
$540,144 |
$160,184
$21,552 |
$358,408 |
| 5 |
$567,145 |
$170,174
$22,629 |
$374,342 |
| 6 |
$595,510 |
$180,669
$23,761 |
$391,080 |
| 7 |
$625,270 |
$191,680
$24,948 |
$408,642 |
| 8 |
$656,549 |
$203,254
$26,196 |
$427,099 |
| 9 |
$689,378 |
$215,400
$27,506 |
$446,472 |
| 10 |
$723,850 |
$228,155
$28,882 |
$466,813 |
| 11 |
$760,027 |
$241,540
$30,325 |
$488,162 |
| 12 |
$798,033 |
$255,603
$31,842 |
$510,588 |
| 13 |
$837,930 |
$270,364
$33,433 |
$534,133 |
| 14 |
$879,842 |
$285,872
$35,106 |
$558,864 |
| 15 |
$923,831 |
$302,148
$36,861 |
$584,822 |
| 16 |
$970,021 |
$319,238
$38,704 |
$612,079 |
| 17 |
$1,018,505 |
$337,177
$40,638 |
$640,690 |
| 18 |
$1,069,438 |
$356,022
$42,671 |
$670,745 |
| 19 |
$1,122,913 |
$375,808
$44,804 |
$702,301 |
| 20 |
$1,179,054 |
$396,580
$47,044 |
$735,430 |
| 21 |
$1,238,016 |
$418,396
$49,397 |
$770,223 |
| 22 |
$1,299,923 |
$441,302
$51,867 |
$806,754 |
| 23 |
$1,364,899 |
$465,343
$54,459 |
$845,097 |
| 24 |
$1,433,161 |
$490,600
$57,183 |
$885,378 |
| 25 |
$1,504,802 |
$517,107
$60,042 |
$927,653 |
| 26 |
$1,580,070 |
$544,956
$63,045 |
$972,069 |
| 27 |
$1,659,058 |
$574,182
$66,196 |
$1,018,680 |
| 28 |
$1,742,014 |
$604,876
$69,506 |
$1,067,632 |
| 29 |
$1,829,124 |
$637,106
$72,982 |
$1,119,036 |
| 30 |
$1,920,574 |
$670,943
$76,631 |
$1,173,000 |
|
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