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 Oklahoma residents, the state will deduct 4.75% from your lottery earnings.
| Oklahoma 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(4.75%) | $655,500 | | Net Lumpsum Payment | $8,078,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$466,581 |
$132,965
$22,163 |
$311,453 |
| 2 |
$489,924 |
$141,602
$23,271 |
$325,051 |
| 3 |
$514,414 |
$150,664
$24,435 |
$339,315 |
| 4 |
$540,144 |
$160,184
$25,657 |
$354,303 |
| 5 |
$567,145 |
$170,174
$26,939 |
$370,032 |
| 6 |
$595,510 |
$180,669
$28,287 |
$386,554 |
| 7 |
$625,270 |
$191,680
$29,700 |
$403,890 |
| 8 |
$656,549 |
$203,254
$31,186 |
$422,109 |
| 9 |
$689,378 |
$215,400
$32,745 |
$441,233 |
| 10 |
$723,850 |
$228,155
$34,383 |
$461,312 |
| 11 |
$760,027 |
$241,540
$36,101 |
$482,386 |
| 12 |
$798,033 |
$255,603
$37,907 |
$504,523 |
| 13 |
$837,930 |
$270,364
$39,802 |
$527,764 |
| 14 |
$879,842 |
$285,872
$41,792 |
$552,178 |
| 15 |
$923,831 |
$302,148
$43,882 |
$577,801 |
| 16 |
$970,021 |
$319,238
$46,076 |
$604,707 |
| 17 |
$1,018,505 |
$337,177
$48,379 |
$632,949 |
| 18 |
$1,069,438 |
$356,022
$50,798 |
$662,618 |
| 19 |
$1,122,913 |
$375,808
$53,338 |
$693,767 |
| 20 |
$1,179,054 |
$396,580
$56,005 |
$726,469 |
| 21 |
$1,238,016 |
$418,396
$58,806 |
$760,814 |
| 22 |
$1,299,923 |
$441,302
$61,746 |
$796,875 |
| 23 |
$1,364,899 |
$465,343
$64,833 |
$834,723 |
| 24 |
$1,433,161 |
$490,600
$68,075 |
$874,486 |
| 25 |
$1,504,802 |
$517,107
$71,478 |
$916,217 |
| 26 |
$1,580,070 |
$544,956
$75,053 |
$960,061 |
| 27 |
$1,659,058 |
$574,182
$78,805 |
$1,006,071 |
| 28 |
$1,742,014 |
$604,876
$82,746 |
$1,054,392 |
| 29 |
$1,829,124 |
$637,106
$86,883 |
$1,105,135 |
| 30 |
$1,920,574 |
$670,943
$91,227 |
$1,158,404 |
|
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