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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $3,229,640 | | Net Lumpsum Payment | $63,086,030 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,461,730 |
$1,241,170
$106,275 |
$2,114,285 |
| 2 |
$3,634,920 |
$1,305,251
$111,592 |
$2,218,077 |
| 3 |
$3,816,620 |
$1,372,480
$117,170 |
$2,326,970 |
| 4 |
$4,007,520 |
$1,443,113
$123,031 |
$2,441,376 |
| 5 |
$4,207,850 |
$1,517,235
$129,181 |
$2,561,434 |
| 6 |
$4,418,300 |
$1,595,101
$135,642 |
$2,687,557 |
| 7 |
$4,639,100 |
$1,676,797
$142,420 |
$2,819,883 |
| 8 |
$4,871,170 |
$1,762,663
$149,545 |
$2,958,962 |
| 9 |
$5,114,740 |
$1,852,784
$157,023 |
$3,104,933 |
| 10 |
$5,370,500 |
$1,947,415
$164,874 |
$3,258,211 |
| 11 |
$5,638,910 |
$2,046,727
$173,115 |
$3,419,068 |
| 12 |
$5,920,890 |
$2,151,060
$181,771 |
$3,588,059 |
| 13 |
$6,216,900 |
$2,260,583
$190,859 |
$3,765,458 |
| 14 |
$6,527,860 |
$2,375,639
$200,405 |
$3,951,816 |
| 15 |
$6,854,230 |
$2,496,395
$210,425 |
$4,147,410 |
| 16 |
$7,196,930 |
$2,623,194
$220,946 |
$4,352,790 |
| 17 |
$7,556,650 |
$2,756,291
$231,989 |
$4,568,370 |
| 18 |
$7,934,540 |
$2,896,110
$243,590 |
$4,794,840 |
| 19 |
$8,331,290 |
$3,042,908
$255,771 |
$5,032,611 |
| 20 |
$8,747,820 |
$3,197,024
$268,558 |
$5,282,238 |
| 21 |
$9,185,280 |
$3,358,884
$281,988 |
$5,544,408 |
| 22 |
$9,644,590 |
$3,528,829
$296,089 |
$5,819,672 |
| 23 |
$10,126,670 |
$3,707,198
$310,889 |
$6,108,583 |
| 24 |
$10,633,130 |
$3,894,588
$326,437 |
$6,412,105 |
| 25 |
$11,164,660 |
$4,091,255
$342,755 |
$6,730,650 |
| 26 |
$11,723,100 |
$4,297,877
$359,899 |
$7,065,324 |
| 27 |
$12,309,140 |
$4,514,712
$377,891 |
$7,416,537 |
| 28 |
$12,924,620 |
$4,742,440
$396,786 |
$7,785,394 |
| 29 |
$13,570,920 |
$4,981,571
$416,627 |
$8,172,722 |
| 30 |
$14,249,420 |
$5,232,616
$437,457 |
$8,579,347 |
|
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