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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $423,660 | | Net Lumpsum Payment | $8,310,010 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$466,581 |
$132,965
$14,324 |
$319,292 |
| 2 |
$489,924 |
$141,602
$15,041 |
$333,281 |
| 3 |
$514,414 |
$150,664
$15,793 |
$347,957 |
| 4 |
$540,144 |
$160,184
$16,582 |
$363,378 |
| 5 |
$567,145 |
$170,174
$17,411 |
$379,560 |
| 6 |
$595,510 |
$180,669
$18,282 |
$396,559 |
| 7 |
$625,270 |
$191,680
$19,196 |
$414,394 |
| 8 |
$656,549 |
$203,254
$20,156 |
$433,139 |
| 9 |
$689,378 |
$215,400
$21,164 |
$452,814 |
| 10 |
$723,850 |
$228,155
$22,222 |
$473,473 |
| 11 |
$760,027 |
$241,540
$23,333 |
$495,154 |
| 12 |
$798,033 |
$255,603
$24,500 |
$517,930 |
| 13 |
$837,930 |
$270,364
$25,724 |
$541,842 |
| 14 |
$879,842 |
$285,872
$27,011 |
$566,959 |
| 15 |
$923,831 |
$302,148
$28,362 |
$593,321 |
| 16 |
$970,021 |
$319,238
$29,780 |
$621,003 |
| 17 |
$1,018,505 |
$337,177
$31,268 |
$650,060 |
| 18 |
$1,069,438 |
$356,022
$32,832 |
$680,584 |
| 19 |
$1,122,913 |
$375,808
$34,473 |
$712,632 |
| 20 |
$1,179,054 |
$396,580
$36,197 |
$746,277 |
| 21 |
$1,238,016 |
$418,396
$38,007 |
$781,613 |
| 22 |
$1,299,923 |
$441,302
$39,908 |
$818,713 |
| 23 |
$1,364,899 |
$465,343
$41,902 |
$857,654 |
| 24 |
$1,433,161 |
$490,600
$43,998 |
$898,563 |
| 25 |
$1,504,802 |
$517,107
$46,197 |
$941,498 |
| 26 |
$1,580,070 |
$544,956
$48,508 |
$986,606 |
| 27 |
$1,659,058 |
$574,182
$50,933 |
$1,033,943 |
| 28 |
$1,742,014 |
$604,876
$53,480 |
$1,083,658 |
| 29 |
$1,829,124 |
$637,106
$56,154 |
$1,135,864 |
| 30 |
$1,920,574 |
$670,943
$58,962 |
$1,190,669 |
|
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