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 those living in Puerto Rico, the bright side is you won't have to pay any state taxes on your lottery prize.
| Puerto Rico 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(0%) | $0 | | Net Lumpsum Payment | $8,733,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$466,581 |
$132,965
$0 |
$333,616 |
| 2 |
$489,924 |
$141,602
$0 |
$348,322 |
| 3 |
$514,414 |
$150,664
$0 |
$363,750 |
| 4 |
$540,144 |
$160,184
$0 |
$379,960 |
| 5 |
$567,145 |
$170,174
$0 |
$396,971 |
| 6 |
$595,510 |
$180,669
$0 |
$414,841 |
| 7 |
$625,270 |
$191,680
$0 |
$433,590 |
| 8 |
$656,549 |
$203,254
$0 |
$453,295 |
| 9 |
$689,378 |
$215,400
$0 |
$473,978 |
| 10 |
$723,850 |
$228,155
$0 |
$495,695 |
| 11 |
$760,027 |
$241,540
$0 |
$518,487 |
| 12 |
$798,033 |
$255,603
$0 |
$542,430 |
| 13 |
$837,930 |
$270,364
$0 |
$567,566 |
| 14 |
$879,842 |
$285,872
$0 |
$593,970 |
| 15 |
$923,831 |
$302,148
$0 |
$621,683 |
| 16 |
$970,021 |
$319,238
$0 |
$650,783 |
| 17 |
$1,018,505 |
$337,177
$0 |
$681,328 |
| 18 |
$1,069,438 |
$356,022
$0 |
$713,416 |
| 19 |
$1,122,913 |
$375,808
$0 |
$747,105 |
| 20 |
$1,179,054 |
$396,580
$0 |
$782,474 |
| 21 |
$1,238,016 |
$418,396
$0 |
$819,620 |
| 22 |
$1,299,923 |
$441,302
$0 |
$858,621 |
| 23 |
$1,364,899 |
$465,343
$0 |
$899,556 |
| 24 |
$1,433,161 |
$490,600
$0 |
$942,561 |
| 25 |
$1,504,802 |
$517,107
$0 |
$987,695 |
| 26 |
$1,580,070 |
$544,956
$0 |
$1,035,114 |
| 27 |
$1,659,058 |
$574,182
$0 |
$1,084,876 |
| 28 |
$1,742,014 |
$604,876
$0 |
$1,137,138 |
| 29 |
$1,829,124 |
$637,106
$0 |
$1,192,018 |
| 30 |
$1,920,574 |
$670,943
$0 |
$1,249,631 |
|
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