The jackpot for the Powerball draw on Sat Feb 1, 2025, is projected to be $89 Million, with an option for a cash payout of $39.6 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 South Dakota, the bright side is you won't have to pay any state taxes on your lottery prize.
| South Dakota Powerball Jackpot/Cash Option for Sat Feb 1, 2025 |
|---|
| Draw Date | Sat Feb 1, 2025 | | Projected Jackpot | $89,000,000 | | Cash Value | $39,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $39,600,000 | | Federal Tax(24%) | $9,504,000 | | Additional Federal Tax | $5,108,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $24,987,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,339,539 |
$455,960
$0 |
$883,579 |
| 2 |
$1,406,556 |
$480,756
$0 |
$925,800 |
| 3 |
$1,476,866 |
$506,771
$0 |
$970,095 |
| 4 |
$1,550,736 |
$534,103
$0 |
$1,016,633 |
| 5 |
$1,628,255 |
$562,785
$0 |
$1,065,470 |
| 6 |
$1,709,690 |
$592,916
$0 |
$1,116,774 |
| 7 |
$1,795,130 |
$624,528
$0 |
$1,170,602 |
| 8 |
$1,884,931 |
$657,755
$0 |
$1,227,176 |
| 9 |
$1,979,182 |
$692,628
$0 |
$1,286,554 |
| 10 |
$2,078,150 |
$729,246
$0 |
$1,348,904 |
| 11 |
$2,182,013 |
$767,675
$0 |
$1,414,338 |
| 12 |
$2,291,127 |
$808,047
$0 |
$1,483,080 |
| 13 |
$2,405,670 |
$850,428
$0 |
$1,555,242 |
| 14 |
$2,525,998 |
$894,950
$0 |
$1,631,048 |
| 15 |
$2,652,289 |
$941,677
$0 |
$1,710,612 |
| 16 |
$2,784,899 |
$990,743
$0 |
$1,794,156 |
| 17 |
$2,924,095 |
$1,042,246
$0 |
$1,881,849 |
| 18 |
$3,070,322 |
$1,096,350
$0 |
$1,973,972 |
| 19 |
$3,223,847 |
$1,153,154
$0 |
$2,070,693 |
| 20 |
$3,385,026 |
$1,212,790
$0 |
$2,172,236 |
| 21 |
$3,554,304 |
$1,275,423
$0 |
$2,278,881 |
| 22 |
$3,732,037 |
$1,341,184
$0 |
$2,390,853 |
| 23 |
$3,918,581 |
$1,410,205
$0 |
$2,508,376 |
| 24 |
$4,114,559 |
$1,482,717
$0 |
$2,631,842 |
| 25 |
$4,320,238 |
$1,558,818
$0 |
$2,761,420 |
| 26 |
$4,536,330 |
$1,638,772
$0 |
$2,897,558 |
| 27 |
$4,763,102 |
$1,722,678
$0 |
$3,040,424 |
| 28 |
$5,001,266 |
$1,810,799
$0 |
$3,190,467 |
| 29 |
$5,251,356 |
$1,903,332
$0 |
$3,348,024 |
| 30 |
$5,513,906 |
$2,000,476
$0 |
$3,513,430 |
|
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