The jackpot for the Powerball draw on Mon Mar 3, 2025, is projected to be $279 Million, with an option for a cash payout of $131.5 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 Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.
| Tennessee Powerball Jackpot/Cash Option for Mon Mar 3, 2025 |
|---|
| Draw Date | Mon Mar 3, 2025 | | Projected Jackpot | $279,000,000 | | Cash Value | $131,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $131,500,000 | | Federal Tax(24%) | $31,560,000 | | Additional Federal Tax | $17,055,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $82,884,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,199,229 |
$1,514,045
$0 |
$2,685,184 |
| 2 |
$4,409,316 |
$1,591,777
$0 |
$2,817,539 |
| 3 |
$4,629,726 |
$1,673,329
$0 |
$2,956,397 |
| 4 |
$4,861,296 |
$1,759,010
$0 |
$3,102,286 |
| 5 |
$5,104,305 |
$1,848,923
$0 |
$3,255,382 |
| 6 |
$5,359,590 |
$1,943,379
$0 |
$3,416,211 |
| 7 |
$5,627,430 |
$2,042,479
$0 |
$3,584,951 |
| 8 |
$5,908,941 |
$2,146,639
$0 |
$3,762,302 |
| 9 |
$6,204,402 |
$2,255,959
$0 |
$3,948,443 |
| 10 |
$6,514,650 |
$2,370,751
$0 |
$4,143,899 |
| 11 |
$6,840,243 |
$2,491,220
$0 |
$4,349,023 |
| 12 |
$7,182,297 |
$2,617,780
$0 |
$4,564,517 |
| 13 |
$7,541,370 |
$2,750,637
$0 |
$4,790,733 |
| 14 |
$7,918,578 |
$2,890,204
$0 |
$5,028,374 |
| 15 |
$8,314,479 |
$3,036,688
$0 |
$5,277,791 |
| 16 |
$8,730,189 |
$3,190,500
$0 |
$5,539,689 |
| 17 |
$9,166,545 |
$3,351,952
$0 |
$5,814,593 |
| 18 |
$9,624,942 |
$3,521,559
$0 |
$6,103,383 |
| 19 |
$10,106,217 |
$3,699,631
$0 |
$6,406,586 |
| 20 |
$10,611,486 |
$3,886,580
$0 |
$6,724,906 |
| 21 |
$11,142,144 |
$4,082,924
$0 |
$7,059,220 |
| 22 |
$11,699,307 |
$4,289,074
$0 |
$7,410,233 |
| 23 |
$12,284,091 |
$4,505,444
$0 |
$7,778,647 |
| 24 |
$12,898,449 |
$4,732,757
$0 |
$8,165,692 |
| 25 |
$13,543,218 |
$4,971,321
$0 |
$8,571,897 |
| 26 |
$14,220,630 |
$5,221,963
$0 |
$8,998,667 |
| 27 |
$14,931,522 |
$5,484,994
$0 |
$9,446,528 |
| 28 |
$15,678,126 |
$5,761,237
$0 |
$9,916,889 |
| 29 |
$16,462,116 |
$6,051,313
$0 |
$10,410,803 |
| 30 |
$17,285,166 |
$6,355,842
$0 |
$10,929,324 |
|
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