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 those living in Washington, the bright side is you won't have to pay any state taxes on your lottery prize.
| Washington 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(0%) | $0 | | Net Lumpsum Payment | $66,315,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,461,730 |
$1,241,170
$0 |
$2,220,560 |
| 2 |
$3,634,920 |
$1,305,251
$0 |
$2,329,669 |
| 3 |
$3,816,620 |
$1,372,480
$0 |
$2,444,140 |
| 4 |
$4,007,520 |
$1,443,113
$0 |
$2,564,407 |
| 5 |
$4,207,850 |
$1,517,235
$0 |
$2,690,615 |
| 6 |
$4,418,300 |
$1,595,101
$0 |
$2,823,199 |
| 7 |
$4,639,100 |
$1,676,797
$0 |
$2,962,303 |
| 8 |
$4,871,170 |
$1,762,663
$0 |
$3,108,507 |
| 9 |
$5,114,740 |
$1,852,784
$0 |
$3,261,956 |
| 10 |
$5,370,500 |
$1,947,415
$0 |
$3,423,085 |
| 11 |
$5,638,910 |
$2,046,727
$0 |
$3,592,183 |
| 12 |
$5,920,890 |
$2,151,060
$0 |
$3,769,830 |
| 13 |
$6,216,900 |
$2,260,583
$0 |
$3,956,317 |
| 14 |
$6,527,860 |
$2,375,639
$0 |
$4,152,221 |
| 15 |
$6,854,230 |
$2,496,395
$0 |
$4,357,835 |
| 16 |
$7,196,930 |
$2,623,194
$0 |
$4,573,736 |
| 17 |
$7,556,650 |
$2,756,291
$0 |
$4,800,359 |
| 18 |
$7,934,540 |
$2,896,110
$0 |
$5,038,430 |
| 19 |
$8,331,290 |
$3,042,908
$0 |
$5,288,382 |
| 20 |
$8,747,820 |
$3,197,024
$0 |
$5,550,796 |
| 21 |
$9,185,280 |
$3,358,884
$0 |
$5,826,396 |
| 22 |
$9,644,590 |
$3,528,829
$0 |
$6,115,761 |
| 23 |
$10,126,670 |
$3,707,198
$0 |
$6,419,472 |
| 24 |
$10,633,130 |
$3,894,588
$0 |
$6,738,542 |
| 25 |
$11,164,660 |
$4,091,255
$0 |
$7,073,405 |
| 26 |
$11,723,100 |
$4,297,877
$0 |
$7,425,223 |
| 27 |
$12,309,140 |
$4,514,712
$0 |
$7,794,428 |
| 28 |
$12,924,620 |
$4,742,440
$0 |
$8,182,180 |
| 29 |
$13,570,920 |
$4,981,571
$0 |
$8,589,349 |
| 30 |
$14,249,420 |
$5,232,616
$0 |
$9,016,804 |
|
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