The jackpot for the Powerball draw on Mon Jul 21, 2025, is projected to be $308 Million, with an option for a cash payout of $137.7 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Mon Jul 21, 2025 |
|---|
| Draw Date | Mon Jul 21, 2025 | | Projected Jackpot | $308,000,000 | | Cash Value | $137,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $137,700,000 | | Federal Tax(24%) | $33,048,000 | | Additional Federal Tax | $17,861,330 | | State Tax(6.99%) | $9,625,230 | | Net Lumpsum Payment | $77,165,440 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,635,708 |
$1,675,542
$324,036 |
$2,636,130 |
| 2 |
$4,867,632 |
$1,761,354
$340,247 |
$2,766,031 |
| 3 |
$5,110,952 |
$1,851,383
$357,256 |
$2,902,313 |
| 4 |
$5,366,592 |
$1,945,969
$375,125 |
$3,045,498 |
| 5 |
$5,634,860 |
$2,045,229
$393,877 |
$3,195,754 |
| 6 |
$5,916,680 |
$2,149,502
$413,576 |
$3,353,602 |
| 7 |
$6,212,360 |
$2,258,904
$434,244 |
$3,519,212 |
| 8 |
$6,523,132 |
$2,373,889
$455,967 |
$3,693,276 |
| 9 |
$6,849,304 |
$2,494,573
$478,766 |
$3,875,965 |
| 10 |
$7,191,800 |
$2,621,296
$502,707 |
$4,067,797 |
| 11 |
$7,551,236 |
$2,754,288
$527,831 |
$4,269,117 |
| 12 |
$7,928,844 |
$2,894,003
$554,226 |
$4,480,615 |
| 13 |
$8,325,240 |
$3,040,669
$581,934 |
$4,702,637 |
| 14 |
$8,741,656 |
$3,194,743
$611,042 |
$4,935,871 |
| 15 |
$9,178,708 |
$3,356,452
$641,592 |
$5,180,664 |
| 16 |
$9,637,628 |
$3,526,253
$673,670 |
$5,437,705 |
| 17 |
$10,119,340 |
$3,704,486
$707,342 |
$5,707,512 |
| 18 |
$10,625,384 |
$3,891,722
$742,714 |
$5,990,948 |
| 19 |
$11,156,684 |
$4,088,303
$779,852 |
$6,288,529 |
| 20 |
$11,714,472 |
$4,294,685
$818,842 |
$6,600,945 |
| 21 |
$12,300,288 |
$4,511,437
$859,790 |
$6,929,061 |
| 22 |
$12,915,364 |
$4,739,015
$902,784 |
$7,273,565 |
| 23 |
$13,560,932 |
$4,977,875
$947,909 |
$7,635,148 |
| 24 |
$14,239,148 |
$5,228,815
$995,316 |
$8,015,017 |
| 25 |
$14,950,936 |
$5,492,177
$1,045,070 |
$8,413,689 |
| 26 |
$15,698,760 |
$5,768,872
$1,097,343 |
$8,832,545 |
| 27 |
$16,483,544 |
$6,059,242
$1,152,200 |
$9,272,102 |
| 28 |
$17,307,752 |
$6,364,199
$1,209,812 |
$9,733,741 |
| 29 |
$18,173,232 |
$6,684,426
$1,270,309 |
$10,218,497 |
| 30 |
$19,081,832 |
$7,020,608
$1,333,820 |
$10,727,404 |
|
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