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 |
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Draw Date | Mon Jul 21, 2025 | Projected Jackpot | $308,000,000 | Cash Value | $137,700,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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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