The jackpot for the Powerball draw on Wed Feb 5, 2025, is projected to be $113 Million, with an option for a cash payout of $51.2 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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC Powerball Jackpot/Cash Option for Wed Feb 5, 2025 |
|---|
| Draw Date | Wed Feb 5, 2025 | | Projected Jackpot | $113,000,000 | | Cash Value | $51,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $51,200,000 | | Federal Tax(24%) | $12,288,000 | | Additional Federal Tax | $6,616,330 | | State Tax(10.75%) | $5,504,000 | | Net Lumpsum Payment | $26,791,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$182,832 |
$928,318 |
| 2 |
$1,785,852 |
$621,096
$191,979 |
$972,777 |
| 3 |
$1,875,122 |
$654,126
$201,576 |
$1,019,420 |
| 4 |
$1,968,912 |
$688,828
$211,658 |
$1,068,426 |
| 5 |
$2,067,335 |
$725,244
$222,239 |
$1,119,852 |
| 6 |
$2,170,730 |
$763,500
$233,353 |
$1,173,877 |
| 7 |
$2,279,210 |
$803,638
$245,015 |
$1,230,557 |
| 8 |
$2,393,227 |
$845,824
$257,272 |
$1,290,131 |
| 9 |
$2,512,894 |
$890,101
$270,136 |
$1,352,657 |
| 10 |
$2,638,550 |
$936,594
$283,644 |
$1,418,312 |
| 11 |
$2,770,421 |
$985,386
$297,820 |
$1,487,215 |
| 12 |
$2,908,959 |
$1,036,645
$312,713 |
$1,559,601 |
| 13 |
$3,054,390 |
$1,090,455
$328,347 |
$1,635,588 |
| 14 |
$3,207,166 |
$1,146,982
$344,770 |
$1,715,414 |
| 15 |
$3,367,513 |
$1,206,310
$362,008 |
$1,799,195 |
| 16 |
$3,535,883 |
$1,268,607
$380,107 |
$1,887,169 |
| 17 |
$3,712,615 |
$1,333,998
$399,106 |
$1,979,511 |
| 18 |
$3,898,274 |
$1,402,692
$419,064 |
$2,076,518 |
| 19 |
$4,093,199 |
$1,474,814
$440,019 |
$2,178,366 |
| 20 |
$4,297,842 |
$1,550,532
$462,018 |
$2,285,292 |
| 21 |
$4,512,768 |
$1,630,055
$485,123 |
$2,397,590 |
| 22 |
$4,738,429 |
$1,713,549
$509,381 |
$2,515,499 |
| 23 |
$4,975,277 |
$1,801,183
$534,842 |
$2,639,252 |
| 24 |
$5,224,103 |
$1,893,248
$561,591 |
$2,769,264 |
| 25 |
$5,485,246 |
$1,989,871
$589,664 |
$2,905,711 |
| 26 |
$5,759,610 |
$2,091,386
$619,158 |
$3,049,066 |
| 27 |
$6,047,534 |
$2,197,918
$650,110 |
$3,199,506 |
| 28 |
$6,349,922 |
$2,309,802
$682,617 |
$3,357,503 |
| 29 |
$6,667,452 |
$2,427,288
$716,751 |
$3,523,413 |
| 30 |
$7,000,802 |
$2,550,627
$752,586 |
$3,697,589 |
|
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