The jackpot for the Powerball draw on Sat Jan 4, 2025, is projected to be $200 Million, with an option for a cash payout of $90.7 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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC Powerball Jackpot/Cash Option for Sat Jan 4, 2025 |
|---|
| Draw Date | Sat Jan 4, 2025 | | Projected Jackpot | $200,000,000 | | Cash Value | $90,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $90,700,000 | | Federal Tax(24%) | $21,768,000 | | Additional Federal Tax | $11,751,330 | | State Tax(10.75%) | $9,750,250 | | Net Lumpsum Payment | $47,430,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,010,200 |
$1,074,104
$323,597 |
$1,612,499 |
| 2 |
$3,160,800 |
$1,129,826
$339,786 |
$1,691,188 |
| 3 |
$3,318,800 |
$1,188,286
$356,771 |
$1,773,743 |
| 4 |
$3,484,800 |
$1,249,706
$374,616 |
$1,860,478 |
| 5 |
$3,659,000 |
$1,314,160
$393,343 |
$1,951,497 |
| 6 |
$3,842,000 |
$1,381,870
$413,015 |
$2,047,115 |
| 7 |
$4,034,000 |
$1,452,910
$433,655 |
$2,147,435 |
| 8 |
$4,235,800 |
$1,527,576
$455,349 |
$2,252,875 |
| 9 |
$4,447,600 |
$1,605,942
$478,117 |
$2,363,541 |
| 10 |
$4,670,000 |
$1,688,230
$502,025 |
$2,479,745 |
| 11 |
$4,903,400 |
$1,774,588
$527,116 |
$2,601,696 |
| 12 |
$5,148,600 |
$1,865,312
$553,475 |
$2,729,813 |
| 13 |
$5,406,000 |
$1,960,550
$581,145 |
$2,864,305 |
| 14 |
$5,676,400 |
$2,060,598
$610,213 |
$3,005,589 |
| 15 |
$5,960,200 |
$2,165,604
$640,722 |
$3,153,874 |
| 16 |
$6,258,200 |
$2,275,864
$672,757 |
$3,309,579 |
| 17 |
$6,571,000 |
$2,391,600
$706,383 |
$3,473,017 |
| 18 |
$6,899,600 |
$2,513,182
$741,707 |
$3,644,711 |
| 19 |
$7,244,600 |
$2,640,832
$778,795 |
$3,824,973 |
| 20 |
$7,606,800 |
$2,774,846
$817,731 |
$4,014,223 |
| 21 |
$7,987,200 |
$2,915,594
$858,624 |
$4,212,982 |
| 22 |
$8,386,600 |
$3,063,372
$901,560 |
$4,421,668 |
| 23 |
$8,805,800 |
$3,218,476
$946,624 |
$4,640,700 |
| 24 |
$9,246,200 |
$3,381,424
$993,967 |
$4,870,809 |
| 25 |
$9,708,400 |
$3,552,438
$1,043,653 |
$5,112,309 |
| 26 |
$10,194,000 |
$3,732,110
$1,095,855 |
$5,366,035 |
| 27 |
$10,703,600 |
$3,920,662
$1,150,637 |
$5,632,301 |
| 28 |
$11,238,800 |
$4,118,686
$1,208,171 |
$5,911,943 |
| 29 |
$11,800,800 |
$4,326,626
$1,268,586 |
$6,205,588 |
| 30 |
$12,390,800 |
$4,544,926
$1,332,011 |
$6,513,863 |
|
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