The jackpot for the Powerball draw on Mon Jan 13, 2025, is projected to be $285 Million, with an option for a cash payout of $124.9 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia Powerball Jackpot/Cash Option for Mon Jan 13, 2025 |
|---|
| Draw Date | Mon Jan 13, 2025 | | Projected Jackpot | $285,000,000 | | Cash Value | $124,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $124,900,000 | | Federal Tax(24%) | $29,976,000 | | Additional Federal Tax | $16,197,330 | | State Tax(5.75%) | $7,181,750 | | Net Lumpsum Payment | $71,544,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,289,535 |
$1,547,458
$246,648 |
$2,495,429 |
| 2 |
$4,504,140 |
$1,626,862
$258,988 |
$2,618,290 |
| 3 |
$4,729,290 |
$1,710,168
$271,934 |
$2,747,188 |
| 4 |
$4,965,840 |
$1,797,691
$285,536 |
$2,882,613 |
| 5 |
$5,214,075 |
$1,889,538
$299,809 |
$3,024,728 |
| 6 |
$5,474,850 |
$1,986,025
$314,804 |
$3,174,021 |
| 7 |
$5,748,450 |
$2,087,257
$330,536 |
$3,330,657 |
| 8 |
$6,036,015 |
$2,193,656
$347,071 |
$3,495,288 |
| 9 |
$6,337,830 |
$2,305,327
$364,425 |
$3,668,078 |
| 10 |
$6,654,750 |
$2,422,588
$382,648 |
$3,849,514 |
| 11 |
$6,987,345 |
$2,545,648
$401,772 |
$4,039,925 |
| 12 |
$7,336,755 |
$2,674,930
$421,863 |
$4,239,962 |
| 13 |
$7,703,550 |
$2,810,644
$442,954 |
$4,449,952 |
| 14 |
$8,088,870 |
$2,953,212
$465,110 |
$4,670,548 |
| 15 |
$8,493,285 |
$3,102,846
$488,364 |
$4,902,075 |
| 16 |
$8,917,935 |
$3,259,966
$512,781 |
$5,145,188 |
| 17 |
$9,363,675 |
$3,424,890
$538,411 |
$5,400,374 |
| 18 |
$9,831,930 |
$3,598,144
$565,336 |
$5,668,450 |
| 19 |
$10,323,555 |
$3,780,046
$593,604 |
$5,949,905 |
| 20 |
$10,839,690 |
$3,971,016
$623,282 |
$6,245,392 |
| 21 |
$11,381,760 |
$4,171,582
$654,451 |
$6,555,727 |
| 22 |
$11,950,905 |
$4,382,165
$687,177 |
$6,881,563 |
| 23 |
$12,548,265 |
$4,603,188
$721,525 |
$7,223,552 |
| 24 |
$13,175,835 |
$4,835,389
$757,611 |
$7,582,835 |
| 25 |
$13,834,470 |
$5,079,084
$795,482 |
$7,959,904 |
| 26 |
$14,526,450 |
$5,335,117
$835,271 |
$8,356,062 |
| 27 |
$15,252,630 |
$5,603,803
$877,026 |
$8,771,801 |
| 28 |
$16,015,290 |
$5,885,988
$920,879 |
$9,208,423 |
| 29 |
$16,816,140 |
$6,182,302
$966,928 |
$9,666,910 |
| 30 |
$17,656,890 |
$6,493,380
$1,015,271 |
$10,148,239 |
|
|
