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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia 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(5.75%) | $2,944,000 | | Net Lumpsum Payment | $29,351,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$97,794 |
$1,013,356 |
| 2 |
$1,785,852 |
$621,096
$102,686 |
$1,062,070 |
| 3 |
$1,875,122 |
$654,126
$107,820 |
$1,113,176 |
| 4 |
$1,968,912 |
$688,828
$113,212 |
$1,166,872 |
| 5 |
$2,067,335 |
$725,244
$118,872 |
$1,223,219 |
| 6 |
$2,170,730 |
$763,500
$124,817 |
$1,282,413 |
| 7 |
$2,279,210 |
$803,638
$131,055 |
$1,344,517 |
| 8 |
$2,393,227 |
$845,824
$137,611 |
$1,409,792 |
| 9 |
$2,512,894 |
$890,101
$144,491 |
$1,478,302 |
| 10 |
$2,638,550 |
$936,594
$151,717 |
$1,550,239 |
| 11 |
$2,770,421 |
$985,386
$159,299 |
$1,625,736 |
| 12 |
$2,908,959 |
$1,036,645
$167,265 |
$1,705,049 |
| 13 |
$3,054,390 |
$1,090,455
$175,627 |
$1,788,308 |
| 14 |
$3,207,166 |
$1,146,982
$184,412 |
$1,875,772 |
| 15 |
$3,367,513 |
$1,206,310
$193,632 |
$1,967,571 |
| 16 |
$3,535,883 |
$1,268,607
$203,313 |
$2,063,963 |
| 17 |
$3,712,615 |
$1,333,998
$213,475 |
$2,165,142 |
| 18 |
$3,898,274 |
$1,402,692
$224,151 |
$2,271,431 |
| 19 |
$4,093,199 |
$1,474,814
$235,359 |
$2,383,026 |
| 20 |
$4,297,842 |
$1,550,532
$247,126 |
$2,500,184 |
| 21 |
$4,512,768 |
$1,630,055
$259,484 |
$2,623,229 |
| 22 |
$4,738,429 |
$1,713,549
$272,460 |
$2,752,420 |
| 23 |
$4,975,277 |
$1,801,183
$286,078 |
$2,888,016 |
| 24 |
$5,224,103 |
$1,893,248
$300,386 |
$3,030,469 |
| 25 |
$5,485,246 |
$1,989,871
$315,402 |
$3,179,973 |
| 26 |
$5,759,610 |
$2,091,386
$331,178 |
$3,337,046 |
| 27 |
$6,047,534 |
$2,197,918
$347,733 |
$3,501,883 |
| 28 |
$6,349,922 |
$2,309,802
$365,121 |
$3,674,999 |
| 29 |
$6,667,452 |
$2,427,288
$383,378 |
$3,856,786 |
| 30 |
$7,000,802 |
$2,550,627
$402,546 |
$4,047,629 |
|
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