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 |
|
|