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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa 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%) | $6,245,000 | | Net Lumpsum Payment | $72,481,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,289,535 |
$1,547,458
$214,477 |
$2,527,600 |
| 2 |
$4,504,140 |
$1,626,862
$225,207 |
$2,652,071 |
| 3 |
$4,729,290 |
$1,710,168
$236,465 |
$2,782,657 |
| 4 |
$4,965,840 |
$1,797,691
$248,292 |
$2,919,857 |
| 5 |
$5,214,075 |
$1,889,538
$260,704 |
$3,063,833 |
| 6 |
$5,474,850 |
$1,986,025
$273,743 |
$3,215,082 |
| 7 |
$5,748,450 |
$2,087,257
$287,423 |
$3,373,770 |
| 8 |
$6,036,015 |
$2,193,656
$301,801 |
$3,540,558 |
| 9 |
$6,337,830 |
$2,305,327
$316,892 |
$3,715,611 |
| 10 |
$6,654,750 |
$2,422,588
$332,738 |
$3,899,424 |
| 11 |
$6,987,345 |
$2,545,648
$349,367 |
$4,092,330 |
| 12 |
$7,336,755 |
$2,674,930
$366,838 |
$4,294,987 |
| 13 |
$7,703,550 |
$2,810,644
$385,178 |
$4,507,728 |
| 14 |
$8,088,870 |
$2,953,212
$404,444 |
$4,731,214 |
| 15 |
$8,493,285 |
$3,102,846
$424,664 |
$4,965,775 |
| 16 |
$8,917,935 |
$3,259,966
$445,897 |
$5,212,072 |
| 17 |
$9,363,675 |
$3,424,890
$468,184 |
$5,470,601 |
| 18 |
$9,831,930 |
$3,598,144
$491,597 |
$5,742,189 |
| 19 |
$10,323,555 |
$3,780,046
$516,178 |
$6,027,331 |
| 20 |
$10,839,690 |
$3,971,016
$541,985 |
$6,326,689 |
| 21 |
$11,381,760 |
$4,171,582
$569,088 |
$6,641,090 |
| 22 |
$11,950,905 |
$4,382,165
$597,545 |
$6,971,195 |
| 23 |
$12,548,265 |
$4,603,188
$627,413 |
$7,317,664 |
| 24 |
$13,175,835 |
$4,835,389
$658,792 |
$7,681,654 |
| 25 |
$13,834,470 |
$5,079,084
$691,724 |
$8,063,662 |
| 26 |
$14,526,450 |
$5,335,117
$726,323 |
$8,465,010 |
| 27 |
$15,252,630 |
$5,603,803
$762,632 |
$8,886,195 |
| 28 |
$16,015,290 |
$5,885,988
$800,765 |
$9,328,537 |
| 29 |
$16,816,140 |
$6,182,302
$840,807 |
$9,793,031 |
| 30 |
$17,656,890 |
$6,493,380
$882,845 |
$10,280,665 |
|
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