The jackpot for the Powerball draw on Wed Mar 12, 2025, is projected to be $353 Million, with an option for a cash payout of $165.7 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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa Powerball Jackpot/Cash Option for Wed Mar 12, 2025 |
|---|
| Draw Date | Wed Mar 12, 2025 | | Projected Jackpot | $353,000,000 | | Cash Value | $165,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $165,700,000 | | Federal Tax(24%) | $39,768,000 | | Additional Federal Tax | $21,501,330 | | State Tax(5%) | $8,285,000 | | Net Lumpsum Payment | $96,145,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,313,003 |
$1,926,141
$265,650 |
$3,121,212 |
| 2 |
$5,578,812 |
$2,024,491
$278,941 |
$3,275,380 |
| 3 |
$5,857,682 |
$2,127,673
$292,884 |
$3,437,125 |
| 4 |
$6,150,672 |
$2,236,079
$307,534 |
$3,607,059 |
| 5 |
$6,458,135 |
$2,349,840
$322,907 |
$3,785,388 |
| 6 |
$6,781,130 |
$2,469,348
$339,057 |
$3,972,725 |
| 7 |
$7,120,010 |
$2,594,734
$356,001 |
$4,169,275 |
| 8 |
$7,476,187 |
$2,726,520
$373,809 |
$4,375,858 |
| 9 |
$7,850,014 |
$2,864,836
$392,501 |
$4,592,677 |
| 10 |
$8,242,550 |
$3,010,074
$412,128 |
$4,820,348 |
| 11 |
$8,654,501 |
$3,162,496
$432,725 |
$5,059,280 |
| 12 |
$9,087,279 |
$3,322,624
$454,364 |
$5,310,291 |
| 13 |
$9,541,590 |
$3,490,719
$477,080 |
$5,573,791 |
| 14 |
$10,018,846 |
$3,667,303
$500,942 |
$5,850,601 |
| 15 |
$10,519,753 |
$3,852,639
$525,988 |
$6,141,126 |
| 16 |
$11,045,723 |
$4,047,248
$552,286 |
$6,446,189 |
| 17 |
$11,597,815 |
$4,251,522
$579,891 |
$6,766,402 |
| 18 |
$12,177,794 |
$4,466,114
$608,890 |
$7,102,790 |
| 19 |
$12,786,719 |
$4,691,416
$639,336 |
$7,455,967 |
| 20 |
$13,426,002 |
$4,927,951
$671,300 |
$7,826,751 |
| 21 |
$14,097,408 |
$5,176,371
$704,870 |
$8,216,167 |
| 22 |
$14,802,349 |
$5,437,200
$740,117 |
$8,625,032 |
| 23 |
$15,542,237 |
$5,710,958
$777,112 |
$9,054,167 |
| 24 |
$16,319,543 |
$5,998,561
$815,977 |
$9,505,005 |
| 25 |
$17,135,326 |
$6,300,401
$856,766 |
$9,978,159 |
| 26 |
$17,992,410 |
$6,617,522
$899,621 |
$10,475,267 |
| 27 |
$18,891,854 |
$6,950,316
$944,593 |
$10,996,945 |
| 28 |
$19,836,482 |
$7,299,829
$991,824 |
$11,544,829 |
| 29 |
$20,828,412 |
$7,666,843
$1,041,421 |
$12,120,148 |
| 30 |
$21,869,762 |
$8,052,142
$1,093,488 |
$12,724,132 |
|
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