The jackpot for the Powerball draw on Wed Jan 15, 2025, is projected to be $303 Million, with an option for a cash payout of $132.8 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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho Powerball Jackpot/Cash Option for Wed Jan 15, 2025 |
|---|
| Draw Date | Wed Jan 15, 2025 | | Projected Jackpot | $303,000,000 | | Cash Value | $132,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $132,800,000 | | Federal Tax(24%) | $31,872,000 | | Additional Federal Tax | $17,224,330 | | State Tax(5.8%) | $7,702,400 | | Net Lumpsum Payment | $76,001,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,560,453 |
$1,647,698
$264,506 |
$2,648,249 |
| 2 |
$4,788,612 |
$1,732,117
$277,739 |
$2,778,756 |
| 3 |
$5,027,982 |
$1,820,684
$291,623 |
$2,915,675 |
| 4 |
$5,279,472 |
$1,913,735
$306,209 |
$3,059,528 |
| 5 |
$5,543,385 |
$2,011,383
$321,516 |
$3,210,486 |
| 6 |
$5,820,630 |
$2,113,963
$337,597 |
$3,369,070 |
| 7 |
$6,111,510 |
$2,221,589
$354,468 |
$3,535,453 |
| 8 |
$6,417,237 |
$2,334,708
$372,200 |
$3,710,329 |
| 9 |
$6,738,114 |
$2,453,433
$390,811 |
$3,893,870 |
| 10 |
$7,075,050 |
$2,578,099
$410,353 |
$4,086,598 |
| 11 |
$7,428,651 |
$2,708,931
$430,862 |
$4,288,858 |
| 12 |
$7,800,129 |
$2,846,378
$452,407 |
$4,501,344 |
| 13 |
$8,190,090 |
$2,990,664
$475,025 |
$4,724,401 |
| 14 |
$8,599,746 |
$3,142,236
$498,785 |
$4,958,725 |
| 15 |
$9,029,703 |
$3,301,320
$523,723 |
$5,204,660 |
| 16 |
$9,481,173 |
$3,468,364
$549,908 |
$5,462,901 |
| 17 |
$9,955,065 |
$3,643,704
$577,394 |
$5,733,967 |
| 18 |
$10,452,894 |
$3,827,901
$606,268 |
$6,018,725 |
| 19 |
$10,975,569 |
$4,021,291
$636,583 |
$6,317,695 |
| 20 |
$11,524,302 |
$4,224,322
$668,410 |
$6,631,570 |
| 21 |
$12,100,608 |
$4,437,555
$701,835 |
$6,961,218 |
| 22 |
$12,705,699 |
$4,661,439
$736,931 |
$7,307,329 |
| 23 |
$13,340,787 |
$4,896,422
$773,766 |
$7,670,599 |
| 24 |
$14,007,993 |
$5,143,288
$812,464 |
$8,052,241 |
| 25 |
$14,708,226 |
$5,402,374
$853,077 |
$8,452,775 |
| 26 |
$15,443,910 |
$5,674,577
$895,747 |
$8,873,586 |
| 27 |
$16,215,954 |
$5,960,233
$940,525 |
$9,315,196 |
| 28 |
$17,026,782 |
$6,260,240
$987,553 |
$9,778,989 |
| 29 |
$17,878,212 |
$6,575,269
$1,036,936 |
$10,266,007 |
| 30 |
$18,772,062 |
$6,905,993
$1,088,780 |
$10,777,289 |
|
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