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 Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky 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(4.5%) | $5,976,000 | | Net Lumpsum Payment | $77,727,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,560,453 |
$1,647,698
$205,220 |
$2,707,535 |
| 2 |
$4,788,612 |
$1,732,117
$215,488 |
$2,841,007 |
| 3 |
$5,027,982 |
$1,820,684
$226,259 |
$2,981,039 |
| 4 |
$5,279,472 |
$1,913,735
$237,576 |
$3,128,161 |
| 5 |
$5,543,385 |
$2,011,383
$249,452 |
$3,282,550 |
| 6 |
$5,820,630 |
$2,113,963
$261,928 |
$3,444,739 |
| 7 |
$6,111,510 |
$2,221,589
$275,018 |
$3,614,903 |
| 8 |
$6,417,237 |
$2,334,708
$288,776 |
$3,793,753 |
| 9 |
$6,738,114 |
$2,453,433
$303,215 |
$3,981,466 |
| 10 |
$7,075,050 |
$2,578,099
$318,377 |
$4,178,574 |
| 11 |
$7,428,651 |
$2,708,931
$334,289 |
$4,385,431 |
| 12 |
$7,800,129 |
$2,846,378
$351,006 |
$4,602,745 |
| 13 |
$8,190,090 |
$2,990,664
$368,554 |
$4,830,872 |
| 14 |
$8,599,746 |
$3,142,236
$386,989 |
$5,070,521 |
| 15 |
$9,029,703 |
$3,301,320
$406,337 |
$5,322,046 |
| 16 |
$9,481,173 |
$3,468,364
$426,653 |
$5,586,156 |
| 17 |
$9,955,065 |
$3,643,704
$447,978 |
$5,863,383 |
| 18 |
$10,452,894 |
$3,827,901
$470,380 |
$6,154,613 |
| 19 |
$10,975,569 |
$4,021,291
$493,901 |
$6,460,377 |
| 20 |
$11,524,302 |
$4,224,322
$518,594 |
$6,781,386 |
| 21 |
$12,100,608 |
$4,437,555
$544,527 |
$7,118,526 |
| 22 |
$12,705,699 |
$4,661,439
$571,756 |
$7,472,504 |
| 23 |
$13,340,787 |
$4,896,422
$600,335 |
$7,844,030 |
| 24 |
$14,007,993 |
$5,143,288
$630,360 |
$8,234,345 |
| 25 |
$14,708,226 |
$5,402,374
$661,870 |
$8,643,982 |
| 26 |
$15,443,910 |
$5,674,577
$694,976 |
$9,074,357 |
| 27 |
$16,215,954 |
$5,960,233
$729,718 |
$9,526,003 |
| 28 |
$17,026,782 |
$6,260,240
$766,205 |
$10,000,337 |
| 29 |
$17,878,212 |
$6,575,269
$804,520 |
$10,498,423 |
| 30 |
$18,772,062 |
$6,905,993
$844,743 |
$11,021,326 |
|
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