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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $12,013,250 | | Net Lumpsum Payment | $92,417,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,313,003 |
$1,926,141
$385,193 |
$3,001,669 |
| 2 |
$5,578,812 |
$2,024,491
$404,464 |
$3,149,857 |
| 3 |
$5,857,682 |
$2,127,673
$424,682 |
$3,305,327 |
| 4 |
$6,150,672 |
$2,236,079
$445,924 |
$3,468,669 |
| 5 |
$6,458,135 |
$2,349,840
$468,215 |
$3,640,080 |
| 6 |
$6,781,130 |
$2,469,348
$491,632 |
$3,820,150 |
| 7 |
$7,120,010 |
$2,594,734
$516,201 |
$4,009,075 |
| 8 |
$7,476,187 |
$2,726,520
$542,024 |
$4,207,643 |
| 9 |
$7,850,014 |
$2,864,836
$569,126 |
$4,416,052 |
| 10 |
$8,242,550 |
$3,010,074
$597,585 |
$4,634,891 |
| 11 |
$8,654,501 |
$3,162,496
$627,451 |
$4,864,554 |
| 12 |
$9,087,279 |
$3,322,624
$658,828 |
$5,105,827 |
| 13 |
$9,541,590 |
$3,490,719
$691,765 |
$5,359,106 |
| 14 |
$10,018,846 |
$3,667,303
$726,366 |
$5,625,177 |
| 15 |
$10,519,753 |
$3,852,639
$762,682 |
$5,904,432 |
| 16 |
$11,045,723 |
$4,047,248
$800,815 |
$6,197,660 |
| 17 |
$11,597,815 |
$4,251,522
$840,842 |
$6,505,451 |
| 18 |
$12,177,794 |
$4,466,114
$882,890 |
$6,828,790 |
| 19 |
$12,786,719 |
$4,691,416
$927,037 |
$7,168,266 |
| 20 |
$13,426,002 |
$4,927,951
$973,385 |
$7,524,666 |
| 21 |
$14,097,408 |
$5,176,371
$1,022,062 |
$7,898,975 |
| 22 |
$14,802,349 |
$5,437,200
$1,073,170 |
$8,291,979 |
| 23 |
$15,542,237 |
$5,710,958
$1,126,812 |
$8,704,467 |
| 24 |
$16,319,543 |
$5,998,561
$1,183,167 |
$9,137,815 |
| 25 |
$17,135,326 |
$6,300,401
$1,242,311 |
$9,592,614 |
| 26 |
$17,992,410 |
$6,617,522
$1,304,450 |
$10,070,438 |
| 27 |
$18,891,854 |
$6,950,316
$1,369,659 |
$10,571,879 |
| 28 |
$19,836,482 |
$7,299,829
$1,438,145 |
$11,098,508 |
| 29 |
$20,828,412 |
$7,666,843
$1,510,060 |
$11,651,509 |
| 30 |
$21,869,762 |
$8,052,142
$1,585,558 |
$12,232,062 |
|
|
