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 North Dakota residents, the state will deduct 2.9% from your lottery earnings.
North Dakota 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(2.9%) | $3,622,100 | Net Lumpsum Payment | $75,104,570 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$4,289,535 |
$1,547,458 $124,397 |
$2,617,680 |
2 |
$4,504,140 |
$1,626,862 $130,620 |
$2,746,658 |
3 |
$4,729,290 |
$1,710,168 $137,149 |
$2,881,973 |
4 |
$4,965,840 |
$1,797,691 $144,009 |
$3,024,140 |
5 |
$5,214,075 |
$1,889,538 $151,208 |
$3,173,329 |
6 |
$5,474,850 |
$1,986,025 $158,771 |
$3,330,054 |
7 |
$5,748,450 |
$2,087,257 $166,705 |
$3,494,488 |
8 |
$6,036,015 |
$2,193,656 $175,044 |
$3,667,315 |
9 |
$6,337,830 |
$2,305,327 $183,797 |
$3,848,706 |
10 |
$6,654,750 |
$2,422,588 $192,988 |
$4,039,174 |
11 |
$6,987,345 |
$2,545,648 $202,633 |
$4,239,064 |
12 |
$7,336,755 |
$2,674,930 $212,766 |
$4,449,059 |
13 |
$7,703,550 |
$2,810,644 $223,403 |
$4,669,503 |
14 |
$8,088,870 |
$2,953,212 $234,577 |
$4,901,081 |
15 |
$8,493,285 |
$3,102,846 $246,305 |
$5,144,134 |
16 |
$8,917,935 |
$3,259,966 $258,620 |
$5,399,349 |
17 |
$9,363,675 |
$3,424,890 $271,547 |
$5,667,238 |
18 |
$9,831,930 |
$3,598,144 $285,126 |
$5,948,660 |
19 |
$10,323,555 |
$3,780,046 $299,383 |
$6,244,126 |
20 |
$10,839,690 |
$3,971,016 $314,351 |
$6,554,323 |
21 |
$11,381,760 |
$4,171,582 $330,071 |
$6,880,107 |
22 |
$11,950,905 |
$4,382,165 $346,576 |
$7,222,164 |
23 |
$12,548,265 |
$4,603,188 $363,900 |
$7,581,177 |
24 |
$13,175,835 |
$4,835,389 $382,099 |
$7,958,347 |
25 |
$13,834,470 |
$5,079,084 $401,200 |
$8,354,186 |
26 |
$14,526,450 |
$5,335,117 $421,267 |
$8,770,066 |
27 |
$15,252,630 |
$5,603,803 $442,326 |
$9,206,501 |
28 |
$16,015,290 |
$5,885,988 $464,443 |
$9,664,859 |
29 |
$16,816,140 |
$6,182,302 $487,668 |
$10,146,170 |
30 |
$17,656,890 |
$6,493,380 $512,050 |
$10,651,460 |
|
|