The jackpot for the Powerball draw on Sat Jan 4, 2025, is projected to be $200 Million, with an option for a cash payout of $90.7 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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio Powerball Jackpot/Cash Option for Sat Jan 4, 2025 |
|---|
| Draw Date | Sat Jan 4, 2025 | | Projected Jackpot | $200,000,000 | | Cash Value | $90,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $90,700,000 | | Federal Tax(24%) | $21,768,000 | | Additional Federal Tax | $11,751,330 | | State Tax(3.99%) | $3,618,930 | | Net Lumpsum Payment | $53,561,740 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,010,200 |
$1,074,104
$120,107 |
$1,815,989 |
| 2 |
$3,160,800 |
$1,129,826
$126,116 |
$1,904,858 |
| 3 |
$3,318,800 |
$1,188,286
$132,420 |
$1,998,094 |
| 4 |
$3,484,800 |
$1,249,706
$139,044 |
$2,096,050 |
| 5 |
$3,659,000 |
$1,314,160
$145,994 |
$2,198,846 |
| 6 |
$3,842,000 |
$1,381,870
$153,296 |
$2,306,834 |
| 7 |
$4,034,000 |
$1,452,910
$160,957 |
$2,420,133 |
| 8 |
$4,235,800 |
$1,527,576
$169,008 |
$2,539,216 |
| 9 |
$4,447,600 |
$1,605,942
$177,459 |
$2,664,199 |
| 10 |
$4,670,000 |
$1,688,230
$186,333 |
$2,795,437 |
| 11 |
$4,903,400 |
$1,774,588
$195,646 |
$2,933,166 |
| 12 |
$5,148,600 |
$1,865,312
$205,429 |
$3,077,859 |
| 13 |
$5,406,000 |
$1,960,550
$215,699 |
$3,229,751 |
| 14 |
$5,676,400 |
$2,060,598
$226,488 |
$3,389,314 |
| 15 |
$5,960,200 |
$2,165,604
$237,812 |
$3,556,784 |
| 16 |
$6,258,200 |
$2,275,864
$249,702 |
$3,732,634 |
| 17 |
$6,571,000 |
$2,391,600
$262,183 |
$3,917,217 |
| 18 |
$6,899,600 |
$2,513,182
$275,294 |
$4,111,124 |
| 19 |
$7,244,600 |
$2,640,832
$289,060 |
$4,314,708 |
| 20 |
$7,606,800 |
$2,774,846
$303,511 |
$4,528,443 |
| 21 |
$7,987,200 |
$2,915,594
$318,689 |
$4,752,917 |
| 22 |
$8,386,600 |
$3,063,372
$334,625 |
$4,988,603 |
| 23 |
$8,805,800 |
$3,218,476
$351,351 |
$5,235,973 |
| 24 |
$9,246,200 |
$3,381,424
$368,923 |
$5,495,853 |
| 25 |
$9,708,400 |
$3,552,438
$387,365 |
$5,768,597 |
| 26 |
$10,194,000 |
$3,732,110
$406,741 |
$6,055,149 |
| 27 |
$10,703,600 |
$3,920,662
$427,074 |
$6,355,864 |
| 28 |
$11,238,800 |
$4,118,686
$448,428 |
$6,671,686 |
| 29 |
$11,800,800 |
$4,326,626
$470,852 |
$7,003,322 |
| 30 |
$12,390,800 |
$4,544,926
$494,393 |
$7,351,481 |
|
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