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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $6,611,430 | | Net Lumpsum Payment | $97,819,240 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,313,003 |
$1,926,141
$211,989 |
$3,174,873 |
| 2 |
$5,578,812 |
$2,024,491
$222,595 |
$3,331,726 |
| 3 |
$5,857,682 |
$2,127,673
$233,722 |
$3,496,287 |
| 4 |
$6,150,672 |
$2,236,079
$245,412 |
$3,669,181 |
| 5 |
$6,458,135 |
$2,349,840
$257,680 |
$3,850,615 |
| 6 |
$6,781,130 |
$2,469,348
$270,567 |
$4,041,215 |
| 7 |
$7,120,010 |
$2,594,734
$284,088 |
$4,241,188 |
| 8 |
$7,476,187 |
$2,726,520
$298,300 |
$4,451,367 |
| 9 |
$7,850,014 |
$2,864,836
$313,216 |
$4,671,962 |
| 10 |
$8,242,550 |
$3,010,074
$328,878 |
$4,903,598 |
| 11 |
$8,654,501 |
$3,162,496
$345,315 |
$5,146,690 |
| 12 |
$9,087,279 |
$3,322,624
$362,582 |
$5,402,073 |
| 13 |
$9,541,590 |
$3,490,719
$380,709 |
$5,670,162 |
| 14 |
$10,018,846 |
$3,667,303
$399,752 |
$5,951,791 |
| 15 |
$10,519,753 |
$3,852,639
$419,738 |
$6,247,376 |
| 16 |
$11,045,723 |
$4,047,248
$440,724 |
$6,557,751 |
| 17 |
$11,597,815 |
$4,251,522
$462,753 |
$6,883,540 |
| 18 |
$12,177,794 |
$4,466,114
$485,894 |
$7,225,786 |
| 19 |
$12,786,719 |
$4,691,416
$510,190 |
$7,585,113 |
| 20 |
$13,426,002 |
$4,927,951
$535,697 |
$7,962,354 |
| 21 |
$14,097,408 |
$5,176,371
$562,487 |
$8,358,550 |
| 22 |
$14,802,349 |
$5,437,200
$590,614 |
$8,774,535 |
| 23 |
$15,542,237 |
$5,710,958
$620,135 |
$9,211,144 |
| 24 |
$16,319,543 |
$5,998,561
$651,150 |
$9,669,832 |
| 25 |
$17,135,326 |
$6,300,401
$683,700 |
$10,151,225 |
| 26 |
$17,992,410 |
$6,617,522
$717,897 |
$10,656,991 |
| 27 |
$18,891,854 |
$6,950,316
$753,785 |
$11,187,753 |
| 28 |
$19,836,482 |
$7,299,829
$791,476 |
$11,745,177 |
| 29 |
$20,828,412 |
$7,666,843
$831,054 |
$12,330,515 |
| 30 |
$21,869,762 |
$8,052,142
$872,604 |
$12,945,016 |
|
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