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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $2,784,490 | | Net Lumpsum Payment | $54,396,180 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,010,200 |
$1,074,104
$92,413 |
$1,843,683 |
| 2 |
$3,160,800 |
$1,129,826
$97,037 |
$1,933,937 |
| 3 |
$3,318,800 |
$1,188,286
$101,887 |
$2,028,627 |
| 4 |
$3,484,800 |
$1,249,706
$106,983 |
$2,128,111 |
| 5 |
$3,659,000 |
$1,314,160
$112,331 |
$2,232,509 |
| 6 |
$3,842,000 |
$1,381,870
$117,949 |
$2,342,181 |
| 7 |
$4,034,000 |
$1,452,910
$123,844 |
$2,457,246 |
| 8 |
$4,235,800 |
$1,527,576
$130,039 |
$2,578,185 |
| 9 |
$4,447,600 |
$1,605,942
$136,541 |
$2,705,117 |
| 10 |
$4,670,000 |
$1,688,230
$143,369 |
$2,838,401 |
| 11 |
$4,903,400 |
$1,774,588
$150,534 |
$2,978,278 |
| 12 |
$5,148,600 |
$1,865,312
$158,062 |
$3,125,226 |
| 13 |
$5,406,000 |
$1,960,550
$165,964 |
$3,279,486 |
| 14 |
$5,676,400 |
$2,060,598
$174,265 |
$3,441,537 |
| 15 |
$5,960,200 |
$2,165,604
$182,978 |
$3,611,618 |
| 16 |
$6,258,200 |
$2,275,864
$192,127 |
$3,790,209 |
| 17 |
$6,571,000 |
$2,391,600
$201,730 |
$3,977,670 |
| 18 |
$6,899,600 |
$2,513,182
$211,818 |
$4,174,600 |
| 19 |
$7,244,600 |
$2,640,832
$222,409 |
$4,381,359 |
| 20 |
$7,606,800 |
$2,774,846
$233,529 |
$4,598,425 |
| 21 |
$7,987,200 |
$2,915,594
$245,207 |
$4,826,399 |
| 22 |
$8,386,600 |
$3,063,372
$257,469 |
$5,065,759 |
| 23 |
$8,805,800 |
$3,218,476
$270,338 |
$5,316,986 |
| 24 |
$9,246,200 |
$3,381,424
$283,858 |
$5,580,918 |
| 25 |
$9,708,400 |
$3,552,438
$298,048 |
$5,857,914 |
| 26 |
$10,194,000 |
$3,732,110
$312,956 |
$6,148,934 |
| 27 |
$10,703,600 |
$3,920,662
$328,601 |
$6,454,337 |
| 28 |
$11,238,800 |
$4,118,686
$345,031 |
$6,775,083 |
| 29 |
$11,800,800 |
$4,326,626
$362,285 |
$7,111,889 |
| 30 |
$12,390,800 |
$4,544,926
$380,398 |
$7,465,476 |
|
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