The jackpot for the Powerball draw on Mon Jan 6, 2025, is projected to be $220 Million, with an option for a cash payout of $98.4 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 those living in Puerto Rico, the bright side is you won't have to pay any state taxes on your lottery prize.
| Puerto Rico Powerball Jackpot/Cash Option for Mon Jan 6, 2025 |
|---|
| Draw Date | Mon Jan 6, 2025 | | Projected Jackpot | $220,000,000 | | Cash Value | $98,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $98,400,000 | | Federal Tax(24%) | $23,616,000 | | Additional Federal Tax | $12,752,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $62,031,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,311,220 |
$1,185,482
$0 |
$2,125,738 |
| 2 |
$3,476,880 |
$1,246,776
$0 |
$2,230,104 |
| 3 |
$3,650,680 |
$1,311,082
$0 |
$2,339,598 |
| 4 |
$3,833,280 |
$1,378,644
$0 |
$2,454,636 |
| 5 |
$4,024,900 |
$1,449,543
$0 |
$2,575,357 |
| 6 |
$4,226,200 |
$1,524,024
$0 |
$2,702,176 |
| 7 |
$4,437,400 |
$1,602,168
$0 |
$2,835,232 |
| 8 |
$4,659,380 |
$1,684,301
$0 |
$2,975,079 |
| 9 |
$4,892,360 |
$1,770,504
$0 |
$3,121,856 |
| 10 |
$5,137,000 |
$1,861,020
$0 |
$3,275,980 |
| 11 |
$5,393,740 |
$1,956,014
$0 |
$3,437,726 |
| 12 |
$5,663,460 |
$2,055,811
$0 |
$3,607,649 |
| 13 |
$5,946,600 |
$2,160,572
$0 |
$3,786,028 |
| 14 |
$6,244,040 |
$2,270,625
$0 |
$3,973,415 |
| 15 |
$6,556,220 |
$2,386,132
$0 |
$4,170,088 |
| 16 |
$6,884,020 |
$2,507,418
$0 |
$4,376,602 |
| 17 |
$7,228,100 |
$2,634,727
$0 |
$4,593,373 |
| 18 |
$7,589,560 |
$2,768,468
$0 |
$4,821,092 |
| 19 |
$7,969,060 |
$2,908,883
$0 |
$5,060,177 |
| 20 |
$8,367,480 |
$3,056,298
$0 |
$5,311,182 |
| 21 |
$8,785,920 |
$3,211,121
$0 |
$5,574,799 |
| 22 |
$9,225,260 |
$3,373,677
$0 |
$5,851,583 |
| 23 |
$9,686,380 |
$3,544,291
$0 |
$6,142,089 |
| 24 |
$10,170,820 |
$3,723,534
$0 |
$6,447,286 |
| 25 |
$10,679,240 |
$3,911,649
$0 |
$6,767,591 |
| 26 |
$11,213,400 |
$4,109,288
$0 |
$7,104,112 |
| 27 |
$11,773,960 |
$4,316,696
$0 |
$7,457,264 |
| 28 |
$12,362,680 |
$4,534,522
$0 |
$7,828,158 |
| 29 |
$12,980,880 |
$4,763,256
$0 |
$8,217,624 |
| 30 |
$13,629,880 |
$5,003,386
$0 |
$8,626,494 |
|
|
