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 those living in Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.
| Tennessee 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(0%) | $0 | | Net Lumpsum Payment | $57,180,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,010,200 |
$1,074,104
$0 |
$1,936,096 |
| 2 |
$3,160,800 |
$1,129,826
$0 |
$2,030,974 |
| 3 |
$3,318,800 |
$1,188,286
$0 |
$2,130,514 |
| 4 |
$3,484,800 |
$1,249,706
$0 |
$2,235,094 |
| 5 |
$3,659,000 |
$1,314,160
$0 |
$2,344,840 |
| 6 |
$3,842,000 |
$1,381,870
$0 |
$2,460,130 |
| 7 |
$4,034,000 |
$1,452,910
$0 |
$2,581,090 |
| 8 |
$4,235,800 |
$1,527,576
$0 |
$2,708,224 |
| 9 |
$4,447,600 |
$1,605,942
$0 |
$2,841,658 |
| 10 |
$4,670,000 |
$1,688,230
$0 |
$2,981,770 |
| 11 |
$4,903,400 |
$1,774,588
$0 |
$3,128,812 |
| 12 |
$5,148,600 |
$1,865,312
$0 |
$3,283,288 |
| 13 |
$5,406,000 |
$1,960,550
$0 |
$3,445,450 |
| 14 |
$5,676,400 |
$2,060,598
$0 |
$3,615,802 |
| 15 |
$5,960,200 |
$2,165,604
$0 |
$3,794,596 |
| 16 |
$6,258,200 |
$2,275,864
$0 |
$3,982,336 |
| 17 |
$6,571,000 |
$2,391,600
$0 |
$4,179,400 |
| 18 |
$6,899,600 |
$2,513,182
$0 |
$4,386,418 |
| 19 |
$7,244,600 |
$2,640,832
$0 |
$4,603,768 |
| 20 |
$7,606,800 |
$2,774,846
$0 |
$4,831,954 |
| 21 |
$7,987,200 |
$2,915,594
$0 |
$5,071,606 |
| 22 |
$8,386,600 |
$3,063,372
$0 |
$5,323,228 |
| 23 |
$8,805,800 |
$3,218,476
$0 |
$5,587,324 |
| 24 |
$9,246,200 |
$3,381,424
$0 |
$5,864,776 |
| 25 |
$9,708,400 |
$3,552,438
$0 |
$6,155,962 |
| 26 |
$10,194,000 |
$3,732,110
$0 |
$6,461,890 |
| 27 |
$10,703,600 |
$3,920,662
$0 |
$6,782,938 |
| 28 |
$11,238,800 |
$4,118,686
$0 |
$7,120,114 |
| 29 |
$11,800,800 |
$4,326,626
$0 |
$7,474,174 |
| 30 |
$12,390,800 |
$4,544,926
$0 |
$7,845,874 |
|
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