The jackpot for the Powerball draw on Wed Feb 5, 2025, is projected to be $113 Million, with an option for a cash payout of $51.2 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 Wed Feb 5, 2025 |
|---|
| Draw Date | Wed Feb 5, 2025 | | Projected Jackpot | $113,000,000 | | Cash Value | $51,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $51,200,000 | | Federal Tax(24%) | $12,288,000 | | Additional Federal Tax | $6,616,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $32,295,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$0 |
$1,111,150 |
| 2 |
$1,785,852 |
$621,096
$0 |
$1,164,756 |
| 3 |
$1,875,122 |
$654,126
$0 |
$1,220,996 |
| 4 |
$1,968,912 |
$688,828
$0 |
$1,280,084 |
| 5 |
$2,067,335 |
$725,244
$0 |
$1,342,091 |
| 6 |
$2,170,730 |
$763,500
$0 |
$1,407,230 |
| 7 |
$2,279,210 |
$803,638
$0 |
$1,475,572 |
| 8 |
$2,393,227 |
$845,824
$0 |
$1,547,403 |
| 9 |
$2,512,894 |
$890,101
$0 |
$1,622,793 |
| 10 |
$2,638,550 |
$936,594
$0 |
$1,701,956 |
| 11 |
$2,770,421 |
$985,386
$0 |
$1,785,035 |
| 12 |
$2,908,959 |
$1,036,645
$0 |
$1,872,314 |
| 13 |
$3,054,390 |
$1,090,455
$0 |
$1,963,935 |
| 14 |
$3,207,166 |
$1,146,982
$0 |
$2,060,184 |
| 15 |
$3,367,513 |
$1,206,310
$0 |
$2,161,203 |
| 16 |
$3,535,883 |
$1,268,607
$0 |
$2,267,276 |
| 17 |
$3,712,615 |
$1,333,998
$0 |
$2,378,617 |
| 18 |
$3,898,274 |
$1,402,692
$0 |
$2,495,582 |
| 19 |
$4,093,199 |
$1,474,814
$0 |
$2,618,385 |
| 20 |
$4,297,842 |
$1,550,532
$0 |
$2,747,310 |
| 21 |
$4,512,768 |
$1,630,055
$0 |
$2,882,713 |
| 22 |
$4,738,429 |
$1,713,549
$0 |
$3,024,880 |
| 23 |
$4,975,277 |
$1,801,183
$0 |
$3,174,094 |
| 24 |
$5,224,103 |
$1,893,248
$0 |
$3,330,855 |
| 25 |
$5,485,246 |
$1,989,871
$0 |
$3,495,375 |
| 26 |
$5,759,610 |
$2,091,386
$0 |
$3,668,224 |
| 27 |
$6,047,534 |
$2,197,918
$0 |
$3,849,616 |
| 28 |
$6,349,922 |
$2,309,802
$0 |
$4,040,120 |
| 29 |
$6,667,452 |
$2,427,288
$0 |
$4,240,164 |
| 30 |
$7,000,802 |
$2,550,627
$0 |
$4,450,175 |
|
|
