The jackpot for the Powerball draw on Mon Jan 13, 2025, is projected to be $285 Million, with an option for a cash payout of $124.9 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 Mon Jan 13, 2025 |
|---|
| Draw Date | Mon Jan 13, 2025 | | Projected Jackpot | $285,000,000 | | Cash Value | $124,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $124,900,000 | | Federal Tax(24%) | $29,976,000 | | Additional Federal Tax | $16,197,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $78,726,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,289,535 |
$1,547,458
$0 |
$2,742,077 |
| 2 |
$4,504,140 |
$1,626,862
$0 |
$2,877,278 |
| 3 |
$4,729,290 |
$1,710,168
$0 |
$3,019,122 |
| 4 |
$4,965,840 |
$1,797,691
$0 |
$3,168,149 |
| 5 |
$5,214,075 |
$1,889,538
$0 |
$3,324,537 |
| 6 |
$5,474,850 |
$1,986,025
$0 |
$3,488,825 |
| 7 |
$5,748,450 |
$2,087,257
$0 |
$3,661,193 |
| 8 |
$6,036,015 |
$2,193,656
$0 |
$3,842,359 |
| 9 |
$6,337,830 |
$2,305,327
$0 |
$4,032,503 |
| 10 |
$6,654,750 |
$2,422,588
$0 |
$4,232,162 |
| 11 |
$6,987,345 |
$2,545,648
$0 |
$4,441,697 |
| 12 |
$7,336,755 |
$2,674,930
$0 |
$4,661,825 |
| 13 |
$7,703,550 |
$2,810,644
$0 |
$4,892,906 |
| 14 |
$8,088,870 |
$2,953,212
$0 |
$5,135,658 |
| 15 |
$8,493,285 |
$3,102,846
$0 |
$5,390,439 |
| 16 |
$8,917,935 |
$3,259,966
$0 |
$5,657,969 |
| 17 |
$9,363,675 |
$3,424,890
$0 |
$5,938,785 |
| 18 |
$9,831,930 |
$3,598,144
$0 |
$6,233,786 |
| 19 |
$10,323,555 |
$3,780,046
$0 |
$6,543,509 |
| 20 |
$10,839,690 |
$3,971,016
$0 |
$6,868,674 |
| 21 |
$11,381,760 |
$4,171,582
$0 |
$7,210,178 |
| 22 |
$11,950,905 |
$4,382,165
$0 |
$7,568,740 |
| 23 |
$12,548,265 |
$4,603,188
$0 |
$7,945,077 |
| 24 |
$13,175,835 |
$4,835,389
$0 |
$8,340,446 |
| 25 |
$13,834,470 |
$5,079,084
$0 |
$8,755,386 |
| 26 |
$14,526,450 |
$5,335,117
$0 |
$9,191,333 |
| 27 |
$15,252,630 |
$5,603,803
$0 |
$9,648,827 |
| 28 |
$16,015,290 |
$5,885,988
$0 |
$10,129,302 |
| 29 |
$16,816,140 |
$6,182,302
$0 |
$10,633,838 |
| 30 |
$17,656,890 |
$6,493,380
$0 |
$11,163,510 |
|
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