Jackpot Analysis Tennessee Powerball

Jackpot Analysis for Tennessee Powerball
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 DateMon 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