The jackpot for the Powerball draw on Wed Jan 15, 2025, is projected to be $303 Million, with an option for a cash payout of $132.8 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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia Powerball Jackpot/Cash Option for Wed Jan 15, 2025 |
|---|
| Draw Date | Wed Jan 15, 2025 | | Projected Jackpot | $303,000,000 | | Cash Value | $132,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $132,800,000 | | Federal Tax(24%) | $31,872,000 | | Additional Federal Tax | $17,224,330 | | State Tax(4%) | $5,312,000 | | Net Lumpsum Payment | $78,391,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,560,453 |
$1,647,698
$182,418 |
$2,730,337 |
| 2 |
$4,788,612 |
$1,732,117
$191,544 |
$2,864,951 |
| 3 |
$5,027,982 |
$1,820,684
$201,119 |
$3,006,179 |
| 4 |
$5,279,472 |
$1,913,735
$211,179 |
$3,154,558 |
| 5 |
$5,543,385 |
$2,011,383
$221,735 |
$3,310,267 |
| 6 |
$5,820,630 |
$2,113,963
$232,825 |
$3,473,842 |
| 7 |
$6,111,510 |
$2,221,589
$244,460 |
$3,645,461 |
| 8 |
$6,417,237 |
$2,334,708
$256,689 |
$3,825,840 |
| 9 |
$6,738,114 |
$2,453,433
$269,525 |
$4,015,156 |
| 10 |
$7,075,050 |
$2,578,099
$283,002 |
$4,213,949 |
| 11 |
$7,428,651 |
$2,708,931
$297,146 |
$4,422,574 |
| 12 |
$7,800,129 |
$2,846,378
$312,005 |
$4,641,746 |
| 13 |
$8,190,090 |
$2,990,664
$327,604 |
$4,871,822 |
| 14 |
$8,599,746 |
$3,142,236
$343,990 |
$5,113,520 |
| 15 |
$9,029,703 |
$3,301,320
$361,188 |
$5,367,195 |
| 16 |
$9,481,173 |
$3,468,364
$379,247 |
$5,633,562 |
| 17 |
$9,955,065 |
$3,643,704
$398,203 |
$5,913,158 |
| 18 |
$10,452,894 |
$3,827,901
$418,116 |
$6,206,877 |
| 19 |
$10,975,569 |
$4,021,291
$439,023 |
$6,515,255 |
| 20 |
$11,524,302 |
$4,224,322
$460,972 |
$6,839,008 |
| 21 |
$12,100,608 |
$4,437,555
$484,024 |
$7,179,029 |
| 22 |
$12,705,699 |
$4,661,439
$508,228 |
$7,536,032 |
| 23 |
$13,340,787 |
$4,896,422
$533,631 |
$7,910,734 |
| 24 |
$14,007,993 |
$5,143,288
$560,320 |
$8,304,385 |
| 25 |
$14,708,226 |
$5,402,374
$588,329 |
$8,717,523 |
| 26 |
$15,443,910 |
$5,674,577
$617,756 |
$9,151,577 |
| 27 |
$16,215,954 |
$5,960,233
$648,638 |
$9,607,083 |
| 28 |
$17,026,782 |
$6,260,240
$681,071 |
$10,085,471 |
| 29 |
$17,878,212 |
$6,575,269
$715,128 |
$10,587,815 |
| 30 |
$18,772,062 |
$6,905,993
$750,882 |
$11,115,187 |
|
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