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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont 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(6%) | $7,968,000 | | Net Lumpsum Payment | $75,735,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,560,453 |
$1,647,698
$273,627 |
$2,639,128 |
| 2 |
$4,788,612 |
$1,732,117
$287,317 |
$2,769,178 |
| 3 |
$5,027,982 |
$1,820,684
$301,679 |
$2,905,619 |
| 4 |
$5,279,472 |
$1,913,735
$316,768 |
$3,048,969 |
| 5 |
$5,543,385 |
$2,011,383
$332,603 |
$3,199,399 |
| 6 |
$5,820,630 |
$2,113,963
$349,238 |
$3,357,429 |
| 7 |
$6,111,510 |
$2,221,589
$366,691 |
$3,523,230 |
| 8 |
$6,417,237 |
$2,334,708
$385,034 |
$3,697,495 |
| 9 |
$6,738,114 |
$2,453,433
$404,287 |
$3,880,394 |
| 10 |
$7,075,050 |
$2,578,099
$424,503 |
$4,072,448 |
| 11 |
$7,428,651 |
$2,708,931
$445,719 |
$4,274,001 |
| 12 |
$7,800,129 |
$2,846,378
$468,008 |
$4,485,743 |
| 13 |
$8,190,090 |
$2,990,664
$491,405 |
$4,708,021 |
| 14 |
$8,599,746 |
$3,142,236
$515,985 |
$4,941,525 |
| 15 |
$9,029,703 |
$3,301,320
$541,782 |
$5,186,601 |
| 16 |
$9,481,173 |
$3,468,364
$568,870 |
$5,443,939 |
| 17 |
$9,955,065 |
$3,643,704
$597,304 |
$5,714,057 |
| 18 |
$10,452,894 |
$3,827,901
$627,174 |
$5,997,819 |
| 19 |
$10,975,569 |
$4,021,291
$658,534 |
$6,295,744 |
| 20 |
$11,524,302 |
$4,224,322
$691,458 |
$6,608,522 |
| 21 |
$12,100,608 |
$4,437,555
$726,036 |
$6,937,017 |
| 22 |
$12,705,699 |
$4,661,439
$762,342 |
$7,281,918 |
| 23 |
$13,340,787 |
$4,896,422
$800,447 |
$7,643,918 |
| 24 |
$14,007,993 |
$5,143,288
$840,480 |
$8,024,225 |
| 25 |
$14,708,226 |
$5,402,374
$882,494 |
$8,423,358 |
| 26 |
$15,443,910 |
$5,674,577
$926,635 |
$8,842,698 |
| 27 |
$16,215,954 |
$5,960,233
$972,957 |
$9,282,764 |
| 28 |
$17,026,782 |
$6,260,240
$1,021,607 |
$9,744,935 |
| 29 |
$17,878,212 |
$6,575,269
$1,072,693 |
$10,230,250 |
| 30 |
$18,772,062 |
$6,905,993
$1,126,324 |
$10,739,745 |
|
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