The jackpot for the Powerball draw on Sat Mar 15, 2025, is projected to be $378 Million, with an option for a cash payout of $177.5 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 Washington, the bright side is you won't have to pay any state taxes on your lottery prize.
| Washington Powerball Jackpot/Cash Option for Sat Mar 15, 2025 |
|---|
| Draw Date | Sat Mar 15, 2025 | | Projected Jackpot | $378,000,000 | | Cash Value | $177,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $177,500,000 | | Federal Tax(24%) | $42,600,000 | | Additional Federal Tax | $23,035,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $111,864,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,689,278 |
$2,065,363
$0 |
$3,623,915 |
| 2 |
$5,973,912 |
$2,170,678
$0 |
$3,803,234 |
| 3 |
$6,272,532 |
$2,281,167
$0 |
$3,991,365 |
| 4 |
$6,586,272 |
$2,397,251
$0 |
$4,189,021 |
| 5 |
$6,915,510 |
$2,519,069
$0 |
$4,396,441 |
| 6 |
$7,261,380 |
$2,647,041
$0 |
$4,614,339 |
| 7 |
$7,624,260 |
$2,781,307
$0 |
$4,842,953 |
| 8 |
$8,005,662 |
$2,922,425
$0 |
$5,083,237 |
| 9 |
$8,405,964 |
$3,070,537
$0 |
$5,335,427 |
| 10 |
$8,826,300 |
$3,226,061
$0 |
$5,600,239 |
| 11 |
$9,267,426 |
$3,389,278
$0 |
$5,878,148 |
| 12 |
$9,730,854 |
$3,560,746
$0 |
$6,170,108 |
| 13 |
$10,217,340 |
$3,740,746
$0 |
$6,476,594 |
| 14 |
$10,728,396 |
$3,929,837
$0 |
$6,798,559 |
| 15 |
$11,264,778 |
$4,128,298
$0 |
$7,136,480 |
| 16 |
$11,827,998 |
$4,336,690
$0 |
$7,491,308 |
| 17 |
$12,419,190 |
$4,555,431
$0 |
$7,863,759 |
| 18 |
$13,040,244 |
$4,785,221
$0 |
$8,255,023 |
| 19 |
$13,692,294 |
$5,026,479
$0 |
$8,665,815 |
| 20 |
$14,376,852 |
$5,279,766
$0 |
$9,097,086 |
| 21 |
$15,095,808 |
$5,545,779
$0 |
$9,550,029 |
| 22 |
$15,850,674 |
$5,825,080
$0 |
$10,025,594 |
| 23 |
$16,642,962 |
$6,118,226
$0 |
$10,524,736 |
| 24 |
$17,475,318 |
$6,426,198
$0 |
$11,049,120 |
| 25 |
$18,348,876 |
$6,749,415
$0 |
$11,599,461 |
| 26 |
$19,266,660 |
$7,088,995
$0 |
$12,177,665 |
| 27 |
$20,229,804 |
$7,445,358
$0 |
$12,784,446 |
| 28 |
$21,241,332 |
$7,819,623
$0 |
$13,421,709 |
| 29 |
$22,303,512 |
$8,212,630
$0 |
$14,090,882 |
| 30 |
$23,418,612 |
$8,625,217
$0 |
$14,793,395 |
|
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