Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Connecticut, your state will take 6.99% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Connecticut Powerball Jackpot/Cash Option for Sat Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(6.99%)	$8,227,230
Net Lumpsum Payment	$65,963,440

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$276,693	$2,256,777
2	$4,156,452	-$1,498,218 -$290,536	$2,367,698
3	$4,364,222	-$1,575,093 -$305,059	$2,484,070
4	$4,582,512	-$1,655,860 -$320,318	$2,606,334
5	$4,811,585	-$1,740,617 -$336,330	$2,734,638
6	$5,052,230	-$1,829,655 -$353,151	$2,869,424
7	$5,304,710	-$1,923,073 -$370,799	$3,010,838
8	$5,570,077	-$2,021,259 -$389,348	$3,159,470
9	$5,848,594	-$2,124,310 -$408,817	$3,315,467
10	$6,141,050	-$2,232,519 -$429,259	$3,479,272
11	$6,447,971	-$2,346,080 -$450,713	$3,651,178
12	$6,770,409	-$2,465,382 -$473,252	$3,831,775
13	$7,108,890	-$2,590,620 -$496,911	$4,021,359
14	$7,464,466	-$2,722,183 -$521,766	$4,220,517
15	$7,837,663	-$2,860,266 -$547,853	$4,429,544
16	$8,229,533	-$3,005,258 -$575,244	$4,649,031
17	$8,640,865	-$3,157,450 -$603,996	$4,879,419
18	$9,072,974	-$3,317,331 -$634,201	$5,121,442
19	$9,526,649	-$3,485,191 -$665,913	$5,375,545
20	$10,002,942	-$3,661,419 -$699,206	$5,642,317
21	$10,503,168	-$3,846,503 -$734,171	$5,922,494
22	$11,028,379	-$4,040,831 -$770,884	$6,216,664
23	$11,579,627	-$4,244,792 -$809,416	$6,525,419
24	$12,158,753	-$4,459,069 -$849,897	$6,849,787
25	$12,766,546	-$4,683,952 -$892,382	$7,190,212
26	$13,405,110	-$4,920,221 -$937,017	$7,547,872
27	$14,075,234	-$5,168,167 -$983,859	$7,923,208
28	$14,779,022	-$5,428,569 -$1,033,054	$8,317,399
29	$15,518,052	-$5,702,010 -$1,084,712	$8,731,330
30	$16,293,902	-$5,989,074 -$1,138,944	$9,165,884