Florida Lottery

FLLottery 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. The good news is that if you're a resident of Florida, you won't owe any state tax on 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.

Florida 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(0%)	$0
Net Lumpsum Payment	$74,190,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$0	$2,533,470
2	$4,156,452	-$1,498,218 -$0	$2,658,234
3	$4,364,222	-$1,575,093 -$0	$2,789,129
4	$4,582,512	-$1,655,860 -$0	$2,926,652
5	$4,811,585	-$1,740,617 -$0	$3,070,968
6	$5,052,230	-$1,829,655 -$0	$3,222,575
7	$5,304,710	-$1,923,073 -$0	$3,381,637
8	$5,570,077	-$2,021,259 -$0	$3,548,818
9	$5,848,594	-$2,124,310 -$0	$3,724,284
10	$6,141,050	-$2,232,519 -$0	$3,908,531
11	$6,447,971	-$2,346,080 -$0	$4,101,891
12	$6,770,409	-$2,465,382 -$0	$4,305,027
13	$7,108,890	-$2,590,620 -$0	$4,518,270
14	$7,464,466	-$2,722,183 -$0	$4,742,283
15	$7,837,663	-$2,860,266 -$0	$4,977,397
16	$8,229,533	-$3,005,258 -$0	$5,224,275
17	$8,640,865	-$3,157,450 -$0	$5,483,415
18	$9,072,974	-$3,317,331 -$0	$5,755,643
19	$9,526,649	-$3,485,191 -$0	$6,041,458
20	$10,002,942	-$3,661,419 -$0	$6,341,523
21	$10,503,168	-$3,846,503 -$0	$6,656,665
22	$11,028,379	-$4,040,831 -$0	$6,987,548
23	$11,579,627	-$4,244,792 -$0	$7,334,835
24	$12,158,753	-$4,459,069 -$0	$7,699,684
25	$12,766,546	-$4,683,952 -$0	$8,082,594
26	$13,405,110	-$4,920,221 -$0	$8,484,889
27	$14,075,234	-$5,168,167 -$0	$8,907,067
28	$14,779,022	-$5,428,569 -$0	$9,350,453
29	$15,518,052	-$5,702,010 -$0	$9,816,042
30	$16,293,902	-$5,989,074 -$0	$10,304,828