Kentucky Lottery

KYLottery 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 Kentucky, your state will take 4.5% 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.

Kentucky 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(4.5%)	$5,296,500
Net Lumpsum Payment	$68,894,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$178,129	$2,355,341
2	$4,156,452	-$1,498,218 -$187,040	$2,471,194
3	$4,364,222	-$1,575,093 -$196,390	$2,592,739
4	$4,582,512	-$1,655,860 -$206,213	$2,720,439
5	$4,811,585	-$1,740,617 -$216,521	$2,854,447
6	$5,052,230	-$1,829,655 -$227,350	$2,995,225
7	$5,304,710	-$1,923,073 -$238,712	$3,142,925
8	$5,570,077	-$2,021,259 -$250,653	$3,298,165
9	$5,848,594	-$2,124,310 -$263,187	$3,461,097
10	$6,141,050	-$2,232,519 -$276,347	$3,632,184
11	$6,447,971	-$2,346,080 -$290,159	$3,811,732
12	$6,770,409	-$2,465,382 -$304,668	$4,000,359
13	$7,108,890	-$2,590,620 -$319,900	$4,198,370
14	$7,464,466	-$2,722,183 -$335,901	$4,406,382
15	$7,837,663	-$2,860,266 -$352,695	$4,624,702
16	$8,229,533	-$3,005,258 -$370,329	$4,853,946
17	$8,640,865	-$3,157,450 -$388,839	$5,094,576
18	$9,072,974	-$3,317,331 -$408,284	$5,347,359
19	$9,526,649	-$3,485,191 -$428,699	$5,612,759
20	$10,002,942	-$3,661,419 -$450,132	$5,891,391
21	$10,503,168	-$3,846,503 -$472,643	$6,184,022
22	$11,028,379	-$4,040,831 -$496,277	$6,491,271
23	$11,579,627	-$4,244,792 -$521,083	$6,813,752
24	$12,158,753	-$4,459,069 -$547,144	$7,152,540
25	$12,766,546	-$4,683,952 -$574,495	$7,508,099
26	$13,405,110	-$4,920,221 -$603,230	$7,881,659
27	$14,075,234	-$5,168,167 -$633,386	$8,273,681
28	$14,779,022	-$5,428,569 -$665,056	$8,685,397
29	$15,518,052	-$5,702,010 -$698,312	$9,117,730
30	$16,293,902	-$5,989,074 -$733,226	$9,571,602