Ohio Lottery

OHLottery 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 Ohio, your state will take 3.99% 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.

Ohio 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(3.99%)	$4,696,230
Net Lumpsum Payment	$69,494,440

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$157,941	$2,375,529
2	$4,156,452	-$1,498,218 -$165,842	$2,492,392
3	$4,364,222	-$1,575,093 -$174,132	$2,614,997
4	$4,582,512	-$1,655,860 -$182,842	$2,743,810
5	$4,811,585	-$1,740,617 -$191,982	$2,878,986
6	$5,052,230	-$1,829,655 -$201,584	$3,020,991
7	$5,304,710	-$1,923,073 -$211,658	$3,169,979
8	$5,570,077	-$2,021,259 -$222,246	$3,326,572
9	$5,848,594	-$2,124,310 -$233,359	$3,490,925
10	$6,141,050	-$2,232,519 -$245,028	$3,663,503
11	$6,447,971	-$2,346,080 -$257,274	$3,844,617
12	$6,770,409	-$2,465,382 -$270,139	$4,034,888
13	$7,108,890	-$2,590,620 -$283,645	$4,234,625
14	$7,464,466	-$2,722,183 -$297,832	$4,444,451
15	$7,837,663	-$2,860,266 -$312,723	$4,664,674
16	$8,229,533	-$3,005,258 -$328,358	$4,895,917
17	$8,640,865	-$3,157,450 -$344,771	$5,138,644
18	$9,072,974	-$3,317,331 -$362,012	$5,393,631
19	$9,526,649	-$3,485,191 -$380,113	$5,661,345
20	$10,002,942	-$3,661,419 -$399,117	$5,942,406
21	$10,503,168	-$3,846,503 -$419,076	$6,237,589
22	$11,028,379	-$4,040,831 -$440,032	$6,547,516
23	$11,579,627	-$4,244,792 -$462,027	$6,872,808
24	$12,158,753	-$4,459,069 -$485,134	$7,214,550
25	$12,766,546	-$4,683,952 -$509,385	$7,573,209
26	$13,405,110	-$4,920,221 -$534,864	$7,950,025
27	$14,075,234	-$5,168,167 -$561,602	$8,345,465
28	$14,779,022	-$5,428,569 -$589,683	$8,760,770
29	$15,518,052	-$5,702,010 -$619,170	$9,196,872
30	$16,293,902	-$5,989,074 -$650,127	$9,654,701