Pennsylvania Lottery

PALottery 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 Pennsylvania, your state will take 3.07% 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.

Pennsylvania 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(3.07%)	$3,613,390
Net Lumpsum Payment	$70,577,280

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$121,523	$2,411,947
2	$4,156,452	-$1,498,218 -$127,603	$2,530,631
3	$4,364,222	-$1,575,093 -$133,982	$2,655,147
4	$4,582,512	-$1,655,860 -$140,683	$2,785,969
5	$4,811,585	-$1,740,617 -$147,716	$2,923,252
6	$5,052,230	-$1,829,655 -$155,103	$3,067,472
7	$5,304,710	-$1,923,073 -$162,855	$3,218,782
8	$5,570,077	-$2,021,259 -$171,001	$3,377,817
9	$5,848,594	-$2,124,310 -$179,552	$3,544,732
10	$6,141,050	-$2,232,519 -$188,530	$3,720,001
11	$6,447,971	-$2,346,080 -$197,953	$3,903,938
12	$6,770,409	-$2,465,382 -$207,852	$4,097,175
13	$7,108,890	-$2,590,620 -$218,243	$4,300,027
14	$7,464,466	-$2,722,183 -$229,159	$4,513,124
15	$7,837,663	-$2,860,266 -$240,616	$4,736,781
16	$8,229,533	-$3,005,258 -$252,647	$4,971,628
17	$8,640,865	-$3,157,450 -$265,275	$5,218,140
18	$9,072,974	-$3,317,331 -$278,540	$5,477,103
19	$9,526,649	-$3,485,191 -$292,468	$5,748,990
20	$10,002,942	-$3,661,419 -$307,090	$6,034,433
21	$10,503,168	-$3,846,503 -$322,447	$6,334,218
22	$11,028,379	-$4,040,831 -$338,571	$6,648,977
23	$11,579,627	-$4,244,792 -$355,495	$6,979,340
24	$12,158,753	-$4,459,069 -$373,274	$7,326,410
25	$12,766,546	-$4,683,952 -$391,933	$7,690,661
26	$13,405,110	-$4,920,221 -$411,537	$8,073,352
27	$14,075,234	-$5,168,167 -$432,110	$8,474,957
28	$14,779,022	-$5,428,569 -$453,716	$8,896,737
29	$15,518,052	-$5,702,010 -$476,404	$9,339,638
30	$16,293,902	-$5,989,074 -$500,223	$9,804,605