Virginia Lottery

VALottery 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 Virginia, your state will take 4% 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.

Virginia 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%)	$4,708,000
Net Lumpsum Payment	$69,482,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$158,337	$2,375,133
2	$4,156,452	-$1,498,218 -$166,258	$2,491,976
3	$4,364,222	-$1,575,093 -$174,569	$2,614,560
4	$4,582,512	-$1,655,860 -$183,300	$2,743,352
5	$4,811,585	-$1,740,617 -$192,463	$2,878,505
6	$5,052,230	-$1,829,655 -$202,089	$3,020,486
7	$5,304,710	-$1,923,073 -$212,188	$3,169,449
8	$5,570,077	-$2,021,259 -$222,803	$3,326,015
9	$5,848,594	-$2,124,310 -$233,944	$3,490,340
10	$6,141,050	-$2,232,519 -$245,642	$3,662,889
11	$6,447,971	-$2,346,080 -$257,919	$3,843,972
12	$6,770,409	-$2,465,382 -$270,816	$4,034,211
13	$7,108,890	-$2,590,620 -$284,356	$4,233,914
14	$7,464,466	-$2,722,183 -$298,579	$4,443,704
15	$7,837,663	-$2,860,266 -$313,507	$4,663,890
16	$8,229,533	-$3,005,258 -$329,181	$4,895,094
17	$8,640,865	-$3,157,450 -$345,635	$5,137,780
18	$9,072,974	-$3,317,331 -$362,919	$5,392,724
19	$9,526,649	-$3,485,191 -$381,066	$5,660,392
20	$10,002,942	-$3,661,419 -$400,118	$5,941,405
21	$10,503,168	-$3,846,503 -$420,127	$6,236,538
22	$11,028,379	-$4,040,831 -$441,135	$6,546,413
23	$11,579,627	-$4,244,792 -$463,185	$6,871,650
24	$12,158,753	-$4,459,069 -$486,350	$7,213,334
25	$12,766,546	-$4,683,952 -$510,662	$7,571,932
26	$13,405,110	-$4,920,221 -$536,204	$7,948,685
27	$14,075,234	-$5,168,167 -$563,009	$8,344,058
28	$14,779,022	-$5,428,569 -$591,161	$8,759,292
29	$15,518,052	-$5,702,010 -$620,722	$9,195,320
30	$16,293,902	-$5,989,074 -$651,756	$9,653,072