Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Connecticut, your state will take 6.99% 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.

Connecticut Powerball Jackpot/Cash Option for Wed Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(6.99%)	$964,620
Net Lumpsum Payment	$7,769,050

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$32,614	$301,002
2	$489,924	-$141,602 -$34,246	$314,076
3	$514,414	-$150,664 -$35,958	$327,792
4	$540,144	-$160,184 -$37,756	$342,204
5	$567,145	-$170,174 -$39,643	$357,328
6	$595,510	-$180,669 -$41,626	$373,215
7	$625,270	-$191,680 -$43,706	$389,884
8	$656,549	-$203,254 -$45,893	$407,402
9	$689,378	-$215,400 -$48,188	$425,790
10	$723,850	-$228,155 -$50,597	$445,098
11	$760,027	-$241,540 -$53,126	$465,361
12	$798,033	-$255,603 -$55,783	$486,647
13	$837,930	-$270,364 -$58,571	$508,995
14	$879,842	-$285,872 -$61,501	$532,469
15	$923,831	-$302,148 -$64,576	$557,107
16	$970,021	-$319,238 -$67,804	$582,979
17	$1,018,505	-$337,177 -$71,193	$610,135
18	$1,069,438	-$356,022 -$74,754	$638,662
19	$1,122,913	-$375,808 -$78,492	$668,613
20	$1,179,054	-$396,580 -$82,416	$700,058
21	$1,238,016	-$418,396 -$86,537	$733,083
22	$1,299,923	-$441,302 -$90,865	$767,756
23	$1,364,899	-$465,343 -$95,406	$804,150
24	$1,433,161	-$490,600 -$100,178	$842,383
25	$1,504,802	-$517,107 -$105,186	$882,509
26	$1,580,070	-$544,956 -$110,447	$924,667
27	$1,659,058	-$574,182 -$115,968	$968,908
28	$1,742,014	-$604,876 -$121,767	$1,015,371
29	$1,829,124	-$637,106 -$127,856	$1,064,162
30	$1,920,574	-$670,943 -$134,248	$1,115,383