Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jul 16, 2025 is estimated to be $264 Million, with a cash option of 119.7 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 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 Jul 16, 2025

Draw Date	Jackpot	Cash Option
Wed Jul 16, 2025	$264,000,000	$119,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$119,700,000
Federal Tax(24%)	$28,728,000
Additional Federal Tax	$15,521,330
State Tax(6.99%)	$8,367,030
Net Lumpsum Payment	$67,083,640

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,973,464	-$1,430,512 -$277,745	$2,265,207
2	$4,172,256	-$1,504,065 -$291,641	$2,376,550
3	$4,380,816	-$1,581,232 -$306,219	$2,493,365
4	$4,599,936	-$1,662,307 -$321,536	$2,616,093
5	$4,829,880	-$1,747,386 -$337,609	$2,744,885
6	$5,071,440	-$1,836,763 -$354,494	$2,880,183
7	$5,324,880	-$1,930,536 -$372,209	$3,022,135
8	$5,591,256	-$2,029,095 -$390,829	$3,171,332
9	$5,870,832	-$2,132,538 -$410,371	$3,327,923
10	$6,164,400	-$2,241,158 -$430,892	$3,492,350
11	$6,472,488	-$2,355,151 -$452,427	$3,664,910
12	$6,796,152	-$2,474,907 -$475,051	$3,846,194
13	$7,135,920	-$2,600,621 -$498,801	$4,036,498
14	$7,492,848	-$2,732,684 -$523,750	$4,236,414
15	$7,867,464	-$2,871,292 -$549,936	$4,446,236
16	$8,260,824	-$3,016,835 -$577,432	$4,666,557
17	$8,673,720	-$3,169,607 -$606,293	$4,897,820
18	$9,107,472	-$3,330,095 -$636,612	$5,140,765
19	$9,562,872	-$3,498,593 -$668,445	$5,395,834
20	$10,040,976	-$3,675,492 -$701,864	$5,663,620
21	$10,543,104	-$3,861,279 -$736,963	$5,944,862
22	$11,070,312	-$4,056,346 -$773,815	$6,240,151
23	$11,623,656	-$4,261,083 -$812,494	$6,550,079
24	$12,204,984	-$4,476,174 -$853,128	$6,875,682
25	$12,815,088	-$4,701,913 -$895,775	$7,217,400
26	$13,456,080	-$4,939,080 -$940,580	$7,576,420
27	$14,128,752	-$5,187,969 -$987,600	$7,953,183
28	$14,835,216	-$5,449,360 -$1,036,982	$8,348,874
29	$15,577,056	-$5,723,841 -$1,088,836	$8,764,379
30	$16,355,856	-$6,011,997 -$1,143,274	$9,200,585