Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon May 12, 2025 is estimated to be $93 Million, with a cash option of 42.3 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 Mon May 12, 2025

Draw Date	Jackpot	Cash Option
Mon May 12, 2025	$93,000,000	$42,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$42,300,000
Federal Tax(24%)	$10,152,000
Additional Federal Tax	$5,459,330
State Tax(6.99%)	$2,956,770
Net Lumpsum Payment	$23,731,900

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,399,743	-$478,235 -$97,842	$823,666
2	$1,469,772	-$504,146 -$102,737	$862,889
3	$1,543,242	-$531,330 -$107,873	$904,039
4	$1,620,432	-$559,890 -$113,268	$947,274
5	$1,701,435	-$589,861 -$118,930	$992,644
6	$1,786,530	-$621,346 -$124,878	$1,040,306
7	$1,875,810	-$654,380 -$131,119	$1,090,311
8	$1,969,647	-$689,100 -$137,678	$1,142,869
9	$2,068,134	-$725,540 -$144,563	$1,198,031
10	$2,171,550	-$763,804 -$151,791	$1,255,955
11	$2,280,081	-$803,960 -$159,378	$1,316,743
12	$2,394,099	-$846,147 -$167,348	$1,380,604
13	$2,513,790	-$890,433 -$175,714	$1,447,643
14	$2,639,526	-$936,955 -$184,503	$1,518,068
15	$2,771,493	-$985,783 -$193,727	$1,591,983
16	$2,910,063	-$1,037,054 -$203,413	$1,669,596
17	$3,055,515	-$1,090,871 -$213,580	$1,751,064
18	$3,208,314	-$1,147,407 -$224,261	$1,836,646
19	$3,368,739	-$1,206,764 -$235,475	$1,926,500
20	$3,537,162	-$1,269,080 -$247,248	$2,020,834
21	$3,714,048	-$1,334,528 -$259,612	$2,119,908
22	$3,899,769	-$1,403,245 -$272,594	$2,223,930
23	$4,094,697	-$1,475,368 -$286,219	$2,333,110
24	$4,299,483	-$1,551,139 -$300,534	$2,447,810
25	$4,514,406	-$1,630,661 -$315,557	$2,568,188
26	$4,740,210	-$1,714,208 -$331,341	$2,694,661
27	$4,977,174	-$1,801,885 -$347,904	$2,827,385
28	$5,226,042	-$1,893,966 -$365,300	$2,966,776
29	$5,487,372	-$1,990,658 -$383,567	$3,113,147
30	$5,761,722	-$2,092,168 -$402,744	$3,266,810