Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Aug 9, 2025 is estimated to be $482 Million, with a cash option of 218.9 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 Sat Aug 9, 2025

Draw Date	Jackpot	Cash Option
Sat Aug 9, 2025	$482,000,000	$218,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$218,900,000
Federal Tax(24%)	$52,536,000
Additional Federal Tax	$28,417,330
State Tax(6.99%)	$15,301,110
Net Lumpsum Payment	$122,645,560

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$7,254,582	-$2,644,526 -$507,095	$4,102,961
2	$7,617,528	-$2,778,816 -$532,465	$4,306,247
3	$7,998,308	-$2,919,704 -$559,082	$4,519,522
4	$8,398,368	-$3,067,727 -$587,046	$4,743,595
5	$8,818,190	-$3,223,061 -$616,391	$4,978,738
6	$9,259,220	-$3,386,242 -$647,219	$5,225,759
7	$9,721,940	-$3,557,448 -$679,564	$5,484,928
8	$10,208,278	-$3,737,393 -$713,559	$5,757,326
9	$10,718,716	-$3,926,255 -$749,238	$6,043,223
10	$11,254,700	-$4,124,569 -$786,704	$6,343,427
11	$11,817,194	-$4,332,692 -$826,022	$6,658,480
12	$12,408,126	-$4,551,337 -$867,328	$6,989,461
13	$13,028,460	-$4,780,861 -$910,689	$7,336,910
14	$13,680,124	-$5,021,976 -$956,241	$7,701,907
15	$14,364,082	-$5,275,041 -$1,004,049	$8,084,992
16	$15,082,262	-$5,540,767 -$1,054,250	$8,487,245
17	$15,836,110	-$5,819,691 -$1,106,944	$8,909,475
18	$16,628,036	-$6,112,704 -$1,162,300	$9,353,032
19	$17,459,486	-$6,420,340 -$1,220,418	$9,818,728
20	$18,332,388	-$6,743,314 -$1,281,434	$10,307,640
21	$19,249,152	-$7,082,517 -$1,345,516	$10,821,119
22	$20,211,706	-$7,438,662 -$1,412,798	$11,360,246
23	$21,221,978	-$7,812,462 -$1,483,416	$11,926,100
24	$22,283,342	-$8,205,167 -$1,557,606	$12,520,569
25	$23,397,244	-$8,617,311 -$1,635,467	$13,144,466
26	$24,567,540	-$9,050,320 -$1,717,271	$13,799,949
27	$25,795,676	-$9,504,731 -$1,803,118	$14,487,827
28	$27,085,508	-$9,981,968 -$1,893,277	$15,210,263
29	$28,439,928	-$10,483,104 -$1,987,951	$15,968,873
30	$29,861,828	-$11,009,207 -$2,087,342	$16,765,279