Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Apr 19, 2025 is estimated to be $131 Million, with a cash option of 58.6 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 Apr 19, 2025

Draw Date	Jackpot	Cash Option
Sat Apr 19, 2025	$131,000,000	$58,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$58,600,000
Federal Tax(24%)	$14,064,000
Additional Federal Tax	$7,578,330
State Tax(6.99%)	$4,096,140
Net Lumpsum Payment	$32,861,530

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,971,681	-$689,852 -$137,821	$1,144,008
2	$2,070,324	-$726,350 -$144,716	$1,199,258
3	$2,173,814	-$764,642 -$151,950	$1,257,222
4	$2,282,544	-$804,872 -$159,550	$1,318,122
5	$2,396,645	-$847,089 -$167,525	$1,382,031
6	$2,516,510	-$891,439 -$175,904	$1,449,167
7	$2,642,270	-$937,970 -$184,695	$1,519,605
8	$2,774,449	-$986,877 -$193,934	$1,593,638
9	$2,913,178	-$1,038,206 -$203,631	$1,671,341
10	$3,058,850	-$1,092,105 -$213,814	$1,752,931
11	$3,211,727	-$1,148,669 -$224,500	$1,838,558
12	$3,372,333	-$1,208,094 -$235,726	$1,928,513
13	$3,540,930	-$1,270,474 -$247,511	$2,022,945
14	$3,718,042	-$1,336,006 -$259,891	$2,122,145
15	$3,903,931	-$1,404,785 -$272,885	$2,226,261
16	$4,099,121	-$1,477,005 -$286,529	$2,335,587
17	$4,304,005	-$1,552,812 -$300,850	$2,450,343
18	$4,519,238	-$1,632,448 -$315,895	$2,570,895
19	$4,745,213	-$1,716,059 -$331,690	$2,697,464
20	$4,982,454	-$1,803,838 -$348,274	$2,830,342
21	$5,231,616	-$1,896,028 -$365,690	$2,969,898
22	$5,493,223	-$1,992,823 -$383,976	$3,116,424
23	$5,767,799	-$2,094,416 -$403,169	$3,270,214
24	$6,056,261	-$2,201,147 -$423,333	$3,431,781
25	$6,359,002	-$2,313,161 -$444,494	$3,601,347
26	$6,677,070	-$2,430,846 -$466,727	$3,779,497
27	$7,010,858	-$2,554,348 -$490,059	$3,966,451
28	$7,361,414	-$2,684,054 -$514,563	$4,162,797
29	$7,729,524	-$2,820,254 -$540,294	$4,368,976
30	$8,115,974	-$2,963,241 -$567,307	$4,585,426