Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Feb 22, 2025 is estimated to be $215 Million, with a cash option of 99.3 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 Sat Feb 22, 2025

Draw Date	Jackpot	Cash Option
Sat Feb 22, 2025	$215,000,000	$99,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,300,000
Federal Tax(24%)	$23,832,000
Additional Federal Tax	$12,869,330
State Tax(6.99%)	$6,941,070
Net Lumpsum Payment	$55,657,600

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,235,965	-$1,157,637 -$226,194	$1,852,134
2	$3,397,860	-$1,217,539 -$237,510	$1,942,811
3	$3,567,710	-$1,280,383 -$249,383	$2,037,944
4	$3,746,160	-$1,346,410 -$261,857	$2,137,893
5	$3,933,425	-$1,415,698 -$274,946	$2,242,781
6	$4,130,150	-$1,488,486 -$288,697	$2,352,967
7	$4,336,550	-$1,564,854 -$303,125	$2,468,571
8	$4,553,485	-$1,645,120 -$318,289	$2,590,076
9	$4,781,170	-$1,729,363 -$334,204	$2,717,603
10	$5,020,250	-$1,817,823 -$350,915	$2,851,512
11	$5,271,155	-$1,910,658 -$368,454	$2,992,043
12	$5,534,745	-$2,008,186 -$386,879	$3,139,680
13	$5,811,450	-$2,110,567 -$406,220	$3,294,663
14	$6,102,130	-$2,218,118 -$426,539	$3,457,473
15	$6,407,215	-$2,331,000 -$447,864	$3,628,351
16	$6,727,565	-$2,449,529 -$470,257	$3,807,779
17	$7,063,825	-$2,573,946 -$493,761	$3,996,118
18	$7,417,070	-$2,704,646 -$518,453	$4,193,971
19	$7,787,945	-$2,841,870 -$544,377	$4,401,698
20	$8,177,310	-$2,985,935 -$571,594	$4,619,781
21	$8,586,240	-$3,137,239 -$600,178	$4,848,823
22	$9,015,595	-$3,296,101 -$630,190	$5,089,304
23	$9,466,235	-$3,462,837 -$661,690	$5,341,708
24	$9,939,665	-$3,638,006 -$694,783	$5,606,876
25	$10,436,530	-$3,821,846 -$729,513	$5,885,171
26	$10,958,550	-$4,014,994 -$766,003	$6,177,553
27	$11,506,370	-$4,217,687 -$804,295	$6,484,388
28	$12,081,710	-$4,430,563 -$844,512	$6,806,635
29	$12,685,860	-$4,654,099 -$886,742	$7,145,019
30	$13,320,110	-$4,888,771 -$931,076	$7,500,263