Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Mar 29, 2025 is estimated to be $515 Million, with a cash option of 242.7 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 Sat Mar 29, 2025

Draw Date	Jackpot	Cash Option
Sat Mar 29, 2025	$515,000,000	$242,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$242,700,000
Federal Tax(24%)	$58,248,000
Additional Federal Tax	$31,511,330
State Tax(6.99%)	$16,964,730
Net Lumpsum Payment	$135,975,940

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$7,751,265	-$2,828,298 -$541,813	$4,381,154
2	$8,139,060	-$2,971,783 -$568,920	$4,598,357
3	$8,545,910	-$3,122,317 -$597,359	$4,826,234
4	$8,973,360	-$3,280,474 -$627,238	$5,065,648
5	$9,421,925	-$3,446,443 -$658,593	$5,316,889
6	$9,893,150	-$3,620,796 -$691,531	$5,580,823
7	$10,387,550	-$3,803,724 -$726,090	$5,857,736
8	$10,907,185	-$3,995,989 -$762,412	$6,148,784
9	$11,452,570	-$4,197,781 -$800,535	$6,454,254
10	$12,025,250	-$4,409,673 -$840,565	$6,775,012
11	$12,626,255	-$4,632,045 -$882,575	$7,111,635
12	$13,257,645	-$4,865,659 -$926,709	$7,465,277
13	$13,920,450	-$5,110,897 -$973,039	$7,836,514
14	$14,616,730	-$5,368,520 -$1,021,709	$8,226,501
15	$15,347,515	-$5,638,911 -$1,072,791	$8,635,813
16	$16,114,865	-$5,922,830 -$1,126,429	$9,065,606
17	$16,920,325	-$6,220,851 -$1,182,731	$9,516,743
18	$17,766,470	-$6,533,924 -$1,241,876	$9,990,670
19	$18,654,845	-$6,862,623 -$1,303,974	$10,488,248
20	$19,587,510	-$7,207,709 -$1,369,167	$11,010,634
21	$20,567,040	-$7,570,135 -$1,437,636	$11,559,269
22	$21,595,495	-$7,950,664 -$1,509,525	$12,135,306
23	$22,674,935	-$8,350,056 -$1,584,978	$12,739,901
24	$23,808,965	-$8,769,647 -$1,664,247	$13,375,071
25	$24,999,130	-$9,210,008 -$1,747,439	$14,041,683
26	$26,249,550	-$9,672,664 -$1,834,844	$14,742,042
27	$27,561,770	-$10,158,185 -$1,926,568	$15,477,017
28	$28,939,910	-$10,668,097 -$2,022,900	$16,248,913
29	$30,387,060	-$11,203,543 -$2,124,055	$17,059,462
30	$31,906,310	-$11,765,665 -$2,230,251	$17,910,394