Georgia Lottery

GALottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Georgia, your state will take 5.75% 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.

Georgia Powerball Jackpot/Cash Option for Wed Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(5.75%)	$793,500
Net Lumpsum Payment	$7,940,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$26,828	$306,788
2	$489,924	-$141,602 -$28,171	$320,151
3	$514,414	-$150,664 -$29,579	$334,171
4	$540,144	-$160,184 -$31,058	$348,902
5	$567,145	-$170,174 -$32,611	$364,360
6	$595,510	-$180,669 -$34,242	$380,599
7	$625,270	-$191,680 -$35,953	$397,637
8	$656,549	-$203,254 -$37,752	$415,543
9	$689,378	-$215,400 -$39,639	$434,339
10	$723,850	-$228,155 -$41,621	$454,074
11	$760,027	-$241,540 -$43,702	$474,785
12	$798,033	-$255,603 -$45,887	$496,543
13	$837,930	-$270,364 -$48,181	$519,385
14	$879,842	-$285,872 -$50,591	$543,379
15	$923,831	-$302,148 -$53,120	$568,563
16	$970,021	-$319,238 -$55,776	$595,007
17	$1,018,505	-$337,177 -$58,564	$622,764
18	$1,069,438	-$356,022 -$61,493	$651,923
19	$1,122,913	-$375,808 -$64,567	$682,538
20	$1,179,054	-$396,580 -$67,796	$714,678
21	$1,238,016	-$418,396 -$71,186	$748,434
22	$1,299,923	-$441,302 -$74,746	$783,875
23	$1,364,899	-$465,343 -$78,482	$821,074
24	$1,433,161	-$490,600 -$82,407	$860,154
25	$1,504,802	-$517,107 -$86,526	$901,169
26	$1,580,070	-$544,956 -$90,854	$944,260
27	$1,659,058	-$574,182 -$95,396	$989,480
28	$1,742,014	-$604,876 -$100,166	$1,036,972
29	$1,829,124	-$637,106 -$105,175	$1,086,843
30	$1,920,574	-$670,943 -$110,433	$1,139,198