Georgia Lottery

GALottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 29, 2025 is estimated to be $69 Million, with a cash option of 30.7 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 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 29, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 29, 2025	$69,000,000	$30,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$30,700,000
Federal Tax(24%)	$7,368,000
Additional Federal Tax	$3,951,330
State Tax(5.75%)	$1,765,250
Net Lumpsum Payment	$17,615,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,038,519	-$344,582 -$59,715	$634,222
2	$1,090,476	-$363,807 -$62,702	$663,967
3	$1,144,986	-$383,975 -$65,837	$695,174
4	$1,202,256	-$405,165 -$69,130	$727,961
5	$1,262,355	-$427,402 -$72,585	$762,368
6	$1,325,490	-$450,762 -$76,216	$798,512
7	$1,391,730	-$475,270 -$80,024	$836,436
8	$1,461,351	-$501,030 -$84,028	$876,293
9	$1,534,422	-$528,067 -$88,229	$918,126
10	$1,611,150	-$556,456 -$92,641	$962,053
11	$1,691,673	-$586,249 -$97,271	$1,008,153
12	$1,776,267	-$617,549 -$102,135	$1,056,583
13	$1,865,070	-$650,406 -$107,242	$1,107,422
14	$1,958,358	-$684,923 -$112,606	$1,160,829
15	$2,056,269	-$721,150 -$118,235	$1,216,884
16	$2,159,079	-$759,190 -$124,147	$1,275,742
17	$2,266,995	-$799,119 -$130,352	$1,337,524
18	$2,380,362	-$841,064 -$136,871	$1,402,427
19	$2,499,387	-$885,104 -$143,715	$1,470,568
20	$2,624,346	-$931,338 -$150,900	$1,542,108
21	$2,755,584	-$979,896 -$158,446	$1,617,242
22	$2,893,377	-$1,030,880 -$166,369	$1,696,128
23	$3,038,001	-$1,084,391 -$174,685	$1,778,925
24	$3,189,939	-$1,140,608 -$183,421	$1,865,910
25	$3,349,398	-$1,199,608 -$192,590	$1,957,200
26	$3,516,930	-$1,261,594 -$202,223	$2,053,113
27	$3,692,742	-$1,326,645 -$212,333	$2,153,764
28	$3,877,386	-$1,394,963 -$222,950	$2,259,473
29	$4,071,276	-$1,466,703 -$234,098	$2,370,475
30	$4,274,826	-$1,542,016 -$245,802	$2,487,008