Iowa Lottery

IALottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Jan 6, 2025 is estimated to be $220 Million, with a cash option of 98.4 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 Iowa, your state will take 5% 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.

Iowa Powerball Jackpot/Cash Option for Mon Jan 6, 2025

Draw Date	Jackpot	Cash Option
Mon Jan 6, 2025	$220,000,000	$98,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$98,400,000
Federal Tax(24%)	$23,616,000
Additional Federal Tax	$12,752,330
State Tax(5%)	$4,920,000
Net Lumpsum Payment	$57,111,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,311,220	-$1,185,482 -$165,561	$1,960,177
2	$3,476,880	-$1,246,776 -$173,844	$2,056,260
3	$3,650,680	-$1,311,082 -$182,534	$2,157,064
4	$3,833,280	-$1,378,644 -$191,664	$2,262,972
5	$4,024,900	-$1,449,543 -$201,245	$2,374,112
6	$4,226,200	-$1,524,024 -$211,310	$2,490,866
7	$4,437,400	-$1,602,168 -$221,870	$2,613,362
8	$4,659,380	-$1,684,301 -$232,969	$2,742,110
9	$4,892,360	-$1,770,504 -$244,618	$2,877,238
10	$5,137,000	-$1,861,020 -$256,850	$3,019,130
11	$5,393,740	-$1,956,014 -$269,687	$3,168,039
12	$5,663,460	-$2,055,811 -$283,173	$3,324,476
13	$5,946,600	-$2,160,572 -$297,330	$3,488,698
14	$6,244,040	-$2,270,625 -$312,202	$3,661,213
15	$6,556,220	-$2,386,132 -$327,811	$3,842,277
16	$6,884,020	-$2,507,418 -$344,201	$4,032,401
17	$7,228,100	-$2,634,727 -$361,405	$4,231,968
18	$7,589,560	-$2,768,468 -$379,478	$4,441,614
19	$7,969,060	-$2,908,883 -$398,453	$4,661,724
20	$8,367,480	-$3,056,298 -$418,374	$4,892,808
21	$8,785,920	-$3,211,121 -$439,296	$5,135,503
22	$9,225,260	-$3,373,677 -$461,263	$5,390,320
23	$9,686,380	-$3,544,291 -$484,319	$5,657,770
24	$10,170,820	-$3,723,534 -$508,541	$5,938,745
25	$10,679,240	-$3,911,649 -$533,962	$6,233,629
26	$11,213,400	-$4,109,288 -$560,670	$6,543,442
27	$11,773,960	-$4,316,696 -$588,698	$6,868,566
28	$12,362,680	-$4,534,522 -$618,134	$7,210,024
29	$12,980,880	-$4,763,256 -$649,044	$7,568,580
30	$13,629,880	-$5,003,386 -$681,494	$7,945,000