Kentucky Lottery

KYLottery 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 Kentucky, your state will take 4.5% 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.

Kentucky 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(4.5%)	$621,000
Net Lumpsum Payment	$8,112,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$20,996	$312,620
2	$489,924	-$141,602 -$22,047	$326,275
3	$514,414	-$150,664 -$23,149	$340,601
4	$540,144	-$160,184 -$24,306	$355,654
5	$567,145	-$170,174 -$25,522	$371,449
6	$595,510	-$180,669 -$26,798	$388,043
7	$625,270	-$191,680 -$28,137	$405,453
8	$656,549	-$203,254 -$29,545	$423,750
9	$689,378	-$215,400 -$31,022	$442,956
10	$723,850	-$228,155 -$32,573	$463,122
11	$760,027	-$241,540 -$34,201	$484,286
12	$798,033	-$255,603 -$35,911	$506,519
13	$837,930	-$270,364 -$37,707	$529,859
14	$879,842	-$285,872 -$39,593	$554,377
15	$923,831	-$302,148 -$41,572	$580,111
16	$970,021	-$319,238 -$43,651	$607,132
17	$1,018,505	-$337,177 -$45,833	$635,495
18	$1,069,438	-$356,022 -$48,125	$665,291
19	$1,122,913	-$375,808 -$50,531	$696,574
20	$1,179,054	-$396,580 -$53,057	$729,417
21	$1,238,016	-$418,396 -$55,711	$763,909
22	$1,299,923	-$441,302 -$58,497	$800,124
23	$1,364,899	-$465,343 -$61,420	$838,136
24	$1,433,161	-$490,600 -$64,492	$878,069
25	$1,504,802	-$517,107 -$67,716	$919,979
26	$1,580,070	-$544,956 -$71,103	$964,011
27	$1,659,058	-$574,182 -$74,658	$1,010,218
28	$1,742,014	-$604,876 -$78,391	$1,058,747
29	$1,829,124	-$637,106 -$82,311	$1,109,707
30	$1,920,574	-$670,943 -$86,426	$1,163,205