Mississippi Lottery

MSLottery 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 Mississippi, 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.

Mississippi 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%)	$690,000
Net Lumpsum Payment	$8,043,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$23,329	$310,287
2	$489,924	-$141,602 -$24,496	$323,826
3	$514,414	-$150,664 -$25,721	$338,029
4	$540,144	-$160,184 -$27,007	$352,953
5	$567,145	-$170,174 -$28,357	$368,614
6	$595,510	-$180,669 -$29,776	$385,065
7	$625,270	-$191,680 -$31,264	$402,326
8	$656,549	-$203,254 -$32,827	$420,468
9	$689,378	-$215,400 -$34,469	$439,509
10	$723,850	-$228,155 -$36,193	$459,502
11	$760,027	-$241,540 -$38,001	$480,486
12	$798,033	-$255,603 -$39,902	$502,528
13	$837,930	-$270,364 -$41,897	$525,669
14	$879,842	-$285,872 -$43,992	$549,978
15	$923,831	-$302,148 -$46,192	$575,491
16	$970,021	-$319,238 -$48,501	$602,282
17	$1,018,505	-$337,177 -$50,925	$630,403
18	$1,069,438	-$356,022 -$53,472	$659,944
19	$1,122,913	-$375,808 -$56,146	$690,959
20	$1,179,054	-$396,580 -$58,953	$723,521
21	$1,238,016	-$418,396 -$61,901	$757,719
22	$1,299,923	-$441,302 -$64,996	$793,625
23	$1,364,899	-$465,343 -$68,245	$831,311
24	$1,433,161	-$490,600 -$71,658	$870,903
25	$1,504,802	-$517,107 -$75,240	$912,455
26	$1,580,070	-$544,956 -$79,004	$956,110
27	$1,659,058	-$574,182 -$82,953	$1,001,923
28	$1,742,014	-$604,876 -$87,101	$1,050,037
29	$1,829,124	-$637,106 -$91,456	$1,100,562
30	$1,920,574	-$670,943 -$96,029	$1,153,602