Ohio Lottery

OHLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Jan 27, 2025 is estimated to be $56 Million, with a cash option of 24.9 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 Ohio, your state will take 3.99% 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.

Ohio Powerball Jackpot/Cash Option for Mon Jan 27, 2025

Draw Date	Jackpot	Cash Option
Mon Jan 27, 2025	$56,000,000	$24,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$24,900,000
Federal Tax(24%)	$5,976,000
Additional Federal Tax	$3,197,330
State Tax(3.99%)	$993,510
Net Lumpsum Payment	$14,733,160

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$842,856	-$272,187 -$33,630	$537,039
2	$885,024	-$287,789 -$35,312	$561,923
3	$929,264	-$304,158 -$37,078	$588,028
4	$975,744	-$321,356 -$38,932	$615,456
5	$1,024,520	-$339,403 -$40,878	$644,239
6	$1,075,760	-$358,362 -$42,923	$674,475
7	$1,129,520	-$378,253 -$45,068	$706,199
8	$1,186,024	-$399,159 -$47,322	$739,543
9	$1,245,328	-$421,102 -$49,689	$774,537
10	$1,307,600	-$444,142 -$52,173	$811,285
11	$1,372,952	-$468,323 -$54,781	$849,848
12	$1,441,608	-$493,725 -$57,520	$890,363
13	$1,513,680	-$520,392 -$60,396	$932,892
14	$1,589,392	-$548,405 -$63,417	$977,570
15	$1,668,856	-$577,807 -$66,587	$1,024,462
16	$1,752,296	-$608,680 -$69,917	$1,073,699
17	$1,839,880	-$641,086 -$73,411	$1,125,383
18	$1,931,888	-$675,129 -$77,082	$1,179,677
19	$2,028,488	-$710,871 -$80,937	$1,236,680
20	$2,129,904	-$748,395 -$84,983	$1,296,526
21	$2,236,416	-$787,804 -$89,233	$1,359,379
22	$2,348,248	-$829,182 -$93,695	$1,425,371
23	$2,465,624	-$872,611 -$98,378	$1,494,635
24	$2,588,936	-$918,237 -$103,299	$1,567,400
25	$2,718,352	-$966,121 -$108,462	$1,643,769
26	$2,854,320	-$1,016,429 -$113,887	$1,724,004
27	$2,997,008	-$1,069,223 -$119,581	$1,808,204
28	$3,146,864	-$1,124,670 -$125,560	$1,896,634
29	$3,304,224	-$1,182,893 -$131,839	$1,989,492
30	$3,469,424	-$1,244,017 -$138,430	$2,086,977