Ohio Lottery

OHLottery 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 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 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(3.99%)	$550,620
Net Lumpsum Payment	$8,183,050

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$18,617	$314,999
2	$489,924	-$141,602 -$19,548	$328,774
3	$514,414	-$150,664 -$20,525	$343,225
4	$540,144	-$160,184 -$21,552	$358,408
5	$567,145	-$170,174 -$22,629	$374,342
6	$595,510	-$180,669 -$23,761	$391,080
7	$625,270	-$191,680 -$24,948	$408,642
8	$656,549	-$203,254 -$26,196	$427,099
9	$689,378	-$215,400 -$27,506	$446,472
10	$723,850	-$228,155 -$28,882	$466,813
11	$760,027	-$241,540 -$30,325	$488,162
12	$798,033	-$255,603 -$31,842	$510,588
13	$837,930	-$270,364 -$33,433	$534,133
14	$879,842	-$285,872 -$35,106	$558,864
15	$923,831	-$302,148 -$36,861	$584,822
16	$970,021	-$319,238 -$38,704	$612,079
17	$1,018,505	-$337,177 -$40,638	$640,690
18	$1,069,438	-$356,022 -$42,671	$670,745
19	$1,122,913	-$375,808 -$44,804	$702,301
20	$1,179,054	-$396,580 -$47,044	$735,430
21	$1,238,016	-$418,396 -$49,397	$770,223
22	$1,299,923	-$441,302 -$51,867	$806,754
23	$1,364,899	-$465,343 -$54,459	$845,097
24	$1,433,161	-$490,600 -$57,183	$885,378
25	$1,504,802	-$517,107 -$60,042	$927,653
26	$1,580,070	-$544,956 -$63,045	$972,069
27	$1,659,058	-$574,182 -$66,196	$1,018,680
28	$1,742,014	-$604,876 -$69,506	$1,067,632
29	$1,829,124	-$637,106 -$72,982	$1,119,036
30	$1,920,574	-$670,943 -$76,631	$1,173,000