Oklahoma Lottery

OKLottery 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 Oklahoma, your state will take 4.75% 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.

Oklahoma 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(4.75%)	$655,500
Net Lumpsum Payment	$8,078,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$22,163	$311,453
2	$489,924	-$141,602 -$23,271	$325,051
3	$514,414	-$150,664 -$24,435	$339,315
4	$540,144	-$160,184 -$25,657	$354,303
5	$567,145	-$170,174 -$26,939	$370,032
6	$595,510	-$180,669 -$28,287	$386,554
7	$625,270	-$191,680 -$29,700	$403,890
8	$656,549	-$203,254 -$31,186	$422,109
9	$689,378	-$215,400 -$32,745	$441,233
10	$723,850	-$228,155 -$34,383	$461,312
11	$760,027	-$241,540 -$36,101	$482,386
12	$798,033	-$255,603 -$37,907	$504,523
13	$837,930	-$270,364 -$39,802	$527,764
14	$879,842	-$285,872 -$41,792	$552,178
15	$923,831	-$302,148 -$43,882	$577,801
16	$970,021	-$319,238 -$46,076	$604,707
17	$1,018,505	-$337,177 -$48,379	$632,949
18	$1,069,438	-$356,022 -$50,798	$662,618
19	$1,122,913	-$375,808 -$53,338	$693,767
20	$1,179,054	-$396,580 -$56,005	$726,469
21	$1,238,016	-$418,396 -$58,806	$760,814
22	$1,299,923	-$441,302 -$61,746	$796,875
23	$1,364,899	-$465,343 -$64,833	$834,723
24	$1,433,161	-$490,600 -$68,075	$874,486
25	$1,504,802	-$517,107 -$71,478	$916,217
26	$1,580,070	-$544,956 -$75,053	$960,061
27	$1,659,058	-$574,182 -$78,805	$1,006,071
28	$1,742,014	-$604,876 -$82,746	$1,054,392
29	$1,829,124	-$637,106 -$86,883	$1,105,135
30	$1,920,574	-$670,943 -$91,227	$1,158,404