Pennsylvania Lottery

PALottery 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 Pennsylvania, your state will take 3.07% 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.

Pennsylvania 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(3.07%)	$423,660
Net Lumpsum Payment	$8,310,010

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$14,324	$319,292
2	$489,924	-$141,602 -$15,041	$333,281
3	$514,414	-$150,664 -$15,793	$347,957
4	$540,144	-$160,184 -$16,582	$363,378
5	$567,145	-$170,174 -$17,411	$379,560
6	$595,510	-$180,669 -$18,282	$396,559
7	$625,270	-$191,680 -$19,196	$414,394
8	$656,549	-$203,254 -$20,156	$433,139
9	$689,378	-$215,400 -$21,164	$452,814
10	$723,850	-$228,155 -$22,222	$473,473
11	$760,027	-$241,540 -$23,333	$495,154
12	$798,033	-$255,603 -$24,500	$517,930
13	$837,930	-$270,364 -$25,724	$541,842
14	$879,842	-$285,872 -$27,011	$566,959
15	$923,831	-$302,148 -$28,362	$593,321
16	$970,021	-$319,238 -$29,780	$621,003
17	$1,018,505	-$337,177 -$31,268	$650,060
18	$1,069,438	-$356,022 -$32,832	$680,584
19	$1,122,913	-$375,808 -$34,473	$712,632
20	$1,179,054	-$396,580 -$36,197	$746,277
21	$1,238,016	-$418,396 -$38,007	$781,613
22	$1,299,923	-$441,302 -$39,908	$818,713
23	$1,364,899	-$465,343 -$41,902	$857,654
24	$1,433,161	-$490,600 -$43,998	$898,563
25	$1,504,802	-$517,107 -$46,197	$941,498
26	$1,580,070	-$544,956 -$48,508	$986,606
27	$1,659,058	-$574,182 -$50,933	$1,033,943
28	$1,742,014	-$604,876 -$53,480	$1,083,658
29	$1,829,124	-$637,106 -$56,154	$1,135,864
30	$1,920,574	-$670,943 -$58,962	$1,190,669