Pennsylvania Lottery

PALottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 29, 2025 is estimated to be $69 Million, with a cash option of 30.7 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 29, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 29, 2025	$69,000,000	$30,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$30,700,000
Federal Tax(24%)	$7,368,000
Additional Federal Tax	$3,951,330
State Tax(3.07%)	$942,490
Net Lumpsum Payment	$18,438,180

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,038,519	-$344,582 -$31,883	$662,054
2	$1,090,476	-$363,807 -$33,478	$693,191
3	$1,144,986	-$383,975 -$35,151	$725,860
4	$1,202,256	-$405,165 -$36,909	$760,182
5	$1,262,355	-$427,402 -$38,754	$796,199
6	$1,325,490	-$450,762 -$40,693	$834,035
7	$1,391,730	-$475,270 -$42,726	$873,734
8	$1,461,351	-$501,030 -$44,863	$915,458
9	$1,534,422	-$528,067 -$47,107	$959,248
10	$1,611,150	-$556,456 -$49,462	$1,005,232
11	$1,691,673	-$586,249 -$51,934	$1,053,490
12	$1,776,267	-$617,549 -$54,531	$1,104,187
13	$1,865,070	-$650,406 -$57,258	$1,157,406
14	$1,958,358	-$684,923 -$60,122	$1,213,313
15	$2,056,269	-$721,150 -$63,127	$1,271,992
16	$2,159,079	-$759,190 -$66,284	$1,333,605
17	$2,266,995	-$799,119 -$69,597	$1,398,279
18	$2,380,362	-$841,064 -$73,077	$1,466,221
19	$2,499,387	-$885,104 -$76,731	$1,537,552
20	$2,624,346	-$931,338 -$80,567	$1,612,441
21	$2,755,584	-$979,896 -$84,596	$1,691,092
22	$2,893,377	-$1,030,880 -$88,827	$1,773,670
23	$3,038,001	-$1,084,391 -$93,267	$1,860,343
24	$3,189,939	-$1,140,608 -$97,931	$1,951,400
25	$3,349,398	-$1,199,608 -$102,827	$2,046,963
26	$3,516,930	-$1,261,594 -$107,970	$2,147,366
27	$3,692,742	-$1,326,645 -$113,367	$2,252,730
28	$3,877,386	-$1,394,963 -$119,036	$2,363,387
29	$4,071,276	-$1,466,703 -$124,988	$2,479,585
30	$4,274,826	-$1,542,016 -$131,237	$2,601,573