South Dakota Lottery

SDLottery 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. The good news is that if you're a resident of South Dakota, you won't owe any state tax on 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.

South Dakota 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(0%)	$0
Net Lumpsum Payment	$8,733,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$0	$333,616
2	$489,924	-$141,602 -$0	$348,322
3	$514,414	-$150,664 -$0	$363,750
4	$540,144	-$160,184 -$0	$379,960
5	$567,145	-$170,174 -$0	$396,971
6	$595,510	-$180,669 -$0	$414,841
7	$625,270	-$191,680 -$0	$433,590
8	$656,549	-$203,254 -$0	$453,295
9	$689,378	-$215,400 -$0	$473,978
10	$723,850	-$228,155 -$0	$495,695
11	$760,027	-$241,540 -$0	$518,487
12	$798,033	-$255,603 -$0	$542,430
13	$837,930	-$270,364 -$0	$567,566
14	$879,842	-$285,872 -$0	$593,970
15	$923,831	-$302,148 -$0	$621,683
16	$970,021	-$319,238 -$0	$650,783
17	$1,018,505	-$337,177 -$0	$681,328
18	$1,069,438	-$356,022 -$0	$713,416
19	$1,122,913	-$375,808 -$0	$747,105
20	$1,179,054	-$396,580 -$0	$782,474
21	$1,238,016	-$418,396 -$0	$819,620
22	$1,299,923	-$441,302 -$0	$858,621
23	$1,364,899	-$465,343 -$0	$899,556
24	$1,433,161	-$490,600 -$0	$942,561
25	$1,504,802	-$517,107 -$0	$987,695
26	$1,580,070	-$544,956 -$0	$1,035,114
27	$1,659,058	-$574,182 -$0	$1,084,876
28	$1,742,014	-$604,876 -$0	$1,137,138
29	$1,829,124	-$637,106 -$0	$1,192,018
30	$1,920,574	-$670,943 -$0	$1,249,631