Virginia Lottery

VALottery 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 Virginia, your state will take 4% 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.

Virginia 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%)	$552,000
Net Lumpsum Payment	$8,181,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$18,663	$314,953
2	$489,924	-$141,602 -$19,597	$328,725
3	$514,414	-$150,664 -$20,577	$343,173
4	$540,144	-$160,184 -$21,606	$358,354
5	$567,145	-$170,174 -$22,686	$374,285
6	$595,510	-$180,669 -$23,820	$391,021
7	$625,270	-$191,680 -$25,011	$408,579
8	$656,549	-$203,254 -$26,262	$427,033
9	$689,378	-$215,400 -$27,575	$446,403
10	$723,850	-$228,155 -$28,954	$466,741
11	$760,027	-$241,540 -$30,401	$488,086
12	$798,033	-$255,603 -$31,921	$510,509
13	$837,930	-$270,364 -$33,517	$534,049
14	$879,842	-$285,872 -$35,194	$558,776
15	$923,831	-$302,148 -$36,953	$584,730
16	$970,021	-$319,238 -$38,801	$611,982
17	$1,018,505	-$337,177 -$40,740	$640,588
18	$1,069,438	-$356,022 -$42,778	$670,638
19	$1,122,913	-$375,808 -$44,917	$702,188
20	$1,179,054	-$396,580 -$47,162	$735,312
21	$1,238,016	-$418,396 -$49,521	$770,099
22	$1,299,923	-$441,302 -$51,997	$806,624
23	$1,364,899	-$465,343 -$54,596	$844,960
24	$1,433,161	-$490,600 -$57,326	$885,235
25	$1,504,802	-$517,107 -$60,192	$927,503
26	$1,580,070	-$544,956 -$63,203	$971,911
27	$1,659,058	-$574,182 -$66,362	$1,018,514
28	$1,742,014	-$604,876 -$69,681	$1,067,457
29	$1,829,124	-$637,106 -$73,165	$1,118,853
30	$1,920,574	-$670,943 -$76,823	$1,172,808