The jackpot for the Powerball draw on Sat Mar 1, 2025, is projected to be $272 Million, with an option for a cash payout of $124.4 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Sat Mar 1, 2025 |
|---|
| Draw Date | Sat Mar 1, 2025 | | Projected Jackpot | $272,000,000 | | Cash Value | $124,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $124,400,000 | | Federal Tax(24%) | $29,856,000 | | Additional Federal Tax | $16,132,330 | | State Tax(6.99%) | $8,695,560 | | Net Lumpsum Payment | $69,716,110 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,093,872 |
$1,475,063
$286,162 |
$2,332,647 |
| 2 |
$4,298,688 |
$1,550,845
$300,478 |
$2,447,365 |
| 3 |
$4,513,568 |
$1,630,351
$315,498 |
$2,567,719 |
| 4 |
$4,739,328 |
$1,713,882
$331,279 |
$2,694,167 |
| 5 |
$4,976,240 |
$1,801,539
$347,839 |
$2,826,862 |
| 6 |
$5,225,120 |
$1,893,625
$365,236 |
$2,966,259 |
| 7 |
$5,486,240 |
$1,990,239
$383,488 |
$3,112,513 |
| 8 |
$5,760,688 |
$2,091,785
$402,672 |
$3,266,231 |
| 9 |
$6,048,736 |
$2,198,363
$422,807 |
$3,427,566 |
| 10 |
$6,351,200 |
$2,310,274
$443,949 |
$3,596,977 |
| 11 |
$6,668,624 |
$2,427,721
$466,137 |
$3,774,766 |
| 12 |
$7,002,096 |
$2,551,106
$489,447 |
$3,961,543 |
| 13 |
$7,352,160 |
$2,680,630
$513,916 |
$4,157,614 |
| 14 |
$7,719,904 |
$2,816,695
$539,621 |
$4,363,588 |
| 15 |
$8,105,872 |
$2,959,503
$566,600 |
$4,579,769 |
| 16 |
$8,511,152 |
$3,109,457
$594,930 |
$4,806,765 |
| 17 |
$8,936,560 |
$3,266,858
$624,666 |
$5,045,036 |
| 18 |
$9,383,456 |
$3,432,209
$655,904 |
$5,295,343 |
| 19 |
$9,852,656 |
$3,605,813
$688,701 |
$5,558,142 |
| 20 |
$10,345,248 |
$3,788,072
$723,133 |
$5,834,043 |
| 21 |
$10,862,592 |
$3,979,489
$759,295 |
$6,123,808 |
| 22 |
$11,405,776 |
$4,180,468
$797,264 |
$6,428,044 |
| 23 |
$11,975,888 |
$4,391,409
$837,115 |
$6,747,364 |
| 24 |
$12,574,832 |
$4,613,018
$878,981 |
$7,082,833 |
| 25 |
$13,203,424 |
$4,845,597
$922,919 |
$7,434,908 |
| 26 |
$13,863,840 |
$5,089,951
$969,082 |
$7,804,807 |
| 27 |
$14,556,896 |
$5,346,382
$1,017,527 |
$8,192,987 |
| 28 |
$15,284,768 |
$5,615,695
$1,068,405 |
$8,600,668 |
| 29 |
$16,049,088 |
$5,898,493
$1,121,831 |
$9,028,764 |
| 30 |
$16,851,488 |
$6,195,381
$1,177,919 |
$9,478,188 |
|
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