The jackpot for the Powerball draw on Sat Apr 5, 2025, is projected to be $47 Million, with an option for a cash payout of $21.8 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 Iowa residents, the state will deduct 5% from your lottery earnings.
Iowa Powerball Jackpot/Cash Option for Sat Apr 5, 2025 |
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Draw Date | Sat Apr 5, 2025 | Projected Jackpot | $47,000,000 | Cash Value | $21,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $21,800,000 | Federal Tax(24%) | $5,232,000 | Additional Federal Tax | $2,794,330 | State Tax(5%) | $1,090,000 | Net Lumpsum Payment | $12,683,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$707,397 |
$222,067 $35,370 |
$449,960 |
2 |
$742,788 |
$235,162 $37,139 |
$470,487 |
3 |
$779,918 |
$248,900 $38,996 |
$492,022 |
4 |
$818,928 |
$263,334 $40,946 |
$514,648 |
5 |
$859,865 |
$278,480 $42,993 |
$538,392 |
6 |
$902,870 |
$294,392 $45,144 |
$563,334 |
7 |
$947,990 |
$311,087 $47,400 |
$589,503 |
8 |
$995,413 |
$328,633 $49,771 |
$617,009 |
9 |
$1,045,186 |
$347,049 $52,259 |
$645,878 |
10 |
$1,097,450 |
$366,387 $54,873 |
$676,190 |
11 |
$1,152,299 |
$386,681 $57,615 |
$708,003 |
12 |
$1,209,921 |
$408,001 $60,496 |
$741,424 |
13 |
$1,270,410 |
$430,382 $63,521 |
$776,507 |
14 |
$1,333,954 |
$453,893 $66,698 |
$813,363 |
15 |
$1,400,647 |
$478,570 $70,032 |
$852,045 |
16 |
$1,470,677 |
$504,481 $73,534 |
$892,662 |
17 |
$1,544,185 |
$531,679 $77,209 |
$935,297 |
18 |
$1,621,406 |
$560,251 $81,070 |
$980,085 |
19 |
$1,702,481 |
$590,248 $85,124 |
$1,027,109 |
20 |
$1,787,598 |
$621,742 $89,380 |
$1,076,476 |
21 |
$1,876,992 |
$654,817 $93,850 |
$1,128,325 |
22 |
$1,970,851 |
$689,545 $98,543 |
$1,182,763 |
23 |
$2,069,363 |
$725,995 $103,468 |
$1,239,900 |
24 |
$2,172,857 |
$764,287 $108,643 |
$1,299,927 |
25 |
$2,281,474 |
$804,476 $114,074 |
$1,362,924 |
26 |
$2,395,590 |
$846,699 $119,780 |
$1,429,111 |
27 |
$2,515,346 |
$891,008 $125,767 |
$1,498,571 |
28 |
$2,641,118 |
$937,544 $132,056 |
$1,571,518 |
29 |
$2,773,188 |
$986,410 $138,659 |
$1,648,119 |
30 |
$2,911,838 |
$1,037,710 $145,592 |
$1,728,536 |
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