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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
Minnesota 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(7.25%) | $1,580,500 | Net Lumpsum Payment | $12,193,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$707,397 |
$222,067 $51,286 |
$434,044 |
2 |
$742,788 |
$235,162 $53,852 |
$453,774 |
3 |
$779,918 |
$248,900 $56,544 |
$474,474 |
4 |
$818,928 |
$263,334 $59,372 |
$496,222 |
5 |
$859,865 |
$278,480 $62,340 |
$519,045 |
6 |
$902,870 |
$294,392 $65,458 |
$543,020 |
7 |
$947,990 |
$311,087 $68,729 |
$568,174 |
8 |
$995,413 |
$328,633 $72,167 |
$594,613 |
9 |
$1,045,186 |
$347,049 $75,776 |
$622,361 |
10 |
$1,097,450 |
$366,387 $79,565 |
$651,498 |
11 |
$1,152,299 |
$386,681 $83,542 |
$682,076 |
12 |
$1,209,921 |
$408,001 $87,719 |
$714,201 |
13 |
$1,270,410 |
$430,382 $92,105 |
$747,923 |
14 |
$1,333,954 |
$453,893 $96,712 |
$783,349 |
15 |
$1,400,647 |
$478,570 $101,547 |
$820,530 |
16 |
$1,470,677 |
$504,481 $106,624 |
$859,572 |
17 |
$1,544,185 |
$531,679 $111,953 |
$900,553 |
18 |
$1,621,406 |
$560,251 $117,552 |
$943,603 |
19 |
$1,702,481 |
$590,248 $123,430 |
$988,803 |
20 |
$1,787,598 |
$621,742 $129,601 |
$1,036,255 |
21 |
$1,876,992 |
$654,817 $136,082 |
$1,086,093 |
22 |
$1,970,851 |
$689,545 $142,887 |
$1,138,419 |
23 |
$2,069,363 |
$725,995 $150,029 |
$1,193,339 |
24 |
$2,172,857 |
$764,287 $157,532 |
$1,251,038 |
25 |
$2,281,474 |
$804,476 $165,407 |
$1,311,591 |
26 |
$2,395,590 |
$846,699 $173,680 |
$1,375,211 |
27 |
$2,515,346 |
$891,008 $182,363 |
$1,441,975 |
28 |
$2,641,118 |
$937,544 $191,481 |
$1,512,093 |
29 |
$2,773,188 |
$986,410 $201,056 |
$1,585,722 |
30 |
$2,911,838 |
$1,037,710 $211,108 |
$1,663,020 |
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