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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $4,976,000 | | Net Lumpsum Payment | $73,435,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,093,872 |
$1,475,063
$163,755 |
$2,455,054 |
| 2 |
$4,298,688 |
$1,550,845
$171,948 |
$2,575,895 |
| 3 |
$4,513,568 |
$1,630,351
$180,543 |
$2,702,674 |
| 4 |
$4,739,328 |
$1,713,882
$189,573 |
$2,835,873 |
| 5 |
$4,976,240 |
$1,801,539
$199,050 |
$2,975,651 |
| 6 |
$5,225,120 |
$1,893,625
$209,005 |
$3,122,490 |
| 7 |
$5,486,240 |
$1,990,239
$219,450 |
$3,276,551 |
| 8 |
$5,760,688 |
$2,091,785
$230,428 |
$3,438,475 |
| 9 |
$6,048,736 |
$2,198,363
$241,949 |
$3,608,424 |
| 10 |
$6,351,200 |
$2,310,274
$254,048 |
$3,786,878 |
| 11 |
$6,668,624 |
$2,427,721
$266,745 |
$3,974,158 |
| 12 |
$7,002,096 |
$2,551,106
$280,084 |
$4,170,906 |
| 13 |
$7,352,160 |
$2,680,630
$294,086 |
$4,377,444 |
| 14 |
$7,719,904 |
$2,816,695
$308,796 |
$4,594,413 |
| 15 |
$8,105,872 |
$2,959,503
$324,235 |
$4,822,134 |
| 16 |
$8,511,152 |
$3,109,457
$340,446 |
$5,061,249 |
| 17 |
$8,936,560 |
$3,266,858
$357,462 |
$5,312,240 |
| 18 |
$9,383,456 |
$3,432,209
$375,338 |
$5,575,909 |
| 19 |
$9,852,656 |
$3,605,813
$394,106 |
$5,852,737 |
| 20 |
$10,345,248 |
$3,788,072
$413,810 |
$6,143,366 |
| 21 |
$10,862,592 |
$3,979,489
$434,504 |
$6,448,599 |
| 22 |
$11,405,776 |
$4,180,468
$456,231 |
$6,769,077 |
| 23 |
$11,975,888 |
$4,391,409
$479,036 |
$7,105,443 |
| 24 |
$12,574,832 |
$4,613,018
$502,993 |
$7,458,821 |
| 25 |
$13,203,424 |
$4,845,597
$528,137 |
$7,829,690 |
| 26 |
$13,863,840 |
$5,089,951
$554,554 |
$8,219,335 |
| 27 |
$14,556,896 |
$5,346,382
$582,276 |
$8,628,238 |
| 28 |
$15,284,768 |
$5,615,695
$611,391 |
$9,057,682 |
| 29 |
$16,049,088 |
$5,898,493
$641,964 |
$9,508,631 |
| 30 |
$16,851,488 |
$6,195,381
$674,060 |
$9,982,047 |
|
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