The jackpot for the Powerball draw on Wed Jan 29, 2025, is projected to be $69 Million, with an option for a cash payout of $30.7 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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho Powerball Jackpot/Cash Option for Wed Jan 29, 2025 |
|---|
| Draw Date | Wed Jan 29, 2025 | | Projected Jackpot | $69,000,000 | | Cash Value | $30,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $30,700,000 | | Federal Tax(24%) | $7,368,000 | | Additional Federal Tax | $3,951,330 | | State Tax(5.8%) | $1,780,600 | | Net Lumpsum Payment | $17,600,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$60,234 |
$633,703 |
| 2 |
$1,090,476 |
$363,807
$63,248 |
$663,421 |
| 3 |
$1,144,986 |
$383,975
$66,409 |
$694,602 |
| 4 |
$1,202,256 |
$405,165
$69,731 |
$727,360 |
| 5 |
$1,262,355 |
$427,402
$73,217 |
$761,736 |
| 6 |
$1,325,490 |
$450,762
$76,878 |
$797,850 |
| 7 |
$1,391,730 |
$475,270
$80,720 |
$835,740 |
| 8 |
$1,461,351 |
$501,030
$84,758 |
$875,563 |
| 9 |
$1,534,422 |
$528,067
$88,996 |
$917,359 |
| 10 |
$1,611,150 |
$556,456
$93,447 |
$961,247 |
| 11 |
$1,691,673 |
$586,249
$98,117 |
$1,007,307 |
| 12 |
$1,776,267 |
$617,549
$103,023 |
$1,055,695 |
| 13 |
$1,865,070 |
$650,406
$108,174 |
$1,106,490 |
| 14 |
$1,958,358 |
$684,923
$113,585 |
$1,159,850 |
| 15 |
$2,056,269 |
$721,150
$119,264 |
$1,215,855 |
| 16 |
$2,159,079 |
$759,190
$125,227 |
$1,274,662 |
| 17 |
$2,266,995 |
$799,119
$131,486 |
$1,336,390 |
| 18 |
$2,380,362 |
$841,064
$138,061 |
$1,401,237 |
| 19 |
$2,499,387 |
$885,104
$144,964 |
$1,469,319 |
| 20 |
$2,624,346 |
$931,338
$152,212 |
$1,540,796 |
| 21 |
$2,755,584 |
$979,896
$159,824 |
$1,615,864 |
| 22 |
$2,893,377 |
$1,030,880
$167,816 |
$1,694,681 |
| 23 |
$3,038,001 |
$1,084,391
$176,204 |
$1,777,406 |
| 24 |
$3,189,939 |
$1,140,608
$185,016 |
$1,864,315 |
| 25 |
$3,349,398 |
$1,199,608
$194,265 |
$1,955,525 |
| 26 |
$3,516,930 |
$1,261,594
$203,982 |
$2,051,354 |
| 27 |
$3,692,742 |
$1,326,645
$214,179 |
$2,151,918 |
| 28 |
$3,877,386 |
$1,394,963
$224,888 |
$2,257,535 |
| 29 |
$4,071,276 |
$1,466,703
$236,134 |
$2,368,439 |
| 30 |
$4,274,826 |
$1,542,016
$247,940 |
$2,484,870 |
|
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