The jackpot for the Powerball draw on Sat Jan 18, 2025, is projected to be $331 Million, with an option for a cash payout of $145.1 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 Jan 18, 2025 |
|---|
| Draw Date | Sat Jan 18, 2025 | | Projected Jackpot | $331,000,000 | | Cash Value | $145,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $145,100,000 | | Federal Tax(24%) | $34,824,000 | | Additional Federal Tax | $18,823,330 | | State Tax(7.25%) | $10,519,750 | | Net Lumpsum Payment | $80,932,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$361,186 |
$2,817,069 |
| 2 |
$5,231,124 |
$1,895,846
$379,256 |
$2,956,022 |
| 3 |
$5,492,614 |
$1,992,598
$398,215 |
$3,101,801 |
| 4 |
$5,767,344 |
$2,094,248
$418,132 |
$3,254,964 |
| 5 |
$6,055,645 |
$2,200,919
$439,034 |
$3,415,692 |
| 6 |
$6,358,510 |
$2,312,979
$460,992 |
$3,584,539 |
| 7 |
$6,676,270 |
$2,430,550
$484,030 |
$3,761,690 |
| 8 |
$7,010,249 |
$2,554,123
$508,243 |
$3,947,883 |
| 9 |
$7,360,778 |
$2,683,818
$533,656 |
$4,143,304 |
| 10 |
$7,728,850 |
$2,820,005
$560,342 |
$4,348,503 |
| 11 |
$8,115,127 |
$2,962,927
$588,347 |
$4,563,853 |
| 12 |
$8,520,933 |
$3,113,076
$617,768 |
$4,790,089 |
| 13 |
$8,946,930 |
$3,270,694
$648,652 |
$5,027,584 |
| 14 |
$9,394,442 |
$3,436,274
$681,097 |
$5,277,071 |
| 15 |
$9,864,131 |
$3,610,059
$715,149 |
$5,538,923 |
| 16 |
$10,357,321 |
$3,792,539
$750,906 |
$5,813,876 |
| 17 |
$10,875,005 |
$3,984,082
$788,438 |
$6,102,485 |
| 18 |
$11,418,838 |
$4,185,300
$827,866 |
$6,405,672 |
| 19 |
$11,989,813 |
$4,396,561
$869,261 |
$6,723,991 |
| 20 |
$12,589,254 |
$4,618,354
$912,721 |
$7,058,179 |
| 21 |
$13,218,816 |
$4,851,292
$958,364 |
$7,409,160 |
| 22 |
$13,879,823 |
$5,095,865
$1,006,287 |
$7,777,671 |
| 23 |
$14,573,599 |
$5,352,562
$1,056,586 |
$8,164,451 |
| 24 |
$15,302,461 |
$5,622,241
$1,109,428 |
$8,570,792 |
| 25 |
$16,067,402 |
$5,905,269
$1,164,887 |
$8,997,246 |
| 26 |
$16,871,070 |
$6,202,626
$1,223,153 |
$9,445,291 |
| 27 |
$17,714,458 |
$6,514,680
$1,284,298 |
$9,915,480 |
| 28 |
$18,600,214 |
$6,842,410
$1,348,516 |
$10,409,288 |
| 29 |
$19,530,324 |
$7,186,550
$1,415,948 |
$10,927,826 |
| 30 |
$20,506,774 |
$7,547,837
$1,486,741 |
$11,472,196 |
|
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