The jackpot for the Powerball draw on Wed Apr 30, 2025, is projected to be $30 Million, with an option for a cash payout of $13.9 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Wed Apr 30, 2025 |
|---|
| Draw Date | Wed Apr 30, 2025 | | Projected Jackpot | $30,000,000 | | Cash Value | $13,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $13,900,000 | | Federal Tax(24%) | $3,336,000 | | Additional Federal Tax | $1,767,330 | | State Tax(6.99%) | $971,610 | | Net Lumpsum Payment | $7,825,060 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$31,562 |
$292,572 |
| 2 |
$474,120 |
$135,755
$33,141 |
$305,224 |
| 3 |
$497,820 |
$144,524
$34,798 |
$318,498 |
| 4 |
$522,720 |
$153,737
$36,538 |
$332,445 |
| 5 |
$548,850 |
$163,405
$38,365 |
$347,080 |
| 6 |
$576,300 |
$173,561
$40,283 |
$362,456 |
| 7 |
$605,100 |
$184,217
$42,296 |
$378,587 |
| 8 |
$635,370 |
$195,417
$44,412 |
$395,541 |
| 9 |
$667,140 |
$207,172
$46,633 |
$413,335 |
| 10 |
$700,500 |
$219,515
$48,965 |
$432,020 |
| 11 |
$735,510 |
$232,469
$51,412 |
$451,629 |
| 12 |
$772,290 |
$246,078
$53,983 |
$472,229 |
| 13 |
$810,900 |
$260,363
$56,682 |
$493,855 |
| 14 |
$851,460 |
$275,371
$59,517 |
$516,572 |
| 15 |
$894,030 |
$291,121
$62,493 |
$540,416 |
| 16 |
$938,730 |
$307,660
$65,617 |
$565,453 |
| 17 |
$985,650 |
$325,021
$68,897 |
$591,732 |
| 18 |
$1,034,940 |
$343,258
$72,342 |
$619,340 |
| 19 |
$1,086,690 |
$362,406
$75,960 |
$648,324 |
| 20 |
$1,141,020 |
$382,508
$79,757 |
$678,755 |
| 21 |
$1,198,080 |
$403,620
$83,746 |
$710,714 |
| 22 |
$1,257,990 |
$425,787
$87,934 |
$744,269 |
| 23 |
$1,320,870 |
$449,052
$92,329 |
$779,489 |
| 24 |
$1,386,930 |
$473,494
$96,946 |
$816,490 |
| 25 |
$1,456,260 |
$499,147
$101,793 |
$855,320 |
| 26 |
$1,529,100 |
$526,097
$106,884 |
$896,119 |
| 27 |
$1,605,540 |
$554,380
$112,227 |
$938,933 |
| 28 |
$1,685,820 |
$584,084
$117,839 |
$983,897 |
| 29 |
$1,770,120 |
$615,275
$123,731 |
$1,031,114 |
| 30 |
$1,858,620 |
$648,020
$129,918 |
$1,080,682 |
|
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