The jackpot for the Powerball draw on Wed Feb 12, 2025, is projected to be $154 Million, with an option for a cash payout of $71.4 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
Connecticut Powerball Jackpot/Cash Option for Wed Feb 12, 2025 |
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Draw Date | Wed Feb 12, 2025 | Projected Jackpot | $154,000,000 | Cash Value | $71,400,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $71,400,000 | Federal Tax(24%) | $17,136,000 | Additional Federal Tax | $9,242,330 | State Tax(6.99%) | $4,990,860 | Net Lumpsum Payment | $40,030,810 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$2,317,854 |
$817,936 $162,018 |
$1,337,900 |
2 |
$2,433,816 |
$860,842 $170,124 |
$1,402,850 |
3 |
$2,555,476 |
$905,857 $178,628 |
$1,470,991 |
4 |
$2,683,296 |
$953,150 $187,562 |
$1,542,584 |
5 |
$2,817,430 |
$1,002,779 $196,938 |
$1,617,713 |
6 |
$2,958,340 |
$1,054,916 $206,788 |
$1,696,636 |
7 |
$3,106,180 |
$1,109,617 $217,122 |
$1,779,441 |
8 |
$3,261,566 |
$1,167,110 $227,983 |
$1,866,473 |
9 |
$3,424,652 |
$1,227,452 $239,383 |
$1,957,817 |
10 |
$3,595,900 |
$1,290,813 $251,353 |
$2,053,734 |
11 |
$3,775,618 |
$1,357,309 $263,916 |
$2,154,393 |
12 |
$3,964,422 |
$1,427,167 $277,113 |
$2,260,142 |
13 |
$4,162,620 |
$1,500,500 $290,967 |
$2,371,153 |
14 |
$4,370,828 |
$1,577,537 $305,521 |
$2,487,770 |
15 |
$4,589,354 |
$1,658,391 $320,796 |
$2,610,167 |
16 |
$4,818,814 |
$1,743,292 $336,835 |
$2,738,687 |
17 |
$5,059,670 |
$1,832,408 $353,671 |
$2,873,591 |
18 |
$5,312,692 |
$1,926,026 $371,357 |
$3,015,309 |
19 |
$5,578,342 |
$2,024,317 $389,926 |
$3,164,099 |
20 |
$5,857,236 |
$2,127,508 $409,421 |
$3,320,307 |
21 |
$6,150,144 |
$2,235,884 $429,895 |
$3,484,365 |
22 |
$6,457,682 |
$2,349,673 $451,392 |
$3,656,617 |
23 |
$6,780,466 |
$2,469,103 $473,955 |
$3,837,408 |
24 |
$7,119,574 |
$2,594,573 $497,658 |
$4,027,343 |
25 |
$7,475,468 |
$2,726,254 $522,535 |
$4,226,679 |
26 |
$7,849,380 |
$2,864,601 $548,672 |
$4,436,107 |
27 |
$8,241,772 |
$3,009,786 $576,100 |
$4,655,886 |
28 |
$8,653,876 |
$3,162,265 $604,906 |
$4,886,705 |
29 |
$9,086,616 |
$3,322,378 $635,154 |
$5,129,084 |
30 |
$9,540,916 |
$3,490,469 $666,910 |
$5,383,537 |
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