The jackpot for the Powerball draw on Sat Aug 16, 2025, is projected to be $565 Million, with an option for a cash payout of $258.8 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 those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida Powerball Jackpot/Cash Option for Sat Aug 16, 2025 |
|---|
| Draw Date | Sat Aug 16, 2025 | | Projected Jackpot | $565,000,000 | | Cash Value | $258,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $258,800,000 | | Federal Tax(24%) | $62,112,000 | | Additional Federal Tax | $33,604,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $163,083,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,503,815 |
$3,106,742
$0 |
$5,397,073 |
| 2 |
$8,929,260 |
$3,264,157
$0 |
$5,665,103 |
| 3 |
$9,375,610 |
$3,429,306
$0 |
$5,946,304 |
| 4 |
$9,844,560 |
$3,602,818
$0 |
$6,241,742 |
| 5 |
$10,336,675 |
$3,784,900
$0 |
$6,551,775 |
| 6 |
$10,853,650 |
$3,976,181
$0 |
$6,877,469 |
| 7 |
$11,396,050 |
$4,176,869
$0 |
$7,219,181 |
| 8 |
$11,966,135 |
$4,387,800
$0 |
$7,578,335 |
| 9 |
$12,564,470 |
$4,609,184
$0 |
$7,955,286 |
| 10 |
$13,192,750 |
$4,841,648
$0 |
$8,351,102 |
| 11 |
$13,852,105 |
$5,085,609
$0 |
$8,766,496 |
| 12 |
$14,544,795 |
$5,341,905
$0 |
$9,202,890 |
| 13 |
$15,271,950 |
$5,610,952
$0 |
$9,660,998 |
| 14 |
$16,035,830 |
$5,893,587
$0 |
$10,142,243 |
| 15 |
$16,837,565 |
$6,190,229
$0 |
$10,647,336 |
| 16 |
$17,679,415 |
$6,501,714
$0 |
$11,177,701 |
| 17 |
$18,563,075 |
$6,828,668
$0 |
$11,734,407 |
| 18 |
$19,491,370 |
$7,172,137
$0 |
$12,319,233 |
| 19 |
$20,465,995 |
$7,532,749
$0 |
$12,933,246 |
| 20 |
$21,489,210 |
$7,911,338
$0 |
$13,577,872 |
| 21 |
$22,563,840 |
$8,308,951
$0 |
$14,254,889 |
| 22 |
$23,692,145 |
$8,726,424
$0 |
$14,965,721 |
| 23 |
$24,876,385 |
$9,164,593
$0 |
$15,711,792 |
| 24 |
$26,120,515 |
$9,624,921
$0 |
$16,495,594 |
| 25 |
$27,426,230 |
$10,108,035
$0 |
$17,318,195 |
| 26 |
$28,798,050 |
$10,615,609
$0 |
$18,182,441 |
| 27 |
$30,237,670 |
$11,148,268
$0 |
$19,089,402 |
| 28 |
$31,749,610 |
$11,707,686
$0 |
$20,041,924 |
| 29 |
$33,337,260 |
$12,295,117
$0 |
$21,042,143 |
| 30 |
$35,004,010 |
$12,911,814
$0 |
$22,092,196 |
|
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