The jackpot for the Powerball draw on Wed May 14, 2025, is projected to be $106 Million, with an option for a cash payout of $48.2 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 Wed May 14, 2025 |
|---|
| Draw Date | Wed May 14, 2025 | | Projected Jackpot | $106,000,000 | | Cash Value | $48,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $48,200,000 | | Federal Tax(24%) | $11,568,000 | | Additional Federal Tax | $6,226,330 | | State Tax(7.25%) | $3,494,500 | | Net Lumpsum Payment | $26,911,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,595,406 |
$550,631
$115,667 |
$929,108 |
| 2 |
$1,675,224 |
$580,163
$121,454 |
$973,607 |
| 3 |
$1,758,964 |
$611,147
$127,525 |
$1,020,292 |
| 4 |
$1,846,944 |
$643,700
$133,903 |
$1,069,341 |
| 5 |
$1,939,270 |
$677,860
$140,597 |
$1,120,813 |
| 6 |
$2,036,260 |
$713,747
$147,629 |
$1,174,884 |
| 7 |
$2,138,020 |
$751,398
$155,006 |
$1,231,616 |
| 8 |
$2,244,974 |
$790,971
$162,761 |
$1,291,242 |
| 9 |
$2,357,228 |
$832,505
$170,899 |
$1,353,824 |
| 10 |
$2,475,100 |
$876,117
$179,445 |
$1,419,538 |
| 11 |
$2,598,802 |
$921,887
$188,413 |
$1,488,502 |
| 12 |
$2,728,758 |
$969,971
$197,835 |
$1,560,952 |
| 13 |
$2,865,180 |
$1,020,447
$207,726 |
$1,637,007 |
| 14 |
$3,008,492 |
$1,073,472
$218,116 |
$1,716,904 |
| 15 |
$3,158,906 |
$1,129,126
$229,021 |
$1,800,759 |
| 16 |
$3,316,846 |
$1,187,563
$240,471 |
$1,888,812 |
| 17 |
$3,482,630 |
$1,248,903
$252,491 |
$1,981,236 |
| 18 |
$3,656,788 |
$1,313,342
$265,117 |
$2,078,329 |
| 19 |
$3,839,638 |
$1,380,996
$278,374 |
$2,180,268 |
| 20 |
$4,031,604 |
$1,452,024
$292,291 |
$2,287,289 |
| 21 |
$4,233,216 |
$1,526,620
$306,908 |
$2,399,688 |
| 22 |
$4,444,898 |
$1,604,943
$322,255 |
$2,517,700 |
| 23 |
$4,667,074 |
$1,687,148
$338,363 |
$2,641,563 |
| 24 |
$4,900,486 |
$1,773,510
$355,285 |
$2,771,691 |
| 25 |
$5,145,452 |
$1,864,148
$373,045 |
$2,908,259 |
| 26 |
$5,402,820 |
$1,959,374
$391,704 |
$3,051,742 |
| 27 |
$5,672,908 |
$2,059,306
$411,286 |
$3,202,316 |
| 28 |
$5,956,564 |
$2,164,259
$431,851 |
$3,360,454 |
| 29 |
$6,254,424 |
$2,274,467
$453,446 |
$3,526,511 |
| 30 |
$6,567,124 |
$2,390,166
$476,116 |
$3,700,842 |
|
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