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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $1,007,750 | | Net Lumpsum Payment | $7,788,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$32,736 |
$291,398 |
| 2 |
$474,120 |
$135,755
$34,374 |
$303,991 |
| 3 |
$497,820 |
$144,524
$36,092 |
$317,204 |
| 4 |
$522,720 |
$153,737
$37,897 |
$331,086 |
| 5 |
$548,850 |
$163,405
$39,792 |
$345,653 |
| 6 |
$576,300 |
$173,561
$41,782 |
$360,957 |
| 7 |
$605,100 |
$184,217
$43,870 |
$377,013 |
| 8 |
$635,370 |
$195,417
$46,064 |
$393,889 |
| 9 |
$667,140 |
$207,172
$48,368 |
$411,600 |
| 10 |
$700,500 |
$219,515
$50,786 |
$430,199 |
| 11 |
$735,510 |
$232,469
$53,324 |
$449,717 |
| 12 |
$772,290 |
$246,078
$55,991 |
$470,221 |
| 13 |
$810,900 |
$260,363
$58,790 |
$491,747 |
| 14 |
$851,460 |
$275,371
$61,731 |
$514,358 |
| 15 |
$894,030 |
$291,121
$64,817 |
$538,092 |
| 16 |
$938,730 |
$307,660
$68,058 |
$563,012 |
| 17 |
$985,650 |
$325,021
$71,460 |
$589,169 |
| 18 |
$1,034,940 |
$343,258
$75,033 |
$616,649 |
| 19 |
$1,086,690 |
$362,406
$78,785 |
$645,499 |
| 20 |
$1,141,020 |
$382,508
$82,724 |
$675,788 |
| 21 |
$1,198,080 |
$403,620
$86,861 |
$707,599 |
| 22 |
$1,257,990 |
$425,787
$91,204 |
$740,999 |
| 23 |
$1,320,870 |
$449,052
$95,763 |
$776,055 |
| 24 |
$1,386,930 |
$473,494
$100,552 |
$812,884 |
| 25 |
$1,456,260 |
$499,147
$105,579 |
$851,534 |
| 26 |
$1,529,100 |
$526,097
$110,860 |
$892,143 |
| 27 |
$1,605,540 |
$554,380
$116,402 |
$934,758 |
| 28 |
$1,685,820 |
$584,084
$122,222 |
$979,514 |
| 29 |
$1,770,120 |
$615,275
$128,334 |
$1,026,511 |
| 30 |
$1,858,620 |
$648,020
$134,750 |
$1,075,850 |
|
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