The jackpot for the Powerball draw on Sat Jan 25, 2025, is projected to be $46 Million, with an option for a cash payout of $20.5 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 Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.
| Tennessee Powerball Jackpot/Cash Option for Sat Jan 25, 2025 |
|---|
| Draw Date | Sat Jan 25, 2025 | | Projected Jackpot | $46,000,000 | | Cash Value | $20,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,500,000 | | Federal Tax(24%) | $4,920,000 | | Additional Federal Tax | $2,625,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $12,954,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$692,346 |
$216,498
$0 |
$475,848 |
| 2 |
$726,984 |
$229,314
$0 |
$497,670 |
| 3 |
$763,324 |
$242,760
$0 |
$520,564 |
| 4 |
$801,504 |
$256,887
$0 |
$544,617 |
| 5 |
$841,570 |
$271,711
$0 |
$569,859 |
| 6 |
$883,660 |
$287,285
$0 |
$596,375 |
| 7 |
$927,820 |
$303,624
$0 |
$624,196 |
| 8 |
$974,234 |
$320,797
$0 |
$653,437 |
| 9 |
$1,022,948 |
$338,821
$0 |
$684,127 |
| 10 |
$1,074,100 |
$357,747
$0 |
$716,353 |
| 11 |
$1,127,782 |
$377,610
$0 |
$750,172 |
| 12 |
$1,184,178 |
$398,476
$0 |
$785,702 |
| 13 |
$1,243,380 |
$420,381
$0 |
$822,999 |
| 14 |
$1,305,572 |
$443,392
$0 |
$862,180 |
| 15 |
$1,370,846 |
$467,543
$0 |
$903,303 |
| 16 |
$1,439,386 |
$492,903
$0 |
$946,483 |
| 17 |
$1,511,330 |
$519,522
$0 |
$991,808 |
| 18 |
$1,586,908 |
$547,486
$0 |
$1,039,422 |
| 19 |
$1,666,258 |
$576,846
$0 |
$1,089,412 |
| 20 |
$1,749,564 |
$607,669
$0 |
$1,141,895 |
| 21 |
$1,837,056 |
$640,041
$0 |
$1,197,015 |
| 22 |
$1,928,918 |
$674,030
$0 |
$1,254,888 |
| 23 |
$2,025,334 |
$709,704
$0 |
$1,315,630 |
| 24 |
$2,126,626 |
$747,182
$0 |
$1,379,444 |
| 25 |
$2,232,932 |
$786,515
$0 |
$1,446,417 |
| 26 |
$2,344,620 |
$827,840
$0 |
$1,516,780 |
| 27 |
$2,461,828 |
$871,207
$0 |
$1,590,621 |
| 28 |
$2,584,924 |
$916,752
$0 |
$1,668,172 |
| 29 |
$2,714,184 |
$964,578
$0 |
$1,749,606 |
| 30 |
$2,849,884 |
$1,014,787
$0 |
$1,835,097 |
|
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