The jackpot for the Powerball draw on Sat May 17, 2025, is projected to be $123 Million, with an option for a cash payout of $55.9 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 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 May 17, 2025 |
|---|
| Draw Date | Sat May 17, 2025 | | Projected Jackpot | $123,000,000 | | Cash Value | $55,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $55,900,000 | | Federal Tax(24%) | $13,416,000 | | Additional Federal Tax | $7,227,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $35,256,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,851,273 |
$645,301
$0 |
$1,205,972 |
| 2 |
$1,943,892 |
$679,570
$0 |
$1,264,322 |
| 3 |
$2,041,062 |
$715,523
$0 |
$1,325,539 |
| 4 |
$2,143,152 |
$753,297
$0 |
$1,389,855 |
| 5 |
$2,250,285 |
$792,936
$0 |
$1,457,349 |
| 6 |
$2,362,830 |
$834,577
$0 |
$1,528,253 |
| 7 |
$2,480,910 |
$878,267
$0 |
$1,602,643 |
| 8 |
$2,605,017 |
$924,187
$0 |
$1,680,830 |
| 9 |
$2,735,274 |
$972,382
$0 |
$1,762,892 |
| 10 |
$2,872,050 |
$1,022,989
$0 |
$1,849,061 |
| 11 |
$3,015,591 |
$1,076,099
$0 |
$1,939,492 |
| 12 |
$3,166,389 |
$1,131,894
$0 |
$2,034,495 |
| 13 |
$3,324,690 |
$1,190,466
$0 |
$2,134,224 |
| 14 |
$3,490,986 |
$1,251,995
$0 |
$2,238,991 |
| 15 |
$3,665,523 |
$1,316,574
$0 |
$2,348,949 |
| 16 |
$3,848,793 |
$1,384,384
$0 |
$2,464,409 |
| 17 |
$4,041,165 |
$1,455,561
$0 |
$2,585,604 |
| 18 |
$4,243,254 |
$1,530,334
$0 |
$2,712,920 |
| 19 |
$4,455,429 |
$1,608,839
$0 |
$2,846,590 |
| 20 |
$4,678,182 |
$1,691,258
$0 |
$2,986,924 |
| 21 |
$4,912,128 |
$1,777,818
$0 |
$3,134,310 |
| 22 |
$5,157,759 |
$1,868,701
$0 |
$3,289,058 |
| 23 |
$5,415,567 |
$1,964,090
$0 |
$3,451,477 |
| 24 |
$5,686,413 |
$2,064,303
$0 |
$3,622,110 |
| 25 |
$5,970,666 |
$2,169,477
$0 |
$3,801,189 |
| 26 |
$6,269,310 |
$2,279,975
$0 |
$3,989,335 |
| 27 |
$6,582,714 |
$2,395,935
$0 |
$4,186,779 |
| 28 |
$6,911,862 |
$2,517,719
$0 |
$4,394,143 |
| 29 |
$7,257,492 |
$2,645,602
$0 |
$4,611,890 |
| 30 |
$7,620,342 |
$2,779,857
$0 |
$4,840,485 |
|
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