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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $820,000 | | Net Lumpsum Payment | $12,134,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$692,346 |
$216,498
$27,694 |
$448,154 |
| 2 |
$726,984 |
$229,314
$29,079 |
$468,591 |
| 3 |
$763,324 |
$242,760
$30,533 |
$490,031 |
| 4 |
$801,504 |
$256,887
$32,060 |
$512,557 |
| 5 |
$841,570 |
$271,711
$33,663 |
$536,196 |
| 6 |
$883,660 |
$287,285
$35,346 |
$561,029 |
| 7 |
$927,820 |
$303,624
$37,113 |
$587,083 |
| 8 |
$974,234 |
$320,797
$38,969 |
$614,468 |
| 9 |
$1,022,948 |
$338,821
$40,918 |
$643,209 |
| 10 |
$1,074,100 |
$357,747
$42,964 |
$673,389 |
| 11 |
$1,127,782 |
$377,610
$45,111 |
$705,061 |
| 12 |
$1,184,178 |
$398,476
$47,367 |
$738,335 |
| 13 |
$1,243,380 |
$420,381
$49,735 |
$773,264 |
| 14 |
$1,305,572 |
$443,392
$52,223 |
$809,957 |
| 15 |
$1,370,846 |
$467,543
$54,834 |
$848,469 |
| 16 |
$1,439,386 |
$492,903
$57,575 |
$888,908 |
| 17 |
$1,511,330 |
$519,522
$60,453 |
$931,355 |
| 18 |
$1,586,908 |
$547,486
$63,476 |
$975,946 |
| 19 |
$1,666,258 |
$576,846
$66,650 |
$1,022,762 |
| 20 |
$1,749,564 |
$607,669
$69,983 |
$1,071,912 |
| 21 |
$1,837,056 |
$640,041
$73,482 |
$1,123,533 |
| 22 |
$1,928,918 |
$674,030
$77,157 |
$1,177,731 |
| 23 |
$2,025,334 |
$709,704
$81,013 |
$1,234,617 |
| 24 |
$2,126,626 |
$747,182
$85,065 |
$1,294,379 |
| 25 |
$2,232,932 |
$786,515
$89,317 |
$1,357,100 |
| 26 |
$2,344,620 |
$827,840
$93,785 |
$1,422,995 |
| 27 |
$2,461,828 |
$871,207
$98,473 |
$1,492,148 |
| 28 |
$2,584,924 |
$916,752
$103,397 |
$1,564,775 |
| 29 |
$2,714,184 |
$964,578
$108,567 |
$1,641,039 |
| 30 |
$2,849,884 |
$1,014,787
$113,995 |
$1,721,102 |
|
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