The jackpot for the Powerball draw on Sat Feb 15, 2025, is projected to be $172 Million, with an option for a cash payout of $79.7 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 Washington, the bright side is you won't have to pay any state taxes on your lottery prize.
Washington Powerball Jackpot/Cash Option for Sat Feb 15, 2025 |
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Draw Date | Sat Feb 15, 2025 | Projected Jackpot | $172,000,000 | Cash Value | $79,700,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $79,700,000 | Federal Tax(24%) | $19,128,000 | Additional Federal Tax | $10,321,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $50,250,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$2,588,772 |
$918,176 $0 |
$1,670,596 |
2 |
$2,718,288 |
$966,097 $0 |
$1,752,191 |
3 |
$2,854,168 |
$1,016,373 $0 |
$1,837,795 |
4 |
$2,996,928 |
$1,069,194 $0 |
$1,927,734 |
5 |
$3,146,740 |
$1,124,624 $0 |
$2,022,116 |
6 |
$3,304,120 |
$1,182,855 $0 |
$2,121,265 |
7 |
$3,469,240 |
$1,243,949 $0 |
$2,225,291 |
8 |
$3,642,788 |
$1,308,162 $0 |
$2,334,626 |
9 |
$3,824,936 |
$1,375,557 $0 |
$2,449,379 |
10 |
$4,016,200 |
$1,446,324 $0 |
$2,569,876 |
11 |
$4,216,924 |
$1,520,592 $0 |
$2,696,332 |
12 |
$4,427,796 |
$1,598,615 $0 |
$2,829,181 |
13 |
$4,649,160 |
$1,680,520 $0 |
$2,968,640 |
14 |
$4,881,704 |
$1,766,561 $0 |
$3,115,143 |
15 |
$5,125,772 |
$1,856,866 $0 |
$3,268,906 |
16 |
$5,382,052 |
$1,951,690 $0 |
$3,430,362 |
17 |
$5,651,060 |
$2,051,223 $0 |
$3,599,837 |
18 |
$5,933,656 |
$2,155,783 $0 |
$3,777,873 |
19 |
$6,230,356 |
$2,265,562 $0 |
$3,964,794 |
20 |
$6,541,848 |
$2,380,814 $0 |
$4,161,034 |
21 |
$6,868,992 |
$2,501,857 $0 |
$4,367,135 |
22 |
$7,212,476 |
$2,628,947 $0 |
$4,583,529 |
23 |
$7,572,988 |
$2,762,336 $0 |
$4,810,652 |
24 |
$7,951,732 |
$2,902,471 $0 |
$5,049,261 |
25 |
$8,349,224 |
$3,049,543 $0 |
$5,299,681 |
26 |
$8,766,840 |
$3,204,061 $0 |
$5,562,779 |
27 |
$9,205,096 |
$3,366,216 $0 |
$5,838,880 |
28 |
$9,665,368 |
$3,536,517 $0 |
$6,128,851 |
29 |
$10,148,688 |
$3,715,345 $0 |
$6,433,343 |
30 |
$10,656,088 |
$3,903,083 $0 |
$6,753,005 |
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