The jackpot for the Powerball draw on Sat May 24, 2025, is projected to be $163 Million, with an option for a cash payout of $73.3 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Sat May 24, 2025 |
| Draw Date |
Sat May 24, 2025 |
| Projected Jackpot |
$163,000,000 |
| Cash Value |
$73,300,000 |
| Lumpsum Option Taxes and Payment |
| Cash Gross Payment |
$73,300,000 |
| Federal Tax(24%) |
$17,592,000 |
| Additional Federal Tax |
$9,489,330 |
| State Tax(6.99%) |
$5,123,670 |
| Net Lumpsum Payment |
$41,095,000 |
| Annuity Payment in 30 Installations |
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,453,313 |
$868,056
$171,487 |
$1,413,770 |
| 2 |
$2,576,052 |
$913,470
$180,066 |
$1,482,516 |
| 3 |
$2,704,822 |
$961,115
$189,067 |
$1,554,640 |
| 4 |
$2,840,112 |
$1,011,172
$198,524 |
$1,630,416 |
| 5 |
$2,982,085 |
$1,063,702
$208,448 |
$1,709,935 |
| 6 |
$3,131,230 |
$1,118,885
$218,873 |
$1,793,472 |
| 7 |
$3,287,710 |
$1,176,783
$229,811 |
$1,881,116 |
| 8 |
$3,452,177 |
$1,237,636
$241,307 |
$1,973,234 |
| 9 |
$3,624,794 |
$1,301,504
$253,373 |
$2,069,917 |
| 10 |
$3,806,050 |
$1,368,569
$266,043 |
$2,171,438 |
| 11 |
$3,996,271 |
$1,438,951
$279,339 |
$2,277,981 |
| 12 |
$4,196,109 |
$1,512,891
$293,308 |
$2,389,910 |
| 13 |
$4,405,890 |
$1,590,510
$307,972 |
$2,507,408 |
| 14 |
$4,626,266 |
$1,672,049
$323,376 |
$2,630,841 |
| 15 |
$4,857,563 |
$1,757,629
$339,544 |
$2,760,390 |
| 16 |
$5,100,433 |
$1,847,491
$356,520 |
$2,896,422 |
| 17 |
$5,355,365 |
$1,941,815
$374,340 |
$3,039,210 |
| 18 |
$5,623,174 |
$2,040,905
$393,060 |
$3,189,209 |
| 19 |
$5,904,349 |
$2,144,940
$412,714 |
$3,346,695 |
| 20 |
$6,199,542 |
$2,254,161
$433,348 |
$3,512,033 |
| 21 |
$6,509,568 |
$2,368,871
$455,019 |
$3,685,678 |
| 22 |
$6,835,079 |
$2,489,310
$477,772 |
$3,867,997 |
| 23 |
$7,176,727 |
$2,615,719
$501,653 |
$4,059,355 |
| 24 |
$7,535,653 |
$2,748,522
$526,742 |
$4,260,389 |
| 25 |
$7,912,346 |
$2,887,898
$553,073 |
$4,471,375 |
| 26 |
$8,308,110 |
$3,034,331
$580,737 |
$4,693,042 |
| 27 |
$8,723,434 |
$3,188,001
$609,768 |
$4,925,665 |
| 28 |
$9,159,622 |
$3,349,391
$640,258 |
$5,169,973 |
| 29 |
$9,617,652 |
$3,518,862
$672,274 |
$5,426,516 |
| 30 |
$10,098,502 |
$3,696,776
$705,885 |
$5,695,841 |
|
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