The jackpot for the Powerball draw on Wed Jul 16, 2025, is projected to be $264 Million, with an option for a cash payout of $119.7 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Wed Jul 16, 2025 |
|---|
| Draw Date | Wed Jul 16, 2025 | | Projected Jackpot | $264,000,000 | | Cash Value | $119,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $119,700,000 | | Federal Tax(24%) | $28,728,000 | | Additional Federal Tax | $15,521,330 | | State Tax(6.99%) | $8,367,030 | | Net Lumpsum Payment | $67,083,640 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,973,464 |
$1,430,512
$277,745 |
$2,265,207 |
| 2 |
$4,172,256 |
$1,504,065
$291,641 |
$2,376,550 |
| 3 |
$4,380,816 |
$1,581,232
$306,219 |
$2,493,365 |
| 4 |
$4,599,936 |
$1,662,307
$321,536 |
$2,616,093 |
| 5 |
$4,829,880 |
$1,747,386
$337,609 |
$2,744,885 |
| 6 |
$5,071,440 |
$1,836,763
$354,494 |
$2,880,183 |
| 7 |
$5,324,880 |
$1,930,536
$372,209 |
$3,022,135 |
| 8 |
$5,591,256 |
$2,029,095
$390,829 |
$3,171,332 |
| 9 |
$5,870,832 |
$2,132,538
$410,371 |
$3,327,923 |
| 10 |
$6,164,400 |
$2,241,158
$430,892 |
$3,492,350 |
| 11 |
$6,472,488 |
$2,355,151
$452,427 |
$3,664,910 |
| 12 |
$6,796,152 |
$2,474,907
$475,051 |
$3,846,194 |
| 13 |
$7,135,920 |
$2,600,621
$498,801 |
$4,036,498 |
| 14 |
$7,492,848 |
$2,732,684
$523,750 |
$4,236,414 |
| 15 |
$7,867,464 |
$2,871,292
$549,936 |
$4,446,236 |
| 16 |
$8,260,824 |
$3,016,835
$577,432 |
$4,666,557 |
| 17 |
$8,673,720 |
$3,169,607
$606,293 |
$4,897,820 |
| 18 |
$9,107,472 |
$3,330,095
$636,612 |
$5,140,765 |
| 19 |
$9,562,872 |
$3,498,593
$668,445 |
$5,395,834 |
| 20 |
$10,040,976 |
$3,675,492
$701,864 |
$5,663,620 |
| 21 |
$10,543,104 |
$3,861,279
$736,963 |
$5,944,862 |
| 22 |
$11,070,312 |
$4,056,346
$773,815 |
$6,240,151 |
| 23 |
$11,623,656 |
$4,261,083
$812,494 |
$6,550,079 |
| 24 |
$12,204,984 |
$4,476,174
$853,128 |
$6,875,682 |
| 25 |
$12,815,088 |
$4,701,913
$895,775 |
$7,217,400 |
| 26 |
$13,456,080 |
$4,939,080
$940,580 |
$7,576,420 |
| 27 |
$14,128,752 |
$5,187,969
$987,600 |
$7,953,183 |
| 28 |
$14,835,216 |
$5,449,360
$1,036,982 |
$8,348,874 |
| 29 |
$15,577,056 |
$5,723,841
$1,088,836 |
$8,764,379 |
| 30 |
$16,355,856 |
$6,011,997
$1,143,274 |
$9,200,585 |
|
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