The jackpot for the Powerball draw on Sat May 3, 2025, is projected to be $44 Million, with an option for a cash payout of $20.3 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 those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida Powerball Jackpot/Cash Option for Sat May 3, 2025 |
|---|
| Draw Date | Sat May 3, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $20,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,300,000 | | Federal Tax(24%) | $4,872,000 | | Additional Federal Tax | $2,599,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $12,828,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$0 |
$456,883 |
| 2 |
$695,376 |
$217,620
$0 |
$477,756 |
| 3 |
$730,136 |
$230,481
$0 |
$499,655 |
| 4 |
$766,656 |
$243,993
$0 |
$522,663 |
| 5 |
$804,980 |
$258,173
$0 |
$546,807 |
| 6 |
$845,240 |
$273,069
$0 |
$572,171 |
| 7 |
$887,480 |
$288,698
$0 |
$598,782 |
| 8 |
$931,876 |
$305,125
$0 |
$626,751 |
| 9 |
$978,472 |
$322,365
$0 |
$656,107 |
| 10 |
$1,027,400 |
$340,468
$0 |
$686,932 |
| 11 |
$1,078,748 |
$359,467
$0 |
$719,281 |
| 12 |
$1,132,692 |
$379,426
$0 |
$753,266 |
| 13 |
$1,189,320 |
$400,379
$0 |
$788,941 |
| 14 |
$1,248,808 |
$422,389
$0 |
$826,419 |
| 15 |
$1,311,244 |
$445,491
$0 |
$865,753 |
| 16 |
$1,376,804 |
$469,748
$0 |
$907,056 |
| 17 |
$1,445,620 |
$495,210
$0 |
$950,410 |
| 18 |
$1,517,912 |
$521,958
$0 |
$995,954 |
| 19 |
$1,593,812 |
$550,041
$0 |
$1,043,771 |
| 20 |
$1,673,496 |
$579,524
$0 |
$1,093,972 |
| 21 |
$1,757,184 |
$610,488
$0 |
$1,146,696 |
| 22 |
$1,845,052 |
$643,000
$0 |
$1,202,052 |
| 23 |
$1,937,276 |
$677,123
$0 |
$1,260,153 |
| 24 |
$2,034,164 |
$712,971
$0 |
$1,321,193 |
| 25 |
$2,135,848 |
$750,594
$0 |
$1,385,254 |
| 26 |
$2,242,680 |
$790,122
$0 |
$1,452,558 |
| 27 |
$2,354,792 |
$831,603
$0 |
$1,523,189 |
| 28 |
$2,472,536 |
$875,169
$0 |
$1,597,367 |
| 29 |
$2,596,176 |
$920,916
$0 |
$1,675,260 |
| 30 |
$2,725,976 |
$968,942
$0 |
$1,757,034 |
|
|
