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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $8,678,250 | | Net Lumpsum Payment | $66,772,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,973,464 |
$1,430,512
$288,076 |
$2,254,876 |
| 2 |
$4,172,256 |
$1,504,065
$302,489 |
$2,365,702 |
| 3 |
$4,380,816 |
$1,581,232
$317,609 |
$2,481,975 |
| 4 |
$4,599,936 |
$1,662,307
$333,495 |
$2,604,134 |
| 5 |
$4,829,880 |
$1,747,386
$350,166 |
$2,732,328 |
| 6 |
$5,071,440 |
$1,836,763
$367,679 |
$2,866,998 |
| 7 |
$5,324,880 |
$1,930,536
$386,054 |
$3,008,290 |
| 8 |
$5,591,256 |
$2,029,095
$405,366 |
$3,156,795 |
| 9 |
$5,870,832 |
$2,132,538
$425,635 |
$3,312,659 |
| 10 |
$6,164,400 |
$2,241,158
$446,919 |
$3,476,323 |
| 11 |
$6,472,488 |
$2,355,151
$469,255 |
$3,648,082 |
| 12 |
$6,796,152 |
$2,474,907
$492,721 |
$3,828,524 |
| 13 |
$7,135,920 |
$2,600,621
$517,354 |
$4,017,945 |
| 14 |
$7,492,848 |
$2,732,684
$543,231 |
$4,216,933 |
| 15 |
$7,867,464 |
$2,871,292
$570,391 |
$4,425,781 |
| 16 |
$8,260,824 |
$3,016,835
$598,910 |
$4,645,079 |
| 17 |
$8,673,720 |
$3,169,607
$628,845 |
$4,875,268 |
| 18 |
$9,107,472 |
$3,330,095
$660,292 |
$5,117,085 |
| 19 |
$9,562,872 |
$3,498,593
$693,308 |
$5,370,971 |
| 20 |
$10,040,976 |
$3,675,492
$727,971 |
$5,637,513 |
| 21 |
$10,543,104 |
$3,861,279
$764,375 |
$5,917,450 |
| 22 |
$11,070,312 |
$4,056,346
$802,598 |
$6,211,368 |
| 23 |
$11,623,656 |
$4,261,083
$842,715 |
$6,519,858 |
| 24 |
$12,204,984 |
$4,476,174
$884,861 |
$6,843,949 |
| 25 |
$12,815,088 |
$4,701,913
$929,094 |
$7,184,081 |
| 26 |
$13,456,080 |
$4,939,080
$975,566 |
$7,541,434 |
| 27 |
$14,128,752 |
$5,187,969
$1,024,335 |
$7,916,448 |
| 28 |
$14,835,216 |
$5,449,360
$1,075,553 |
$8,310,303 |
| 29 |
$15,577,056 |
$5,723,841
$1,129,337 |
$8,723,878 |
| 30 |
$16,355,856 |
$6,011,997
$1,185,800 |
$9,158,059 |
|
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