The jackpot for the Powerball draw on Mon Jun 23, 2025, is projected to be $128 Million, with an option for a cash payout of $57.6 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 Texas, the bright side is you won't have to pay any state taxes on your lottery prize.
| Texas Powerball Jackpot/Cash Option for Mon Jun 23, 2025 |
|---|
| Draw Date | Mon Jun 23, 2025 | | Projected Jackpot | $128,000,000 | | Cash Value | $57,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $57,600,000 | | Federal Tax(24%) | $13,824,000 | | Additional Federal Tax | $7,448,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $36,327,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,926,528 |
$673,146
$0 |
$1,253,382 |
| 2 |
$2,022,912 |
$708,808
$0 |
$1,314,104 |
| 3 |
$2,124,032 |
$746,222
$0 |
$1,377,810 |
| 4 |
$2,230,272 |
$785,531
$0 |
$1,444,741 |
| 5 |
$2,341,760 |
$826,782
$0 |
$1,514,978 |
| 6 |
$2,458,880 |
$870,116
$0 |
$1,588,764 |
| 7 |
$2,581,760 |
$915,582
$0 |
$1,666,178 |
| 8 |
$2,710,912 |
$963,368
$0 |
$1,747,544 |
| 9 |
$2,846,464 |
$1,013,522
$0 |
$1,832,942 |
| 10 |
$2,988,800 |
$1,066,186
$0 |
$1,922,614 |
| 11 |
$3,138,176 |
$1,121,456
$0 |
$2,016,720 |
| 12 |
$3,295,104 |
$1,179,519
$0 |
$2,115,585 |
| 13 |
$3,459,840 |
$1,240,471
$0 |
$2,219,369 |
| 14 |
$3,632,896 |
$1,304,502
$0 |
$2,328,394 |
| 15 |
$3,814,528 |
$1,371,706
$0 |
$2,442,822 |
| 16 |
$4,005,248 |
$1,442,272
$0 |
$2,562,976 |
| 17 |
$4,205,440 |
$1,516,343
$0 |
$2,689,097 |
| 18 |
$4,415,744 |
$1,594,156
$0 |
$2,821,588 |
| 19 |
$4,636,544 |
$1,675,852
$0 |
$2,960,692 |
| 20 |
$4,868,352 |
$1,761,621
$0 |
$3,106,731 |
| 21 |
$5,111,808 |
$1,851,699
$0 |
$3,260,109 |
| 22 |
$5,367,424 |
$1,946,277
$0 |
$3,421,147 |
| 23 |
$5,635,712 |
$2,045,544
$0 |
$3,590,168 |
| 24 |
$5,917,568 |
$2,149,831
$0 |
$3,767,737 |
| 25 |
$6,213,376 |
$2,259,280
$0 |
$3,954,096 |
| 26 |
$6,524,160 |
$2,374,270
$0 |
$4,149,890 |
| 27 |
$6,850,304 |
$2,494,943
$0 |
$4,355,361 |
| 28 |
$7,192,832 |
$2,621,678
$0 |
$4,571,154 |
| 29 |
$7,552,512 |
$2,754,760
$0 |
$4,797,752 |
| 30 |
$7,930,112 |
$2,894,472
$0 |
$5,035,640 |
|
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