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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $812,000 | | Net Lumpsum Payment | $12,016,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$26,490 |
$430,393 |
| 2 |
$695,376 |
$217,620
$27,815 |
$449,941 |
| 3 |
$730,136 |
$230,481
$29,205 |
$470,450 |
| 4 |
$766,656 |
$243,993
$30,666 |
$491,997 |
| 5 |
$804,980 |
$258,173
$32,199 |
$514,608 |
| 6 |
$845,240 |
$273,069
$33,810 |
$538,361 |
| 7 |
$887,480 |
$288,698
$35,499 |
$563,283 |
| 8 |
$931,876 |
$305,125
$37,275 |
$589,476 |
| 9 |
$978,472 |
$322,365
$39,139 |
$616,968 |
| 10 |
$1,027,400 |
$340,468
$41,096 |
$645,836 |
| 11 |
$1,078,748 |
$359,467
$43,150 |
$676,131 |
| 12 |
$1,132,692 |
$379,426
$45,308 |
$707,958 |
| 13 |
$1,189,320 |
$400,379
$47,573 |
$741,368 |
| 14 |
$1,248,808 |
$422,389
$49,952 |
$776,467 |
| 15 |
$1,311,244 |
$445,491
$52,450 |
$813,303 |
| 16 |
$1,376,804 |
$469,748
$55,072 |
$851,984 |
| 17 |
$1,445,620 |
$495,210
$57,825 |
$892,585 |
| 18 |
$1,517,912 |
$521,958
$60,716 |
$935,238 |
| 19 |
$1,593,812 |
$550,041
$63,752 |
$980,019 |
| 20 |
$1,673,496 |
$579,524
$66,940 |
$1,027,032 |
| 21 |
$1,757,184 |
$610,488
$70,287 |
$1,076,409 |
| 22 |
$1,845,052 |
$643,000
$73,802 |
$1,128,250 |
| 23 |
$1,937,276 |
$677,123
$77,491 |
$1,182,662 |
| 24 |
$2,034,164 |
$712,971
$81,367 |
$1,239,826 |
| 25 |
$2,135,848 |
$750,594
$85,434 |
$1,299,820 |
| 26 |
$2,242,680 |
$790,122
$89,707 |
$1,362,851 |
| 27 |
$2,354,792 |
$831,603
$94,192 |
$1,428,997 |
| 28 |
$2,472,536 |
$875,169
$98,901 |
$1,498,466 |
| 29 |
$2,596,176 |
$920,916
$103,847 |
$1,571,413 |
| 30 |
$2,725,976 |
$968,942
$109,039 |
$1,647,995 |
|
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