New York Lottery

NYLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of New York, your state will take 8.82% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New York Powerball Jackpot/Cash Option for Sat May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$16,800,000
Federal Tax(24%)	$4,032,000
Additional Federal Tax	$2,144,330
State Tax(8.82%)	$1,481,760
Net Lumpsum Payment	$9,141,910

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$47,790	$333,236
2	$568,944	-$170,840 -$50,181	$347,923
3	$597,384	-$181,362 -$52,689	$363,333
4	$627,264	-$192,418 -$55,325	$379,521
5	$658,620	-$204,020 -$58,090	$396,510
6	$691,560	-$216,208 -$60,996	$414,356
7	$726,120	-$228,995 -$64,044	$433,081
8	$762,444	-$242,435 -$67,248	$452,761
9	$800,568	-$256,541 -$70,610	$473,417
10	$840,600	-$271,352 -$74,141	$495,107
11	$882,612	-$286,897 -$77,846	$517,869
12	$926,748	-$303,227 -$81,739	$541,782
13	$973,080	-$320,370 -$85,826	$566,884
14	$1,021,752	-$338,379 -$90,119	$593,254
15	$1,072,836	-$357,280 -$94,624	$620,932
16	$1,126,476	-$377,127 -$99,355	$649,994
17	$1,182,780	-$397,959 -$104,321	$680,500
18	$1,241,928	-$419,844 -$109,538	$712,546
19	$1,304,028	-$442,821 -$115,015	$746,192
20	$1,369,224	-$466,943 -$120,766	$781,515
21	$1,437,696	-$492,278 -$126,805	$818,613
22	$1,509,588	-$518,878 -$133,146	$857,564
23	$1,585,044	-$546,797 -$139,801	$898,446
24	$1,664,316	-$576,127 -$146,793	$941,396
25	$1,747,512	-$606,910 -$154,131	$986,471
26	$1,834,920	-$639,251 -$161,840	$1,033,829
27	$1,926,648	-$673,190 -$169,930	$1,083,528
28	$2,022,984	-$708,834 -$178,427	$1,135,723
29	$2,124,144	-$746,264 -$187,350	$1,190,530
30	$2,230,344	-$785,558 -$196,716	$1,248,070