New Jersey Lottery

NJLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Jersey, your state will take 8% 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 Jersey Powerball Jackpot/Cash Option for Sat Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(8%)	$3,280,000
Net Lumpsum Payment	$22,589,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$105,959	$768,138
2	$1,390,752	-$474,909 -$111,260	$804,583
3	$1,460,272	-$500,631 -$116,822	$842,819
4	$1,533,312	-$527,656 -$122,665	$882,991
5	$1,609,960	-$556,016 -$128,797	$925,147
6	$1,690,480	-$585,808 -$135,238	$969,434
7	$1,774,960	-$617,066 -$141,997	$1,015,897
8	$1,863,752	-$649,919 -$149,100	$1,064,733
9	$1,956,944	-$684,400 -$156,556	$1,115,988
10	$2,054,800	-$720,606 -$164,384	$1,169,810
11	$2,157,496	-$758,604 -$172,600	$1,226,292
12	$2,265,384	-$798,522 -$181,231	$1,285,631
13	$2,378,640	-$840,427 -$190,291	$1,347,922
14	$2,497,616	-$884,448 -$199,809	$1,413,359
15	$2,622,488	-$930,651 -$209,799	$1,482,038
16	$2,753,608	-$979,165 -$220,289	$1,554,154
17	$2,891,240	-$1,030,089 -$231,299	$1,629,852
18	$3,035,824	-$1,083,585 -$242,866	$1,709,373
19	$3,187,624	-$1,139,751 -$255,010	$1,792,863
20	$3,346,992	-$1,198,717 -$267,759	$1,880,516
21	$3,514,368	-$1,260,647 -$281,149	$1,972,572
22	$3,690,104	-$1,325,669 -$295,208	$2,069,227
23	$3,874,552	-$1,393,915 -$309,964	$2,170,673
24	$4,068,328	-$1,465,612 -$325,466	$2,277,250
25	$4,271,696	-$1,540,858 -$341,736	$2,389,102
26	$4,485,360	-$1,619,914 -$358,829	$2,506,617
27	$4,709,584	-$1,702,876 -$376,767	$2,629,941
28	$4,945,072	-$1,790,007 -$395,606	$2,759,459
29	$5,192,352	-$1,881,501 -$415,388	$2,895,463
30	$5,451,952	-$1,977,553 -$436,156	$3,038,243