New Jersey Lottery

NJLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Nov 13, 2024 is estimated to be $113 Million, with a cash option of 53.4 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 Wed Nov 13, 2024

Draw Date	Jackpot	Cash Option
Wed Nov 13, 2024	$113,000,000	$53,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$53,400,000
Federal Tax(24%)	$12,816,000
Additional Federal Tax	$6,902,330
State Tax(8%)	$4,272,000
Net Lumpsum Payment	$29,409,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$136,061	$975,089
2	$1,785,852	-$621,096 -$142,868	$1,021,888
3	$1,875,122	-$654,126 -$150,010	$1,070,986
4	$1,968,912	-$688,828 -$157,513	$1,122,571
5	$2,067,335	-$725,244 -$165,387	$1,176,704
6	$2,170,730	-$763,500 -$173,658	$1,233,572
7	$2,279,210	-$803,638 -$182,337	$1,293,235
8	$2,393,227	-$845,824 -$191,458	$1,355,945
9	$2,512,894	-$890,101 -$201,032	$1,421,761
10	$2,638,550	-$936,594 -$211,084	$1,490,872
11	$2,770,421	-$985,386 -$221,634	$1,563,401
12	$2,908,959	-$1,036,645 -$232,717	$1,639,597
13	$3,054,390	-$1,090,455 -$244,351	$1,719,584
14	$3,207,166	-$1,146,982 -$256,573	$1,803,611
15	$3,367,513	-$1,206,310 -$269,401	$1,891,802
16	$3,535,883	-$1,268,607 -$282,871	$1,984,405
17	$3,712,615	-$1,333,998 -$297,009	$2,081,608
18	$3,898,274	-$1,402,692 -$311,862	$2,183,720
19	$4,093,199	-$1,474,814 -$327,456	$2,290,929
20	$4,297,842	-$1,550,532 -$343,827	$2,403,483
21	$4,512,768	-$1,630,055 -$361,021	$2,521,692
22	$4,738,429	-$1,713,549 -$379,074	$2,645,806
23	$4,975,277	-$1,801,183 -$398,022	$2,776,072
24	$5,224,103	-$1,893,248 -$417,928	$2,912,927
25	$5,485,246	-$1,989,871 -$438,820	$3,056,555
26	$5,759,610	-$2,091,386 -$460,769	$3,207,455
27	$6,047,534	-$2,197,918 -$483,803	$3,365,813
28	$6,349,922	-$2,309,802 -$507,994	$3,532,126
29	$6,667,452	-$2,427,288 -$533,396	$3,706,768
30	$7,000,802	-$2,550,627 -$560,064	$3,890,111