New Jersey Lottery

NJLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 17, 2025 is estimated to be $123 Million, with a cash option of 55.9 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 May 17, 2025

Draw Date	Jackpot	Cash Option
Sat May 17, 2025	$123,000,000	$55,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$55,900,000
Federal Tax(24%)	$13,416,000
Additional Federal Tax	$7,227,330
State Tax(8%)	$4,472,000
Net Lumpsum Payment	$30,784,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,851,273	-$645,301 -$148,102	$1,057,870
2	$1,943,892	-$679,570 -$155,511	$1,108,811
3	$2,041,062	-$715,523 -$163,285	$1,162,254
4	$2,143,152	-$753,297 -$171,452	$1,218,403
5	$2,250,285	-$792,936 -$180,023	$1,277,326
6	$2,362,830	-$834,577 -$189,026	$1,339,227
7	$2,480,910	-$878,267 -$198,473	$1,404,170
8	$2,605,017	-$924,187 -$208,401	$1,472,429
9	$2,735,274	-$972,382 -$218,822	$1,544,070
10	$2,872,050	-$1,022,989 -$229,764	$1,619,297
11	$3,015,591	-$1,076,099 -$241,247	$1,698,245
12	$3,166,389	-$1,131,894 -$253,311	$1,781,184
13	$3,324,690	-$1,190,466 -$265,975	$1,868,249
14	$3,490,986	-$1,251,995 -$279,279	$1,959,712
15	$3,665,523	-$1,316,574 -$293,242	$2,055,707
16	$3,848,793	-$1,384,384 -$307,903	$2,156,506
17	$4,041,165	-$1,455,561 -$323,293	$2,262,311
18	$4,243,254	-$1,530,334 -$339,460	$2,373,460
19	$4,455,429	-$1,608,839 -$356,434	$2,490,156
20	$4,678,182	-$1,691,258 -$374,255	$2,612,669
21	$4,912,128	-$1,777,818 -$392,970	$2,741,340
22	$5,157,759	-$1,868,701 -$412,621	$2,876,437
23	$5,415,567	-$1,964,090 -$433,245	$3,018,232
24	$5,686,413	-$2,064,303 -$454,913	$3,167,197
25	$5,970,666	-$2,169,477 -$477,653	$3,323,536
26	$6,269,310	-$2,279,975 -$501,545	$3,487,790
27	$6,582,714	-$2,395,935 -$526,617	$3,660,162
28	$6,911,862	-$2,517,719 -$552,949	$3,841,194
29	$7,257,492	-$2,645,602 -$580,599	$4,031,291
30	$7,620,342	-$2,779,857 -$609,627	$4,230,858