New Jersey Lottery

NJLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Feb 22, 2025 is estimated to be $215 Million, with a cash option of 99.3 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 Feb 22, 2025

Draw Date	Jackpot	Cash Option
Sat Feb 22, 2025	$215,000,000	$99,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,300,000
Federal Tax(24%)	$23,832,000
Additional Federal Tax	$12,869,330
State Tax(8%)	$7,944,000
Net Lumpsum Payment	$54,654,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,235,965	-$1,157,637 -$258,877	$1,819,451
2	$3,397,860	-$1,217,539 -$271,829	$1,908,492
3	$3,567,710	-$1,280,383 -$285,417	$2,001,910
4	$3,746,160	-$1,346,410 -$299,693	$2,100,057
5	$3,933,425	-$1,415,698 -$314,674	$2,203,053
6	$4,130,150	-$1,488,486 -$330,412	$2,311,252
7	$4,336,550	-$1,564,854 -$346,924	$2,424,772
8	$4,553,485	-$1,645,120 -$364,279	$2,544,086
9	$4,781,170	-$1,729,363 -$382,494	$2,669,313
10	$5,020,250	-$1,817,823 -$401,620	$2,800,807
11	$5,271,155	-$1,910,658 -$421,692	$2,938,805
12	$5,534,745	-$2,008,186 -$442,780	$3,083,779
13	$5,811,450	-$2,110,567 -$464,916	$3,235,967
14	$6,102,130	-$2,218,118 -$488,170	$3,395,842
15	$6,407,215	-$2,331,000 -$512,577	$3,563,638
16	$6,727,565	-$2,449,529 -$538,205	$3,739,831
17	$7,063,825	-$2,573,946 -$565,106	$3,924,773
18	$7,417,070	-$2,704,646 -$593,366	$4,119,058
19	$7,787,945	-$2,841,870 -$623,036	$4,323,039
20	$8,177,310	-$2,985,935 -$654,185	$4,537,190
21	$8,586,240	-$3,137,239 -$686,899	$4,762,102
22	$9,015,595	-$3,296,101 -$721,248	$4,998,246
23	$9,466,235	-$3,462,837 -$757,299	$5,246,099
24	$9,939,665	-$3,638,006 -$795,173	$5,506,486
25	$10,436,530	-$3,821,846 -$834,922	$5,779,762
26	$10,958,550	-$4,014,994 -$876,684	$6,066,872
27	$11,506,370	-$4,217,687 -$920,510	$6,368,173
28	$12,081,710	-$4,430,563 -$966,537	$6,684,610
29	$12,685,860	-$4,654,099 -$1,014,869	$7,016,892
30	$13,320,110	-$4,888,771 -$1,065,609	$7,365,730