New Jersey Lottery

NJLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Mar 29, 2025 is estimated to be $515 Million, with a cash option of 242.7 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 Mar 29, 2025

Draw Date	Jackpot	Cash Option
Sat Mar 29, 2025	$515,000,000	$242,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$242,700,000
Federal Tax(24%)	$58,248,000
Additional Federal Tax	$31,511,330
State Tax(8%)	$19,416,000
Net Lumpsum Payment	$133,524,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$7,751,265	-$2,828,298 -$620,101	$4,302,866
2	$8,139,060	-$2,971,783 -$651,125	$4,516,152
3	$8,545,910	-$3,122,317 -$683,673	$4,739,920
4	$8,973,360	-$3,280,474 -$717,869	$4,975,017
5	$9,421,925	-$3,446,443 -$753,754	$5,221,728
6	$9,893,150	-$3,620,796 -$791,452	$5,480,902
7	$10,387,550	-$3,803,724 -$831,004	$5,752,822
8	$10,907,185	-$3,995,989 -$872,575	$6,038,621
9	$11,452,570	-$4,197,781 -$916,206	$6,338,583
10	$12,025,250	-$4,409,673 -$962,020	$6,653,557
11	$12,626,255	-$4,632,045 -$1,010,100	$6,984,110
12	$13,257,645	-$4,865,659 -$1,060,612	$7,331,374
13	$13,920,450	-$5,110,897 -$1,113,636	$7,695,917
14	$14,616,730	-$5,368,520 -$1,169,338	$8,078,872
15	$15,347,515	-$5,638,911 -$1,227,801	$8,480,803
16	$16,114,865	-$5,922,830 -$1,289,189	$8,902,846
17	$16,920,325	-$6,220,851 -$1,353,626	$9,345,848
18	$17,766,470	-$6,533,924 -$1,421,318	$9,811,228
19	$18,654,845	-$6,862,623 -$1,492,388	$10,299,834
20	$19,587,510	-$7,207,709 -$1,567,001	$10,812,800
21	$20,567,040	-$7,570,135 -$1,645,363	$11,351,542
22	$21,595,495	-$7,950,664 -$1,727,640	$11,917,191
23	$22,674,935	-$8,350,056 -$1,813,995	$12,510,884
24	$23,808,965	-$8,769,647 -$1,904,717	$13,134,601
25	$24,999,130	-$9,210,008 -$1,999,930	$13,789,192
26	$26,249,550	-$9,672,664 -$2,099,964	$14,476,922
27	$27,561,770	-$10,158,185 -$2,204,942	$15,198,643
28	$28,939,910	-$10,668,097 -$2,315,193	$15,956,620
29	$30,387,060	-$11,203,543 -$2,430,965	$16,752,552
30	$31,906,310	-$11,765,665 -$2,552,505	$17,588,140