New Jersey Lottery

NJLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Apr 29, 2024 is estimated to be $164 Million, with a cash option of 74.9 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 Mon Apr 29, 2024

Draw Date	Jackpot	Cash Option
Mon Apr 29, 2024	$164,000,000	$74,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$74,900,000
Federal Tax(24%)	$17,976,000
Additional Federal Tax	$9,697,330
State Tax(8%)	$5,992,000
Net Lumpsum Payment	$41,234,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,468,364	-$873,625 -$197,469	$1,397,270
2	$2,591,856	-$919,317 -$207,348	$1,465,191
3	$2,721,416	-$967,254 -$217,713	$1,536,449
4	$2,857,536	-$1,017,619 -$228,603	$1,611,314
5	$3,000,380	-$1,070,471 -$240,030	$1,689,879
6	$3,150,440	-$1,125,993 -$252,035	$1,772,412
7	$3,307,880	-$1,184,246 -$264,630	$1,859,004
8	$3,473,356	-$1,245,472 -$277,868	$1,950,016
9	$3,647,032	-$1,309,732 -$291,763	$2,045,537
10	$3,829,400	-$1,377,208 -$306,352	$2,145,840
11	$4,020,788	-$1,448,022 -$321,663	$2,251,103
12	$4,221,852	-$1,522,416 -$337,748	$2,361,688
13	$4,432,920	-$1,600,511 -$354,634	$2,477,775
14	$4,654,648	-$1,682,550 -$372,372	$2,599,726
15	$4,887,364	-$1,768,655 -$390,989	$2,727,720
16	$5,131,724	-$1,859,068 -$410,538	$2,862,118
17	$5,388,220	-$1,953,972 -$431,058	$3,003,190
18	$5,657,672	-$2,053,669 -$452,614	$3,151,389
19	$5,940,572	-$2,158,342 -$475,246	$3,306,984
20	$6,237,576	-$2,268,234 -$499,006	$3,470,336
21	$6,549,504	-$2,383,647 -$523,960	$3,641,897
22	$6,877,012	-$2,504,825 -$550,161	$3,822,026
23	$7,220,756	-$2,632,010 -$577,660	$4,011,086
24	$7,581,884	-$2,765,627 -$606,551	$4,209,706
25	$7,960,888	-$2,905,859 -$636,871	$4,418,158
26	$8,359,080	-$3,053,190 -$668,726	$4,637,164
27	$8,776,952	-$3,207,803 -$702,156	$4,866,993
28	$9,215,816	-$3,370,182 -$737,265	$5,108,369
29	$9,676,656	-$3,540,693 -$774,132	$5,361,831
30	$10,160,456	-$3,719,699 -$812,836	$5,627,921