New York Lottery

NYLottery 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 York, your state will take 8.82% 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 York 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(8.82%)	$8,758,260
Net Lumpsum Payment	$53,840,410

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,235,965	-$1,157,637 -$285,412	$1,792,916
2	$3,397,860	-$1,217,539 -$299,691	$1,880,630
3	$3,567,710	-$1,280,383 -$314,672	$1,972,655
4	$3,746,160	-$1,346,410 -$330,411	$2,069,339
5	$3,933,425	-$1,415,698 -$346,928	$2,170,799
6	$4,130,150	-$1,488,486 -$364,279	$2,277,385
7	$4,336,550	-$1,564,854 -$382,484	$2,389,212
8	$4,553,485	-$1,645,120 -$401,617	$2,506,748
9	$4,781,170	-$1,729,363 -$421,699	$2,630,108
10	$5,020,250	-$1,817,823 -$442,786	$2,759,641
11	$5,271,155	-$1,910,658 -$464,916	$2,895,581
12	$5,534,745	-$2,008,186 -$488,165	$3,038,394
13	$5,811,450	-$2,110,567 -$512,570	$3,188,313
14	$6,102,130	-$2,218,118 -$538,208	$3,345,804
15	$6,407,215	-$2,331,000 -$565,116	$3,511,099
16	$6,727,565	-$2,449,529 -$593,371	$3,684,665
17	$7,063,825	-$2,573,946 -$623,029	$3,866,850
18	$7,417,070	-$2,704,646 -$654,186	$4,058,238
19	$7,787,945	-$2,841,870 -$686,897	$4,259,178
20	$8,177,310	-$2,985,935 -$721,239	$4,470,136
21	$8,586,240	-$3,137,239 -$757,306	$4,691,695
22	$9,015,595	-$3,296,101 -$795,175	$4,924,319
23	$9,466,235	-$3,462,837 -$834,922	$5,168,476
24	$9,939,665	-$3,638,006 -$876,678	$5,424,981
25	$10,436,530	-$3,821,846 -$920,502	$5,694,182
26	$10,958,550	-$4,014,994 -$966,544	$5,977,012
27	$11,506,370	-$4,217,687 -$1,014,862	$6,273,821
28	$12,081,710	-$4,430,563 -$1,065,607	$6,585,540
29	$12,685,860	-$4,654,099 -$1,118,893	$6,912,868
30	$13,320,110	-$4,888,771 -$1,174,834	$7,256,505