New York Lottery

NYLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 4, 2024 is estimated to be $203 Million, with a cash option of 92.7 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 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 May 4, 2024

Draw Date	Jackpot	Cash Option
Sat May 4, 2024	$203,000,000	$92,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$92,700,000
Federal Tax(24%)	$22,248,000
Additional Federal Tax	$12,011,330
State Tax(8.82%)	$8,176,140
Net Lumpsum Payment	$50,264,530

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,055,353	-$1,090,811 -$269,482	$1,695,060
2	$3,208,212	-$1,147,369 -$282,964	$1,777,879
3	$3,368,582	-$1,206,706 -$297,109	$1,864,767
4	$3,537,072	-$1,269,047 -$311,970	$1,956,055
5	$3,713,885	-$1,334,468 -$327,565	$2,051,852
6	$3,899,630	-$1,403,193 -$343,947	$2,152,490
7	$4,094,510	-$1,475,299 -$361,136	$2,258,075
8	$4,299,337	-$1,551,085 -$379,202	$2,369,050
9	$4,514,314	-$1,630,627 -$398,162	$2,485,525
10	$4,740,050	-$1,714,149 -$418,072	$2,607,829
11	$4,976,951	-$1,801,802 -$438,967	$2,736,182
12	$5,225,829	-$1,893,887 -$460,918	$2,871,024
13	$5,487,090	-$1,990,554 -$483,961	$3,012,575
14	$5,761,546	-$2,092,102 -$508,168	$3,161,276
15	$6,049,603	-$2,198,683 -$533,575	$3,317,345
16	$6,352,073	-$2,310,597 -$560,253	$3,481,223
17	$6,669,565	-$2,428,069 -$588,256	$3,653,240
18	$7,003,094	-$2,551,475 -$617,673	$3,833,946
19	$7,353,269	-$2,681,040 -$648,558	$4,023,671
20	$7,720,902	-$2,817,064 -$680,984	$4,222,854
21	$8,107,008	-$2,959,923 -$715,038	$4,432,047
22	$8,512,399	-$3,109,918 -$750,794	$4,651,687
23	$8,937,887	-$3,267,349 -$788,322	$4,882,216
24	$9,384,893	-$3,432,741 -$827,748	$5,124,404
25	$9,854,026	-$3,606,320 -$869,125	$5,378,581
26	$10,346,910	-$3,788,687 -$912,597	$5,645,626
27	$10,864,154	-$3,980,067 -$958,218	$5,925,869
28	$11,407,382	-$4,181,062 -$1,006,131	$6,220,189
29	$11,977,812	-$4,392,121 -$1,056,443	$6,529,248
30	$12,576,662	-$4,613,695 -$1,109,262	$6,853,705