New York Lottery

NYLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Wed Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(8.82%)	$1,217,160
Net Lumpsum Payment	$7,516,510

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$41,152	$292,464
2	$489,924	-$141,602 -$43,211	$305,111
3	$514,414	-$150,664 -$45,371	$318,379
4	$540,144	-$160,184 -$47,641	$332,319
5	$567,145	-$170,174 -$50,022	$346,949
6	$595,510	-$180,669 -$52,524	$362,317
7	$625,270	-$191,680 -$55,149	$378,441
8	$656,549	-$203,254 -$57,908	$395,387
9	$689,378	-$215,400 -$60,803	$413,175
10	$723,850	-$228,155 -$63,844	$431,851
11	$760,027	-$241,540 -$67,034	$451,453
12	$798,033	-$255,603 -$70,387	$472,043
13	$837,930	-$270,364 -$73,905	$493,661
14	$879,842	-$285,872 -$77,602	$516,368
15	$923,831	-$302,148 -$81,482	$540,201
16	$970,021	-$319,238 -$85,556	$565,227
17	$1,018,505	-$337,177 -$89,832	$591,496
18	$1,069,438	-$356,022 -$94,324	$619,092
19	$1,122,913	-$375,808 -$99,041	$648,064
20	$1,179,054	-$396,580 -$103,993	$678,481
21	$1,238,016	-$418,396 -$109,193	$710,427
22	$1,299,923	-$441,302 -$114,653	$743,968
23	$1,364,899	-$465,343 -$120,384	$779,172
24	$1,433,161	-$490,600 -$126,405	$816,156
25	$1,504,802	-$517,107 -$132,724	$854,971
26	$1,580,070	-$544,956 -$139,362	$895,752
27	$1,659,058	-$574,182 -$146,329	$938,547
28	$1,742,014	-$604,876 -$153,646	$983,492
29	$1,829,124	-$637,106 -$161,329	$1,030,689
30	$1,920,574	-$670,943 -$169,395	$1,080,236