New York Lottery

NYLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Nov 13, 2024 is estimated to be $113 Million, with a cash option of 53.4 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 Nov 13, 2024

Draw Date	Jackpot	Cash Option
Wed Nov 13, 2024	$113,000,000	$53,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$53,400,000
Federal Tax(24%)	$12,816,000
Additional Federal Tax	$6,902,330
State Tax(8.82%)	$4,709,880
Net Lumpsum Payment	$28,971,790

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$150,007	$961,143
2	$1,785,852	-$621,096 -$157,512	$1,007,244
3	$1,875,122	-$654,126 -$165,386	$1,055,610
4	$1,968,912	-$688,828 -$173,658	$1,106,426
5	$2,067,335	-$725,244 -$182,339	$1,159,752
6	$2,170,730	-$763,500 -$191,458	$1,215,772
7	$2,279,210	-$803,638 -$201,026	$1,274,546
8	$2,393,227	-$845,824 -$211,083	$1,336,320
9	$2,512,894	-$890,101 -$221,637	$1,401,156
10	$2,638,550	-$936,594 -$232,720	$1,469,236
11	$2,770,421	-$985,386 -$244,351	$1,540,684
12	$2,908,959	-$1,036,645 -$256,570	$1,615,744
13	$3,054,390	-$1,090,455 -$269,397	$1,694,538
14	$3,207,166	-$1,146,982 -$282,872	$1,777,312
15	$3,367,513	-$1,206,310 -$297,015	$1,864,188
16	$3,535,883	-$1,268,607 -$311,865	$1,955,411
17	$3,712,615	-$1,333,998 -$327,453	$2,051,164
18	$3,898,274	-$1,402,692 -$343,828	$2,151,754
19	$4,093,199	-$1,474,814 -$361,020	$2,257,365
20	$4,297,842	-$1,550,532 -$379,070	$2,368,240
21	$4,512,768	-$1,630,055 -$398,026	$2,484,687
22	$4,738,429	-$1,713,549 -$417,929	$2,606,951
23	$4,975,277	-$1,801,183 -$438,819	$2,735,275
24	$5,224,103	-$1,893,248 -$460,766	$2,870,089
25	$5,485,246	-$1,989,871 -$483,799	$3,011,576
26	$5,759,610	-$2,091,386 -$507,998	$3,160,226
27	$6,047,534	-$2,197,918 -$533,392	$3,316,224
28	$6,349,922	-$2,309,802 -$560,063	$3,480,057
29	$6,667,452	-$2,427,288 -$588,069	$3,652,095
30	$7,000,802	-$2,550,627 -$617,471	$3,832,704