New York Lottery

NYLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(8.82%)	$3,616,200
Net Lumpsum Payment	$22,253,470

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$116,820	$757,277
2	$1,390,752	-$474,909 -$122,664	$793,179
3	$1,460,272	-$500,631 -$128,796	$830,845
4	$1,533,312	-$527,656 -$135,238	$870,418
5	$1,609,960	-$556,016 -$141,998	$911,946
6	$1,690,480	-$585,808 -$149,100	$955,572
7	$1,774,960	-$617,066 -$156,551	$1,001,343
8	$1,863,752	-$649,919 -$164,383	$1,049,450
9	$1,956,944	-$684,400 -$172,602	$1,099,942
10	$2,054,800	-$720,606 -$181,233	$1,152,961
11	$2,157,496	-$758,604 -$190,291	$1,208,601
12	$2,265,384	-$798,522 -$199,807	$1,267,055
13	$2,378,640	-$840,427 -$209,796	$1,328,417
14	$2,497,616	-$884,448 -$220,290	$1,392,878
15	$2,622,488	-$930,651 -$231,303	$1,460,534
16	$2,753,608	-$979,165 -$242,868	$1,531,575
17	$2,891,240	-$1,030,089 -$255,007	$1,606,144
18	$3,035,824	-$1,083,585 -$267,760	$1,684,479
19	$3,187,624	-$1,139,751 -$281,148	$1,766,725
20	$3,346,992	-$1,198,717 -$295,205	$1,853,070
21	$3,514,368	-$1,260,647 -$309,967	$1,943,754
22	$3,690,104	-$1,325,669 -$325,467	$2,038,968
23	$3,874,552	-$1,393,915 -$341,735	$2,138,902
24	$4,068,328	-$1,465,612 -$358,827	$2,243,889
25	$4,271,696	-$1,540,858 -$376,764	$2,354,074
26	$4,485,360	-$1,619,914 -$395,609	$2,469,837
27	$4,709,584	-$1,702,876 -$415,385	$2,591,323
28	$4,945,072	-$1,790,007 -$436,155	$2,718,910
29	$5,192,352	-$1,881,501 -$457,965	$2,852,886
30	$5,451,952	-$1,977,553 -$480,862	$2,993,537