The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New Jersey residents, the state will deduct 8% from your lottery earnings.
| New Jersey Powerball Jackpot/Cash Option for Sat May 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(8%) | $1,344,000 | | Net Lumpsum Payment | $9,279,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$43,347 |
$337,679 |
| 2 |
$568,944 |
$170,840
$45,516 |
$352,588 |
| 3 |
$597,384 |
$181,362
$47,791 |
$368,231 |
| 4 |
$627,264 |
$192,418
$50,181 |
$384,665 |
| 5 |
$658,620 |
$204,020
$52,690 |
$401,910 |
| 6 |
$691,560 |
$216,208
$55,325 |
$420,027 |
| 7 |
$726,120 |
$228,995
$58,090 |
$439,035 |
| 8 |
$762,444 |
$242,435
$60,996 |
$459,013 |
| 9 |
$800,568 |
$256,541
$64,045 |
$479,982 |
| 10 |
$840,600 |
$271,352
$67,248 |
$502,000 |
| 11 |
$882,612 |
$286,897
$70,609 |
$525,106 |
| 12 |
$926,748 |
$303,227
$74,140 |
$549,381 |
| 13 |
$973,080 |
$320,370
$77,846 |
$574,864 |
| 14 |
$1,021,752 |
$338,379
$81,740 |
$601,633 |
| 15 |
$1,072,836 |
$357,280
$85,827 |
$629,729 |
| 16 |
$1,126,476 |
$377,127
$90,118 |
$659,231 |
| 17 |
$1,182,780 |
$397,959
$94,622 |
$690,199 |
| 18 |
$1,241,928 |
$419,844
$99,354 |
$722,730 |
| 19 |
$1,304,028 |
$442,821
$104,322 |
$756,885 |
| 20 |
$1,369,224 |
$466,943
$109,538 |
$792,743 |
| 21 |
$1,437,696 |
$492,278
$115,016 |
$830,402 |
| 22 |
$1,509,588 |
$518,878
$120,767 |
$869,943 |
| 23 |
$1,585,044 |
$546,797
$126,804 |
$911,443 |
| 24 |
$1,664,316 |
$576,127
$133,145 |
$955,044 |
| 25 |
$1,747,512 |
$606,910
$139,801 |
$1,000,801 |
| 26 |
$1,834,920 |
$639,251
$146,794 |
$1,048,875 |
| 27 |
$1,926,648 |
$673,190
$154,132 |
$1,099,326 |
| 28 |
$2,022,984 |
$708,834
$161,839 |
$1,152,311 |
| 29 |
$2,124,144 |
$746,264
$169,932 |
$1,207,948 |
| 30 |
$2,230,344 |
$785,558
$178,428 |
$1,266,358 |
|
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