The jackpot for the Powerball draw on Wed Jul 16, 2025, is projected to be $264 Million, with an option for a cash payout of $119.7 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 Wed Jul 16, 2025 |
|---|
| Draw Date | Wed Jul 16, 2025 | | Projected Jackpot | $264,000,000 | | Cash Value | $119,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $119,700,000 | | Federal Tax(24%) | $28,728,000 | | Additional Federal Tax | $15,521,330 | | State Tax(8%) | $9,576,000 | | Net Lumpsum Payment | $65,874,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,973,464 |
$1,430,512
$317,877 |
$2,225,075 |
| 2 |
$4,172,256 |
$1,504,065
$333,780 |
$2,334,411 |
| 3 |
$4,380,816 |
$1,581,232
$350,465 |
$2,449,119 |
| 4 |
$4,599,936 |
$1,662,307
$367,995 |
$2,569,634 |
| 5 |
$4,829,880 |
$1,747,386
$386,390 |
$2,696,104 |
| 6 |
$5,071,440 |
$1,836,763
$405,715 |
$2,828,962 |
| 7 |
$5,324,880 |
$1,930,536
$425,990 |
$2,968,354 |
| 8 |
$5,591,256 |
$2,029,095
$447,300 |
$3,114,861 |
| 9 |
$5,870,832 |
$2,132,538
$469,667 |
$3,268,627 |
| 10 |
$6,164,400 |
$2,241,158
$493,152 |
$3,430,090 |
| 11 |
$6,472,488 |
$2,355,151
$517,799 |
$3,599,538 |
| 12 |
$6,796,152 |
$2,474,907
$543,692 |
$3,777,553 |
| 13 |
$7,135,920 |
$2,600,621
$570,874 |
$3,964,425 |
| 14 |
$7,492,848 |
$2,732,684
$599,428 |
$4,160,736 |
| 15 |
$7,867,464 |
$2,871,292
$629,397 |
$4,366,775 |
| 16 |
$8,260,824 |
$3,016,835
$660,866 |
$4,583,123 |
| 17 |
$8,673,720 |
$3,169,607
$693,898 |
$4,810,215 |
| 18 |
$9,107,472 |
$3,330,095
$728,598 |
$5,048,779 |
| 19 |
$9,562,872 |
$3,498,593
$765,030 |
$5,299,249 |
| 20 |
$10,040,976 |
$3,675,492
$803,278 |
$5,562,206 |
| 21 |
$10,543,104 |
$3,861,279
$843,448 |
$5,838,377 |
| 22 |
$11,070,312 |
$4,056,346
$885,625 |
$6,128,341 |
| 23 |
$11,623,656 |
$4,261,083
$929,892 |
$6,432,681 |
| 24 |
$12,204,984 |
$4,476,174
$976,399 |
$6,752,411 |
| 25 |
$12,815,088 |
$4,701,913
$1,025,207 |
$7,087,968 |
| 26 |
$13,456,080 |
$4,939,080
$1,076,486 |
$7,440,514 |
| 27 |
$14,128,752 |
$5,187,969
$1,130,300 |
$7,810,483 |
| 28 |
$14,835,216 |
$5,449,360
$1,186,817 |
$8,199,039 |
| 29 |
$15,577,056 |
$5,723,841
$1,246,164 |
$8,607,051 |
| 30 |
$16,355,856 |
$6,011,997
$1,308,468 |
$9,035,391 |
|
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