The jackpot for the Powerball draw on Sat Dec 28, 2024, is projected to be $145 Million, with an option for a cash payout of $66.2 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 Dec 28, 2024 |
|---|
| Draw Date | Sat Dec 28, 2024 | | Projected Jackpot | $145,000,000 | | Cash Value | $66,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $66,200,000 | | Federal Tax(24%) | $15,888,000 | | Additional Federal Tax | $8,566,330 | | State Tax(8%) | $5,296,000 | | Net Lumpsum Payment | $36,449,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$174,592 |
$1,239,986 |
| 2 |
$2,291,580 |
$808,215
$183,326 |
$1,300,039 |
| 3 |
$2,406,130 |
$850,598
$192,490 |
$1,363,042 |
| 4 |
$2,526,480 |
$895,128
$202,118 |
$1,429,234 |
| 5 |
$2,652,775 |
$941,857
$212,222 |
$1,498,696 |
| 6 |
$2,785,450 |
$990,947
$222,836 |
$1,571,667 |
| 7 |
$2,924,650 |
$1,042,451
$233,972 |
$1,648,227 |
| 8 |
$3,070,955 |
$1,096,584
$245,676 |
$1,728,695 |
| 9 |
$3,224,510 |
$1,153,399
$257,961 |
$1,813,150 |
| 10 |
$3,385,750 |
$1,213,058
$270,860 |
$1,901,832 |
| 11 |
$3,554,965 |
$1,275,667
$284,397 |
$1,994,901 |
| 12 |
$3,732,735 |
$1,341,442
$298,619 |
$2,092,674 |
| 13 |
$3,919,350 |
$1,410,490
$313,548 |
$2,195,312 |
| 14 |
$4,115,390 |
$1,483,025
$329,231 |
$2,303,134 |
| 15 |
$4,321,145 |
$1,559,154
$345,692 |
$2,416,299 |
| 16 |
$4,537,195 |
$1,639,093
$362,976 |
$2,535,126 |
| 17 |
$4,763,975 |
$1,723,001
$381,118 |
$2,659,856 |
| 18 |
$5,002,210 |
$1,811,148
$400,177 |
$2,790,885 |
| 19 |
$5,252,335 |
$1,903,694
$420,187 |
$2,928,454 |
| 20 |
$5,514,930 |
$2,000,854
$441,194 |
$3,072,882 |
| 21 |
$5,790,720 |
$2,102,897
$463,258 |
$3,224,565 |
| 22 |
$6,080,285 |
$2,210,036
$486,423 |
$3,383,826 |
| 23 |
$6,384,205 |
$2,322,486
$510,736 |
$3,550,983 |
| 24 |
$6,703,495 |
$2,440,624
$536,280 |
$3,726,591 |
| 25 |
$7,038,590 |
$2,564,609
$563,087 |
$3,910,894 |
| 26 |
$7,390,650 |
$2,694,871
$591,252 |
$4,104,527 |
| 27 |
$7,760,110 |
$2,831,571
$620,809 |
$4,307,730 |
| 28 |
$8,148,130 |
$2,975,138
$651,850 |
$4,521,142 |
| 29 |
$8,555,580 |
$3,125,895
$684,446 |
$4,745,239 |
| 30 |
$8,983,330 |
$3,284,162
$718,666 |
$4,980,502 |
|
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