The jackpot for the Powerball draw on Wed Jan 29, 2025, is projected to be $69 Million, with an option for a cash payout of $30.7 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 Jan 29, 2025 |
|---|
| Draw Date | Wed Jan 29, 2025 | | Projected Jackpot | $69,000,000 | | Cash Value | $30,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $30,700,000 | | Federal Tax(24%) | $7,368,000 | | Additional Federal Tax | $3,951,330 | | State Tax(8%) | $2,456,000 | | Net Lumpsum Payment | $16,924,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$83,082 |
$610,855 |
| 2 |
$1,090,476 |
$363,807
$87,238 |
$639,431 |
| 3 |
$1,144,986 |
$383,975
$91,599 |
$669,412 |
| 4 |
$1,202,256 |
$405,165
$96,180 |
$700,911 |
| 5 |
$1,262,355 |
$427,402
$100,988 |
$733,965 |
| 6 |
$1,325,490 |
$450,762
$106,039 |
$768,689 |
| 7 |
$1,391,730 |
$475,270
$111,338 |
$805,122 |
| 8 |
$1,461,351 |
$501,030
$116,908 |
$843,413 |
| 9 |
$1,534,422 |
$528,067
$122,754 |
$883,601 |
| 10 |
$1,611,150 |
$556,456
$128,892 |
$925,802 |
| 11 |
$1,691,673 |
$586,249
$135,334 |
$970,090 |
| 12 |
$1,776,267 |
$617,549
$142,101 |
$1,016,617 |
| 13 |
$1,865,070 |
$650,406
$149,206 |
$1,065,458 |
| 14 |
$1,958,358 |
$684,923
$156,669 |
$1,116,766 |
| 15 |
$2,056,269 |
$721,150
$164,502 |
$1,170,617 |
| 16 |
$2,159,079 |
$759,190
$172,726 |
$1,227,163 |
| 17 |
$2,266,995 |
$799,119
$181,360 |
$1,286,516 |
| 18 |
$2,380,362 |
$841,064
$190,429 |
$1,348,869 |
| 19 |
$2,499,387 |
$885,104
$199,951 |
$1,414,332 |
| 20 |
$2,624,346 |
$931,338
$209,948 |
$1,483,060 |
| 21 |
$2,755,584 |
$979,896
$220,447 |
$1,555,241 |
| 22 |
$2,893,377 |
$1,030,880
$231,470 |
$1,631,027 |
| 23 |
$3,038,001 |
$1,084,391
$243,040 |
$1,710,570 |
| 24 |
$3,189,939 |
$1,140,608
$255,195 |
$1,794,136 |
| 25 |
$3,349,398 |
$1,199,608
$267,952 |
$1,881,838 |
| 26 |
$3,516,930 |
$1,261,594
$281,354 |
$1,973,982 |
| 27 |
$3,692,742 |
$1,326,645
$295,419 |
$2,070,678 |
| 28 |
$3,877,386 |
$1,394,963
$310,191 |
$2,172,232 |
| 29 |
$4,071,276 |
$1,466,703
$325,702 |
$2,278,871 |
| 30 |
$4,274,826 |
$1,542,016
$341,986 |
$2,390,824 |
|
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