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 York residents, the state will deduct 8.82% from your lottery earnings.
| New York 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(8.82%) | $2,707,740 | | Net Lumpsum Payment | $16,672,930 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$91,597 |
$602,340 |
| 2 |
$1,090,476 |
$363,807
$96,180 |
$630,489 |
| 3 |
$1,144,986 |
$383,975
$100,988 |
$660,023 |
| 4 |
$1,202,256 |
$405,165
$106,039 |
$691,052 |
| 5 |
$1,262,355 |
$427,402
$111,340 |
$723,613 |
| 6 |
$1,325,490 |
$450,762
$116,908 |
$757,820 |
| 7 |
$1,391,730 |
$475,270
$122,751 |
$793,709 |
| 8 |
$1,461,351 |
$501,030
$128,891 |
$831,430 |
| 9 |
$1,534,422 |
$528,067
$135,336 |
$871,019 |
| 10 |
$1,611,150 |
$556,456
$142,103 |
$912,591 |
| 11 |
$1,691,673 |
$586,249
$149,206 |
$956,218 |
| 12 |
$1,776,267 |
$617,549
$156,667 |
$1,002,051 |
| 13 |
$1,865,070 |
$650,406
$164,499 |
$1,050,165 |
| 14 |
$1,958,358 |
$684,923
$172,727 |
$1,100,708 |
| 15 |
$2,056,269 |
$721,150
$181,363 |
$1,153,756 |
| 16 |
$2,159,079 |
$759,190
$190,431 |
$1,209,458 |
| 17 |
$2,266,995 |
$799,119
$199,949 |
$1,267,927 |
| 18 |
$2,380,362 |
$841,064
$209,948 |
$1,329,350 |
| 19 |
$2,499,387 |
$885,104
$220,446 |
$1,393,837 |
| 20 |
$2,624,346 |
$931,338
$231,467 |
$1,461,541 |
| 21 |
$2,755,584 |
$979,896
$243,043 |
$1,532,645 |
| 22 |
$2,893,377 |
$1,030,880
$255,196 |
$1,607,301 |
| 23 |
$3,038,001 |
$1,084,391
$267,952 |
$1,685,658 |
| 24 |
$3,189,939 |
$1,140,608
$281,353 |
$1,767,978 |
| 25 |
$3,349,398 |
$1,199,608
$295,417 |
$1,854,373 |
| 26 |
$3,516,930 |
$1,261,594
$310,193 |
$1,945,143 |
| 27 |
$3,692,742 |
$1,326,645
$325,700 |
$2,040,397 |
| 28 |
$3,877,386 |
$1,394,963
$341,985 |
$2,140,438 |
| 29 |
$4,071,276 |
$1,466,703
$359,087 |
$2,245,486 |
| 30 |
$4,274,826 |
$1,542,016
$377,040 |
$2,355,770 |
|
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