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 York residents, the state will deduct 8.82% from your lottery earnings.
| New York 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(8.82%) | $10,557,540 | | Net Lumpsum Payment | $64,893,130 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,973,464 |
$1,430,512
$350,460 |
$2,192,492 |
| 2 |
$4,172,256 |
$1,504,065
$367,993 |
$2,300,198 |
| 3 |
$4,380,816 |
$1,581,232
$386,388 |
$2,413,196 |
| 4 |
$4,599,936 |
$1,662,307
$405,714 |
$2,531,915 |
| 5 |
$4,829,880 |
$1,747,386
$425,995 |
$2,656,499 |
| 6 |
$5,071,440 |
$1,836,763
$447,301 |
$2,787,376 |
| 7 |
$5,324,880 |
$1,930,536
$469,654 |
$2,924,690 |
| 8 |
$5,591,256 |
$2,029,095
$493,149 |
$3,069,012 |
| 9 |
$5,870,832 |
$2,132,538
$517,807 |
$3,220,487 |
| 10 |
$6,164,400 |
$2,241,158
$543,700 |
$3,379,542 |
| 11 |
$6,472,488 |
$2,355,151
$570,873 |
$3,546,464 |
| 12 |
$6,796,152 |
$2,474,907
$599,421 |
$3,721,824 |
| 13 |
$7,135,920 |
$2,600,621
$629,388 |
$3,905,911 |
| 14 |
$7,492,848 |
$2,732,684
$660,869 |
$4,099,295 |
| 15 |
$7,867,464 |
$2,871,292
$693,910 |
$4,302,262 |
| 16 |
$8,260,824 |
$3,016,835
$728,605 |
$4,515,384 |
| 17 |
$8,673,720 |
$3,169,607
$765,022 |
$4,739,091 |
| 18 |
$9,107,472 |
$3,330,095
$803,279 |
$4,974,098 |
| 19 |
$9,562,872 |
$3,498,593
$843,445 |
$5,220,834 |
| 20 |
$10,040,976 |
$3,675,492
$885,614 |
$5,479,870 |
| 21 |
$10,543,104 |
$3,861,279
$929,902 |
$5,751,923 |
| 22 |
$11,070,312 |
$4,056,346
$976,402 |
$6,037,564 |
| 23 |
$11,623,656 |
$4,261,083
$1,025,206 |
$6,337,367 |
| 24 |
$12,204,984 |
$4,476,174
$1,076,480 |
$6,652,330 |
| 25 |
$12,815,088 |
$4,701,913
$1,130,291 |
$6,982,884 |
| 26 |
$13,456,080 |
$4,939,080
$1,186,826 |
$7,330,174 |
| 27 |
$14,128,752 |
$5,187,969
$1,246,156 |
$7,694,627 |
| 28 |
$14,835,216 |
$5,449,360
$1,308,466 |
$8,077,390 |
| 29 |
$15,577,056 |
$5,723,841
$1,373,896 |
$8,479,319 |
| 30 |
$16,355,856 |
$6,011,997
$1,442,586 |
$8,901,273 |
|
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