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 York residents, the state will deduct 8.82% from your lottery earnings.
| New York 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(8.82%) | $5,838,840 | | Net Lumpsum Payment | $35,906,830 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$192,487 |
$1,222,091 |
| 2 |
$2,291,580 |
$808,215
$202,117 |
$1,281,248 |
| 3 |
$2,406,130 |
$850,598
$212,221 |
$1,343,311 |
| 4 |
$2,526,480 |
$895,128
$222,836 |
$1,408,516 |
| 5 |
$2,652,775 |
$941,857
$233,975 |
$1,476,943 |
| 6 |
$2,785,450 |
$990,947
$245,677 |
$1,548,826 |
| 7 |
$2,924,650 |
$1,042,451
$257,954 |
$1,624,245 |
| 8 |
$3,070,955 |
$1,096,584
$270,858 |
$1,703,513 |
| 9 |
$3,224,510 |
$1,153,399
$284,402 |
$1,786,709 |
| 10 |
$3,385,750 |
$1,213,058
$298,623 |
$1,874,069 |
| 11 |
$3,554,965 |
$1,275,667
$313,548 |
$1,965,750 |
| 12 |
$3,732,735 |
$1,341,442
$329,227 |
$2,062,066 |
| 13 |
$3,919,350 |
$1,410,490
$345,687 |
$2,163,173 |
| 14 |
$4,115,390 |
$1,483,025
$362,977 |
$2,269,388 |
| 15 |
$4,321,145 |
$1,559,154
$381,125 |
$2,380,866 |
| 16 |
$4,537,195 |
$1,639,093
$400,181 |
$2,497,921 |
| 17 |
$4,763,975 |
$1,723,001
$420,183 |
$2,620,791 |
| 18 |
$5,002,210 |
$1,811,148
$441,195 |
$2,749,867 |
| 19 |
$5,252,335 |
$1,903,694
$463,256 |
$2,885,385 |
| 20 |
$5,514,930 |
$2,000,854
$486,417 |
$3,027,659 |
| 21 |
$5,790,720 |
$2,102,897
$510,742 |
$3,177,081 |
| 22 |
$6,080,285 |
$2,210,036
$536,281 |
$3,333,968 |
| 23 |
$6,384,205 |
$2,322,486
$563,087 |
$3,498,632 |
| 24 |
$6,703,495 |
$2,440,624
$591,248 |
$3,671,623 |
| 25 |
$7,038,590 |
$2,564,609
$620,804 |
$3,853,177 |
| 26 |
$7,390,650 |
$2,694,871
$651,855 |
$4,043,924 |
| 27 |
$7,760,110 |
$2,831,571
$684,442 |
$4,244,097 |
| 28 |
$8,148,130 |
$2,975,138
$718,665 |
$4,454,327 |
| 29 |
$8,555,580 |
$3,125,895
$754,602 |
$4,675,083 |
| 30 |
$8,983,330 |
$3,284,162
$792,330 |
$4,906,838 |
|
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