The jackpot for the Powerball draw on Sat Dec 14, 2024, is projected to be $45 Million, with an option for a cash payout of $21.7 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 Sat Dec 14, 2024 |
|---|
| Draw Date | Sat Dec 14, 2024 | | Projected Jackpot | $45,000,000 | | Cash Value | $21,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $21,700,000 | | Federal Tax(24%) | $5,208,000 | | Additional Federal Tax | $2,781,330 | | State Tax(8%) | $1,736,000 | | Net Lumpsum Payment | $11,974,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$677,295 |
$210,930
$54,184 |
$412,181 |
| 2 |
$711,180 |
$223,467
$56,894 |
$430,819 |
| 3 |
$746,730 |
$236,620
$59,738 |
$450,372 |
| 4 |
$784,080 |
$250,440
$62,726 |
$470,914 |
| 5 |
$823,275 |
$264,942
$65,862 |
$492,471 |
| 6 |
$864,450 |
$280,177
$69,156 |
$515,117 |
| 7 |
$907,650 |
$296,161
$72,612 |
$538,877 |
| 8 |
$953,055 |
$312,961
$76,244 |
$563,850 |
| 9 |
$1,000,710 |
$330,593
$80,057 |
$590,060 |
| 10 |
$1,050,750 |
$349,108
$84,060 |
$617,582 |
| 11 |
$1,103,265 |
$368,538
$88,261 |
$646,466 |
| 12 |
$1,158,435 |
$388,951
$92,675 |
$676,809 |
| 13 |
$1,216,350 |
$410,380
$97,308 |
$708,662 |
| 14 |
$1,277,190 |
$432,891
$102,175 |
$742,124 |
| 15 |
$1,341,045 |
$456,517
$107,284 |
$777,244 |
| 16 |
$1,408,095 |
$481,326
$112,648 |
$814,121 |
| 17 |
$1,478,475 |
$507,366
$118,278 |
$852,831 |
| 18 |
$1,552,410 |
$534,722
$124,193 |
$893,495 |
| 19 |
$1,630,035 |
$563,443
$130,403 |
$936,189 |
| 20 |
$1,711,530 |
$593,596
$136,922 |
$981,012 |
| 21 |
$1,797,120 |
$625,265
$143,770 |
$1,028,085 |
| 22 |
$1,886,985 |
$658,515
$150,959 |
$1,077,511 |
| 23 |
$1,981,305 |
$693,413
$158,504 |
$1,129,388 |
| 24 |
$2,080,395 |
$730,077
$166,432 |
$1,183,886 |
| 25 |
$2,184,390 |
$768,555
$174,751 |
$1,241,084 |
| 26 |
$2,293,650 |
$808,981
$183,492 |
$1,301,177 |
| 27 |
$2,408,310 |
$851,405
$192,665 |
$1,364,240 |
| 28 |
$2,528,730 |
$895,960
$202,298 |
$1,430,472 |
| 29 |
$2,655,180 |
$942,747
$212,414 |
$1,500,019 |
| 30 |
$2,787,930 |
$991,864
$223,034 |
$1,573,032 |
|
|
