The jackpot for the Powerball draw on Sat Mar 15, 2025, is projected to be $378 Million, with an option for a cash payout of $177.5 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 Mar 15, 2025 |
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Draw Date | Sat Mar 15, 2025 | Projected Jackpot | $378,000,000 | Cash Value | $177,500,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $177,500,000 | Federal Tax(24%) | $42,600,000 | Additional Federal Tax | $23,035,330 | State Tax(8.82%) | $15,655,500 | Net Lumpsum Payment | $96,209,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,689,278 |
$2,065,363 $501,794 |
$3,122,121 |
2 |
$5,973,912 |
$2,170,678 $526,899 |
$3,276,335 |
3 |
$6,272,532 |
$2,281,167 $553,237 |
$3,438,128 |
4 |
$6,586,272 |
$2,397,251 $580,909 |
$3,608,112 |
5 |
$6,915,510 |
$2,519,069 $609,948 |
$3,786,493 |
6 |
$7,261,380 |
$2,647,041 $640,454 |
$3,973,885 |
7 |
$7,624,260 |
$2,781,307 $672,460 |
$4,170,493 |
8 |
$8,005,662 |
$2,922,425 $706,099 |
$4,377,138 |
9 |
$8,405,964 |
$3,070,537 $741,406 |
$4,594,021 |
10 |
$8,826,300 |
$3,226,061 $778,480 |
$4,821,759 |
11 |
$9,267,426 |
$3,389,278 $817,387 |
$5,060,761 |
12 |
$9,730,854 |
$3,560,746 $858,261 |
$5,311,847 |
13 |
$10,217,340 |
$3,740,746 $901,169 |
$5,575,425 |
14 |
$10,728,396 |
$3,929,837 $946,245 |
$5,852,314 |
15 |
$11,264,778 |
$4,128,298 $993,553 |
$6,142,927 |
16 |
$11,827,998 |
$4,336,690 $1,043,229 |
$6,448,079 |
17 |
$12,419,190 |
$4,555,431 $1,095,373 |
$6,768,386 |
18 |
$13,040,244 |
$4,785,221 $1,150,150 |
$7,104,873 |
19 |
$13,692,294 |
$5,026,479 $1,207,660 |
$7,458,155 |
20 |
$14,376,852 |
$5,279,766 $1,268,038 |
$7,829,048 |
21 |
$15,095,808 |
$5,545,779 $1,331,450 |
$8,218,579 |
22 |
$15,850,674 |
$5,825,080 $1,398,029 |
$8,627,565 |
23 |
$16,642,962 |
$6,118,226 $1,467,909 |
$9,056,827 |
24 |
$17,475,318 |
$6,426,198 $1,541,323 |
$9,507,797 |
25 |
$18,348,876 |
$6,749,415 $1,618,371 |
$9,981,090 |
26 |
$19,266,660 |
$7,088,995 $1,699,319 |
$10,478,346 |
27 |
$20,229,804 |
$7,445,358 $1,784,269 |
$11,000,177 |
28 |
$21,241,332 |
$7,819,623 $1,873,485 |
$11,548,224 |
29 |
$22,303,512 |
$8,212,630 $1,967,170 |
$12,123,712 |
30 |
$23,418,612 |
$8,625,217 $2,065,522 |
$12,727,873 |
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