The jackpot for the Powerball draw on Wed Oct 9, 2024, is projected to be $336 Million, with an option for a cash payout of $165.3 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 Oct 9, 2024 |
|---|
| Draw Date | Wed Oct 9, 2024 | | Projected Jackpot | $336,000,000 | | Cash Value | $165,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $165,300,000 | | Federal Tax(24%) | $39,672,000 | | Additional Federal Tax | $21,449,330 | | State Tax(8.82%) | $14,579,460 | | Net Lumpsum Payment | $89,599,210 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,057,136 |
$1,831,471
$446,039 |
$2,779,626 |
| 2 |
$5,310,144 |
$1,925,084
$468,355 |
$2,916,705 |
| 3 |
$5,575,584 |
$2,023,296
$491,767 |
$3,060,521 |
| 4 |
$5,854,464 |
$2,126,482
$516,364 |
$3,211,618 |
| 5 |
$6,147,120 |
$2,234,765
$542,176 |
$3,370,179 |
| 6 |
$6,454,560 |
$2,348,518
$569,292 |
$3,536,750 |
| 7 |
$6,777,120 |
$2,467,865
$597,742 |
$3,711,513 |
| 8 |
$7,116,144 |
$2,593,304
$627,644 |
$3,895,196 |
| 9 |
$7,471,968 |
$2,724,959
$659,028 |
$4,087,981 |
| 10 |
$7,845,600 |
$2,863,202
$691,982 |
$4,290,416 |
| 11 |
$8,237,712 |
$3,008,284
$726,566 |
$4,502,862 |
| 12 |
$8,649,648 |
$3,160,700
$762,899 |
$4,726,049 |
| 13 |
$9,082,080 |
$3,320,700
$801,039 |
$4,960,341 |
| 14 |
$9,536,352 |
$3,488,781
$841,106 |
$5,206,465 |
| 15 |
$10,013,136 |
$3,665,191
$883,159 |
$5,464,786 |
| 16 |
$10,513,776 |
$3,850,428
$927,315 |
$5,736,033 |
| 17 |
$11,039,280 |
$4,044,864
$973,664 |
$6,020,752 |
| 18 |
$11,591,328 |
$4,249,122
$1,022,355 |
$6,319,851 |
| 19 |
$12,170,928 |
$4,463,574
$1,073,476 |
$6,633,878 |
| 20 |
$12,779,424 |
$4,688,717
$1,127,145 |
$6,963,562 |
| 21 |
$13,418,496 |
$4,925,174
$1,183,511 |
$7,309,811 |
| 22 |
$14,089,488 |
$5,173,441
$1,242,693 |
$7,673,354 |
| 23 |
$14,793,744 |
$5,434,016
$1,304,808 |
$8,054,920 |
| 24 |
$15,533,616 |
$5,707,768
$1,370,065 |
$8,455,783 |
| 25 |
$16,310,112 |
$5,995,072
$1,438,552 |
$8,876,488 |
| 26 |
$17,125,920 |
$6,296,921
$1,510,506 |
$9,318,493 |
| 27 |
$17,982,048 |
$6,613,688
$1,586,017 |
$9,782,343 |
| 28 |
$18,881,184 |
$6,946,368
$1,665,320 |
$10,269,496 |
| 29 |
$19,825,344 |
$7,295,708
$1,748,595 |
$10,781,041 |
| 30 |
$20,816,544 |
$7,662,452
$1,836,019 |
$11,318,073 |
|
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