The jackpot for the Powerball draw on Wed May 22, 2024, is projected to be $100 Million, with an option for a cash payout of $47 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 Wed May 22, 2024 |
|---|
| Draw Date | Wed May 22, 2024 | | Projected Jackpot | $100,000,000 | | Cash Value | $47,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $47,000,000 | | Federal Tax(24%) | $11,280,000 | | Additional Federal Tax | $6,070,330 | | State Tax(8%) | $3,760,000 | | Net Lumpsum Payment | $25,889,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,505,100 |
$517,217
$120,408 |
$867,475 |
| 2 |
$1,580,400 |
$545,078
$126,432 |
$908,890 |
| 3 |
$1,659,400 |
$574,308
$132,752 |
$952,340 |
| 4 |
$1,742,400 |
$605,018
$139,392 |
$997,990 |
| 5 |
$1,829,500 |
$637,245
$146,360 |
$1,045,895 |
| 6 |
$1,921,000 |
$671,100
$153,680 |
$1,096,220 |
| 7 |
$2,017,000 |
$706,620
$161,360 |
$1,149,020 |
| 8 |
$2,117,900 |
$743,953
$169,432 |
$1,204,515 |
| 9 |
$2,223,800 |
$783,136
$177,904 |
$1,262,760 |
| 10 |
$2,335,000 |
$824,280
$186,800 |
$1,323,920 |
| 11 |
$2,451,700 |
$867,459
$196,136 |
$1,388,105 |
| 12 |
$2,574,300 |
$912,821
$205,944 |
$1,455,535 |
| 13 |
$2,703,000 |
$960,440
$216,240 |
$1,526,320 |
| 14 |
$2,838,200 |
$1,010,464
$227,056 |
$1,600,680 |
| 15 |
$2,980,100 |
$1,062,967
$238,408 |
$1,678,725 |
| 16 |
$3,129,100 |
$1,118,097
$250,328 |
$1,760,675 |
| 17 |
$3,285,500 |
$1,175,965
$262,840 |
$1,846,695 |
| 18 |
$3,449,800 |
$1,236,756
$275,984 |
$1,937,060 |
| 19 |
$3,622,300 |
$1,300,581
$289,784 |
$2,031,935 |
| 20 |
$3,803,400 |
$1,367,588
$304,272 |
$2,131,540 |
| 21 |
$3,993,600 |
$1,437,962
$319,488 |
$2,236,150 |
| 22 |
$4,193,300 |
$1,511,851
$335,464 |
$2,345,985 |
| 23 |
$4,402,900 |
$1,589,403
$352,232 |
$2,461,265 |
| 24 |
$4,623,100 |
$1,670,877
$369,848 |
$2,582,375 |
| 25 |
$4,854,200 |
$1,756,384
$388,336 |
$2,709,480 |
| 26 |
$5,097,000 |
$1,846,220
$407,760 |
$2,843,020 |
| 27 |
$5,351,800 |
$1,940,496
$428,144 |
$2,983,160 |
| 28 |
$5,619,400 |
$2,039,508
$449,552 |
$3,130,340 |
| 29 |
$5,900,400 |
$2,143,478
$472,032 |
$3,284,890 |
| 30 |
$6,195,400 |
$2,252,628
$495,632 |
$3,447,140 |
|
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