The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 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 Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(8%) | $4,912,000 | | Net Lumpsum Payment | $33,809,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$156,530 |
$1,115,817 |
| 2 |
$2,054,520 |
$720,503
$164,362 |
$1,169,655 |
| 3 |
$2,157,220 |
$758,502
$172,578 |
$1,226,140 |
| 4 |
$2,265,120 |
$798,425
$181,210 |
$1,285,485 |
| 5 |
$2,378,350 |
$840,320
$190,268 |
$1,347,762 |
| 6 |
$2,497,300 |
$884,331
$199,784 |
$1,413,185 |
| 7 |
$2,622,100 |
$930,507
$209,768 |
$1,481,825 |
| 8 |
$2,753,270 |
$979,040
$220,262 |
$1,553,968 |
| 9 |
$2,890,940 |
$1,029,978
$231,275 |
$1,629,687 |
| 10 |
$3,035,500 |
$1,083,465
$242,840 |
$1,709,195 |
| 11 |
$3,187,210 |
$1,139,598
$254,977 |
$1,792,635 |
| 12 |
$3,346,590 |
$1,198,569
$267,727 |
$1,880,294 |
| 13 |
$3,513,900 |
$1,260,473
$281,112 |
$1,972,315 |
| 14 |
$3,689,660 |
$1,325,505
$295,173 |
$2,068,982 |
| 15 |
$3,874,130 |
$1,393,758
$309,930 |
$2,170,442 |
| 16 |
$4,067,830 |
$1,465,427
$325,426 |
$2,276,977 |
| 17 |
$4,271,150 |
$1,540,656
$341,692 |
$2,388,802 |
| 18 |
$4,484,740 |
$1,619,684
$358,779 |
$2,506,277 |
| 19 |
$4,708,990 |
$1,702,657
$376,719 |
$2,629,614 |
| 20 |
$4,944,420 |
$1,789,766
$395,554 |
$2,759,100 |
| 21 |
$5,191,680 |
$1,881,252
$415,334 |
$2,895,094 |
| 22 |
$5,451,290 |
$1,977,308
$436,103 |
$3,037,879 |
| 23 |
$5,723,770 |
$2,078,125
$457,902 |
$3,187,743 |
| 24 |
$6,010,030 |
$2,184,041
$480,802 |
$3,345,187 |
| 25 |
$6,310,460 |
$2,295,201
$504,837 |
$3,510,422 |
| 26 |
$6,626,100 |
$2,411,987
$530,088 |
$3,684,025 |
| 27 |
$6,957,340 |
$2,534,546
$556,587 |
$3,866,207 |
| 28 |
$7,305,220 |
$2,663,262
$584,418 |
$4,057,540 |
| 29 |
$7,670,520 |
$2,798,423
$613,642 |
$4,258,455 |
| 30 |
$8,054,020 |
$2,940,318
$644,322 |
$4,469,380 |
|
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