The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 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 York residents, the state will deduct 8.82% from your lottery earnings.
| New York Powerball Jackpot/Cash Option for Sat Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $117,700,000 | | Federal Tax(24%) | $28,248,000 | | Additional Federal Tax | $15,261,330 | | State Tax(8.82%) | $10,381,140 | | Net Lumpsum Payment | $63,809,530 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$349,132 |
$2,184,338 |
| 2 |
$4,156,452 |
$1,498,218
$366,599 |
$2,291,635 |
| 3 |
$4,364,222 |
$1,575,093
$384,924 |
$2,404,205 |
| 4 |
$4,582,512 |
$1,655,860
$404,178 |
$2,522,474 |
| 5 |
$4,811,585 |
$1,740,617
$424,382 |
$2,646,586 |
| 6 |
$5,052,230 |
$1,829,655
$445,607 |
$2,776,968 |
| 7 |
$5,304,710 |
$1,923,073
$467,875 |
$2,913,762 |
| 8 |
$5,570,077 |
$2,021,259
$491,281 |
$3,057,537 |
| 9 |
$5,848,594 |
$2,124,310
$515,846 |
$3,208,438 |
| 10 |
$6,141,050 |
$2,232,519
$541,641 |
$3,366,890 |
| 11 |
$6,447,971 |
$2,346,080
$568,711 |
$3,533,180 |
| 12 |
$6,770,409 |
$2,465,382
$597,150 |
$3,707,877 |
| 13 |
$7,108,890 |
$2,590,620
$627,004 |
$3,891,266 |
| 14 |
$7,464,466 |
$2,722,183
$658,366 |
$4,083,917 |
| 15 |
$7,837,663 |
$2,860,266
$691,282 |
$4,286,115 |
| 16 |
$8,229,533 |
$3,005,258
$725,845 |
$4,498,430 |
| 17 |
$8,640,865 |
$3,157,450
$762,124 |
$4,721,291 |
| 18 |
$9,072,974 |
$3,317,331
$800,236 |
$4,955,407 |
| 19 |
$9,526,649 |
$3,485,191
$840,250 |
$5,201,208 |
| 20 |
$10,002,942 |
$3,661,419
$882,259 |
$5,459,264 |
| 21 |
$10,503,168 |
$3,846,503
$926,379 |
$5,730,286 |
| 22 |
$11,028,379 |
$4,040,831
$972,703 |
$6,014,845 |
| 23 |
$11,579,627 |
$4,244,792
$1,021,323 |
$6,313,512 |
| 24 |
$12,158,753 |
$4,459,069
$1,072,402 |
$6,627,282 |
| 25 |
$12,766,546 |
$4,683,952
$1,126,009 |
$6,956,585 |
| 26 |
$13,405,110 |
$4,920,221
$1,182,331 |
$7,302,558 |
| 27 |
$14,075,234 |
$5,168,167
$1,241,436 |
$7,665,631 |
| 28 |
$14,779,022 |
$5,428,569
$1,303,510 |
$8,046,943 |
| 29 |
$15,518,052 |
$5,702,010
$1,368,692 |
$8,447,350 |
| 30 |
$16,293,902 |
$5,989,074
$1,437,122 |
$8,867,706 |
|
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