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 York residents, the state will deduct 8.82% from your lottery earnings.
| New York 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(8.82%) | $5,415,480 | | Net Lumpsum Payment | $33,306,190 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$172,575 |
$1,099,772 |
| 2 |
$2,054,520 |
$720,503
$181,209 |
$1,152,808 |
| 3 |
$2,157,220 |
$758,502
$190,267 |
$1,208,451 |
| 4 |
$2,265,120 |
$798,425
$199,784 |
$1,266,911 |
| 5 |
$2,378,350 |
$840,320
$209,770 |
$1,328,260 |
| 6 |
$2,497,300 |
$884,331
$220,262 |
$1,392,707 |
| 7 |
$2,622,100 |
$930,507
$231,269 |
$1,460,324 |
| 8 |
$2,753,270 |
$979,040
$242,838 |
$1,531,392 |
| 9 |
$2,890,940 |
$1,029,978
$254,981 |
$1,605,981 |
| 10 |
$3,035,500 |
$1,083,465
$267,731 |
$1,684,304 |
| 11 |
$3,187,210 |
$1,139,598
$281,112 |
$1,766,500 |
| 12 |
$3,346,590 |
$1,198,569
$295,169 |
$1,852,852 |
| 13 |
$3,513,900 |
$1,260,473
$309,926 |
$1,943,501 |
| 14 |
$3,689,660 |
$1,325,505
$325,428 |
$2,038,727 |
| 15 |
$3,874,130 |
$1,393,758
$341,698 |
$2,138,674 |
| 16 |
$4,067,830 |
$1,465,427
$358,783 |
$2,243,620 |
| 17 |
$4,271,150 |
$1,540,656
$376,715 |
$2,353,779 |
| 18 |
$4,484,740 |
$1,619,684
$395,554 |
$2,469,502 |
| 19 |
$4,708,990 |
$1,702,657
$415,333 |
$2,591,000 |
| 20 |
$4,944,420 |
$1,789,766
$436,098 |
$2,718,556 |
| 21 |
$5,191,680 |
$1,881,252
$457,906 |
$2,852,522 |
| 22 |
$5,451,290 |
$1,977,308
$480,804 |
$2,993,178 |
| 23 |
$5,723,770 |
$2,078,125
$504,837 |
$3,140,808 |
| 24 |
$6,010,030 |
$2,184,041
$530,085 |
$3,295,904 |
| 25 |
$6,310,460 |
$2,295,201
$556,583 |
$3,458,676 |
| 26 |
$6,626,100 |
$2,411,987
$584,422 |
$3,629,691 |
| 27 |
$6,957,340 |
$2,534,546
$613,637 |
$3,809,157 |
| 28 |
$7,305,220 |
$2,663,262
$644,320 |
$3,997,638 |
| 29 |
$7,670,520 |
$2,798,423
$676,540 |
$4,195,557 |
| 30 |
$8,054,020 |
$2,940,318
$710,365 |
$4,403,337 |
|
|
