The jackpot for the Powerball draw on Mon May 20, 2024, is projected to be $88 Million, with an option for a cash payout of $41.4 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 Mon May 20, 2024 |
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Draw Date | Mon May 20, 2024 | Projected Jackpot | $88,000,000 | Cash Value | $41,400,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $41,400,000 | Federal Tax(24%) | $9,936,000 | Additional Federal Tax | $5,342,330 | State Tax(8%) | $3,312,000 | Net Lumpsum Payment | $22,809,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,324,488 |
$450,391 $105,959 |
$768,138 |
2 |
$1,390,752 |
$474,909 $111,260 |
$804,583 |
3 |
$1,460,272 |
$500,631 $116,822 |
$842,819 |
4 |
$1,533,312 |
$527,656 $122,665 |
$882,991 |
5 |
$1,609,960 |
$556,016 $128,797 |
$925,147 |
6 |
$1,690,480 |
$585,808 $135,238 |
$969,434 |
7 |
$1,774,960 |
$617,066 $141,997 |
$1,015,897 |
8 |
$1,863,752 |
$649,919 $149,100 |
$1,064,733 |
9 |
$1,956,944 |
$684,400 $156,556 |
$1,115,988 |
10 |
$2,054,800 |
$720,606 $164,384 |
$1,169,810 |
11 |
$2,157,496 |
$758,604 $172,600 |
$1,226,292 |
12 |
$2,265,384 |
$798,522 $181,231 |
$1,285,631 |
13 |
$2,378,640 |
$840,427 $190,291 |
$1,347,922 |
14 |
$2,497,616 |
$884,448 $199,809 |
$1,413,359 |
15 |
$2,622,488 |
$930,651 $209,799 |
$1,482,038 |
16 |
$2,753,608 |
$979,165 $220,289 |
$1,554,154 |
17 |
$2,891,240 |
$1,030,089 $231,299 |
$1,629,852 |
18 |
$3,035,824 |
$1,083,585 $242,866 |
$1,709,373 |
19 |
$3,187,624 |
$1,139,751 $255,010 |
$1,792,863 |
20 |
$3,346,992 |
$1,198,717 $267,759 |
$1,880,516 |
21 |
$3,514,368 |
$1,260,647 $281,149 |
$1,972,572 |
22 |
$3,690,104 |
$1,325,669 $295,208 |
$2,069,227 |
23 |
$3,874,552 |
$1,393,915 $309,964 |
$2,170,673 |
24 |
$4,068,328 |
$1,465,612 $325,466 |
$2,277,250 |
25 |
$4,271,696 |
$1,540,858 $341,736 |
$2,389,102 |
26 |
$4,485,360 |
$1,619,914 $358,829 |
$2,506,617 |
27 |
$4,709,584 |
$1,702,876 $376,767 |
$2,629,941 |
28 |
$4,945,072 |
$1,790,007 $395,606 |
$2,759,459 |
29 |
$5,192,352 |
$1,881,501 $415,388 |
$2,895,463 |
30 |
$5,451,952 |
$1,977,553 $436,156 |
$3,038,243 |
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