The jackpot for the Powerball draw on Wed Oct 30, 2024, is projected to be $39 Million, with an option for a cash payout of $18.6 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 Oct 30, 2024 |
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Draw Date | Wed Oct 30, 2024 | Projected Jackpot | $39,000,000 | Cash Value | $18,600,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $18,600,000 | Federal Tax(24%) | $4,464,000 | Additional Federal Tax | $2,378,330 | State Tax(8%) | $1,488,000 | Net Lumpsum Payment | $10,269,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$586,989 |
$177,516 $46,959 |
$362,514 |
2 |
$616,356 |
$188,382 $49,308 |
$378,666 |
3 |
$647,166 |
$199,782 $51,773 |
$395,611 |
4 |
$679,536 |
$211,759 $54,363 |
$413,414 |
5 |
$713,505 |
$224,327 $57,080 |
$432,098 |
6 |
$749,190 |
$237,531 $59,935 |
$451,724 |
7 |
$786,630 |
$251,383 $62,930 |
$472,317 |
8 |
$825,981 |
$265,943 $66,078 |
$493,960 |
9 |
$867,282 |
$281,225 $69,383 |
$516,674 |
10 |
$910,650 |
$297,271 $72,852 |
$540,527 |
11 |
$956,163 |
$314,111 $76,493 |
$565,559 |
12 |
$1,003,977 |
$331,802 $80,318 |
$591,857 |
13 |
$1,054,170 |
$350,373 $84,334 |
$619,463 |
14 |
$1,106,898 |
$369,883 $88,552 |
$648,463 |
15 |
$1,162,239 |
$390,359 $92,979 |
$678,901 |
16 |
$1,220,349 |
$411,860 $97,628 |
$710,861 |
17 |
$1,281,345 |
$434,428 $102,508 |
$744,409 |
18 |
$1,345,422 |
$458,137 $107,634 |
$779,651 |
19 |
$1,412,697 |
$483,028 $113,016 |
$816,653 |
20 |
$1,483,326 |
$509,161 $118,666 |
$855,499 |
21 |
$1,557,504 |
$536,607 $124,600 |
$896,297 |
22 |
$1,635,387 |
$565,424 $130,831 |
$939,132 |
23 |
$1,717,131 |
$595,669 $137,370 |
$984,092 |
24 |
$1,803,009 |
$627,444 $144,241 |
$1,031,324 |
25 |
$1,893,138 |
$660,791 $151,451 |
$1,080,896 |
26 |
$1,987,830 |
$695,827 $159,026 |
$1,132,977 |
27 |
$2,087,202 |
$732,595 $166,976 |
$1,187,631 |
28 |
$2,191,566 |
$771,210 $175,325 |
$1,245,031 |
29 |
$2,301,156 |
$811,758 $184,092 |
$1,305,306 |
30 |
$2,416,206 |
$854,327 $193,296 |
$1,368,583 |
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