The jackpot for the Powerball draw on Sat Jan 3, 2026, is projected to be $64 Million, with an option for a cash payout of $29.5 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 Jan 3, 2026 |
|---|
| Draw Date | Sat Jan 3, 2026 | | Projected Jackpot | $64,000,000 | | Cash Value | $29,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,500,000 | | Federal Tax(24%) | $7,080,000 | | Additional Federal Tax | $3,795,330 | | State Tax(8%) | $2,360,000 | | Net Lumpsum Payment | $16,264,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$963,264 |
$316,738
$77,061 |
$569,465 |
| 2 |
$1,011,456 |
$334,569
$80,916 |
$595,971 |
| 3 |
$1,062,016 |
$353,276
$84,961 |
$623,779 |
| 4 |
$1,115,136 |
$372,931
$89,211 |
$652,994 |
| 5 |
$1,170,880 |
$393,556
$93,670 |
$683,654 |
| 6 |
$1,229,440 |
$415,223
$98,355 |
$715,862 |
| 7 |
$1,290,880 |
$437,956
$103,270 |
$749,654 |
| 8 |
$1,355,456 |
$461,849
$108,436 |
$785,171 |
| 9 |
$1,423,232 |
$486,926
$113,859 |
$822,447 |
| 10 |
$1,494,400 |
$513,258
$119,552 |
$861,590 |
| 11 |
$1,569,088 |
$540,893
$125,527 |
$902,668 |
| 12 |
$1,647,552 |
$569,925
$131,804 |
$945,823 |
| 13 |
$1,729,920 |
$600,401
$138,394 |
$991,125 |
| 14 |
$1,816,448 |
$632,416
$145,316 |
$1,038,716 |
| 15 |
$1,907,264 |
$666,018
$152,581 |
$1,088,665 |
| 16 |
$2,002,624 |
$701,301
$160,210 |
$1,141,113 |
| 17 |
$2,102,720 |
$738,337
$168,218 |
$1,196,165 |
| 18 |
$2,207,872 |
$777,243
$176,630 |
$1,253,999 |
| 19 |
$2,318,272 |
$818,091
$185,462 |
$1,314,719 |
| 20 |
$2,434,176 |
$860,976
$194,734 |
$1,378,466 |
| 21 |
$2,555,904 |
$906,015
$204,472 |
$1,445,417 |
| 22 |
$2,683,712 |
$953,304
$214,697 |
$1,515,711 |
| 23 |
$2,817,856 |
$1,002,937
$225,428 |
$1,589,491 |
| 24 |
$2,958,784 |
$1,055,080
$236,703 |
$1,667,001 |
| 25 |
$3,106,688 |
$1,109,805
$248,535 |
$1,748,348 |
| 26 |
$3,262,080 |
$1,167,300
$260,966 |
$1,833,814 |
| 27 |
$3,425,152 |
$1,227,637
$274,012 |
$1,923,503 |
| 28 |
$3,596,416 |
$1,291,004
$287,713 |
$2,017,699 |
| 29 |
$3,776,256 |
$1,357,545
$302,100 |
$2,116,611 |
| 30 |
$3,965,056 |
$1,427,401
$317,204 |
$2,220,451 |
|
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