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 |
|---|
| Draw Date | Wed Oct 30, 2024 | | Projected Jackpot | $39,000,000 | | Cash Value | $18,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| 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 |
|---|
| 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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