The jackpot for the Powerball draw on Sat Nov 30, 2024, is projected to be $214 Million, with an option for a cash payout of $99 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 Nov 30, 2024 |
|---|
| Draw Date | Sat Nov 30, 2024 | | Projected Jackpot | $214,000,000 | | Cash Value | $99,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $99,000,000 | | Federal Tax(24%) | $23,760,000 | | Additional Federal Tax | $12,830,330 | | State Tax(8%) | $7,920,000 | | Net Lumpsum Payment | $54,489,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,220,914 |
$1,152,069
$257,673 |
$1,811,172 |
| 2 |
$3,382,056 |
$1,211,691
$270,564 |
$1,899,801 |
| 3 |
$3,551,116 |
$1,274,243
$284,089 |
$1,992,784 |
| 4 |
$3,728,736 |
$1,339,963
$298,299 |
$2,090,474 |
| 5 |
$3,915,130 |
$1,408,928
$313,210 |
$2,192,992 |
| 6 |
$4,110,940 |
$1,481,378
$328,875 |
$2,300,687 |
| 7 |
$4,316,380 |
$1,557,391
$345,310 |
$2,413,679 |
| 8 |
$4,532,306 |
$1,637,284
$362,584 |
$2,532,438 |
| 9 |
$4,758,932 |
$1,721,135
$380,715 |
$2,657,082 |
| 10 |
$4,996,900 |
$1,809,183
$399,752 |
$2,787,965 |
| 11 |
$5,246,638 |
$1,901,586
$419,731 |
$2,925,321 |
| 12 |
$5,509,002 |
$1,998,661
$440,720 |
$3,069,621 |
| 13 |
$5,784,420 |
$2,100,566
$462,754 |
$3,221,100 |
| 14 |
$6,073,748 |
$2,207,617
$485,900 |
$3,380,231 |
| 15 |
$6,377,414 |
$2,319,974
$510,193 |
$3,547,247 |
| 16 |
$6,696,274 |
$2,437,952
$535,702 |
$3,722,620 |
| 17 |
$7,030,970 |
$2,561,789
$562,478 |
$3,906,703 |
| 18 |
$7,382,572 |
$2,691,882
$590,606 |
$4,100,084 |
| 19 |
$7,751,722 |
$2,828,468
$620,138 |
$4,303,116 |
| 20 |
$8,139,276 |
$2,971,863
$651,142 |
$4,516,271 |
| 21 |
$8,546,304 |
$3,122,463
$683,704 |
$4,740,137 |
| 22 |
$8,973,662 |
$3,280,585
$717,893 |
$4,975,184 |
| 23 |
$9,422,206 |
$3,446,547
$753,776 |
$5,221,883 |
| 24 |
$9,893,434 |
$3,620,901
$791,475 |
$5,481,058 |
| 25 |
$10,387,988 |
$3,803,886
$831,039 |
$5,753,063 |
| 26 |
$10,907,580 |
$3,996,135
$872,606 |
$6,038,839 |
| 27 |
$11,452,852 |
$4,197,886
$916,228 |
$6,338,738 |
| 28 |
$12,025,516 |
$4,409,771
$962,041 |
$6,653,704 |
| 29 |
$12,626,856 |
$4,632,267
$1,010,148 |
$6,984,441 |
| 30 |
$13,258,156 |
$4,865,848
$1,060,652 |
$7,331,656 |
|
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