The jackpot for the Powerball draw on Wed Dec 11, 2024, is projected to be $30 Million, with an option for a cash payout of $14.5 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 Wed Dec 11, 2024 |
|---|
| Draw Date | Wed Dec 11, 2024 | | Projected Jackpot | $30,000,000 | | Cash Value | $14,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $14,500,000 | | Federal Tax(24%) | $3,480,000 | | Additional Federal Tax | $1,845,330 | | State Tax(8%) | $1,160,000 | | Net Lumpsum Payment | $8,014,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$36,122 |
$288,012 |
| 2 |
$474,120 |
$135,755
$37,930 |
$300,435 |
| 3 |
$497,820 |
$144,524
$39,826 |
$313,470 |
| 4 |
$522,720 |
$153,737
$41,818 |
$327,165 |
| 5 |
$548,850 |
$163,405
$43,908 |
$341,537 |
| 6 |
$576,300 |
$173,561
$46,104 |
$356,635 |
| 7 |
$605,100 |
$184,217
$48,408 |
$372,475 |
| 8 |
$635,370 |
$195,417
$50,830 |
$389,123 |
| 9 |
$667,140 |
$207,172
$53,371 |
$406,597 |
| 10 |
$700,500 |
$219,515
$56,040 |
$424,945 |
| 11 |
$735,510 |
$232,469
$58,841 |
$444,200 |
| 12 |
$772,290 |
$246,078
$61,783 |
$464,429 |
| 13 |
$810,900 |
$260,363
$64,872 |
$485,665 |
| 14 |
$851,460 |
$275,371
$68,117 |
$507,972 |
| 15 |
$894,030 |
$291,121
$71,522 |
$531,387 |
| 16 |
$938,730 |
$307,660
$75,098 |
$555,972 |
| 17 |
$985,650 |
$325,021
$78,852 |
$581,777 |
| 18 |
$1,034,940 |
$343,258
$82,795 |
$608,887 |
| 19 |
$1,086,690 |
$362,406
$86,935 |
$637,349 |
| 20 |
$1,141,020 |
$382,508
$91,282 |
$667,230 |
| 21 |
$1,198,080 |
$403,620
$95,846 |
$698,614 |
| 22 |
$1,257,990 |
$425,787
$100,639 |
$731,564 |
| 23 |
$1,320,870 |
$449,052
$105,670 |
$766,148 |
| 24 |
$1,386,930 |
$473,494
$110,954 |
$802,482 |
| 25 |
$1,456,260 |
$499,147
$116,501 |
$840,612 |
| 26 |
$1,529,100 |
$526,097
$122,328 |
$880,675 |
| 27 |
$1,605,540 |
$554,380
$128,443 |
$922,717 |
| 28 |
$1,685,820 |
$584,084
$134,866 |
$966,870 |
| 29 |
$1,770,120 |
$615,275
$141,610 |
$1,013,235 |
| 30 |
$1,858,620 |
$648,020
$148,690 |
$1,061,910 |
|
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