The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(8%) | $6,296,000 | | Net Lumpsum Payment | $43,324,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$205,898 |
$1,455,216 |
| 2 |
$2,702,484 |
$960,249
$216,199 |
$1,526,036 |
| 3 |
$2,837,574 |
$1,010,233
$227,006 |
$1,600,335 |
| 4 |
$2,979,504 |
$1,062,747
$238,360 |
$1,678,397 |
| 5 |
$3,128,445 |
$1,117,855
$250,276 |
$1,760,314 |
| 6 |
$3,284,910 |
$1,175,747
$262,793 |
$1,846,370 |
| 7 |
$3,449,070 |
$1,236,486
$275,926 |
$1,936,658 |
| 8 |
$3,621,609 |
$1,300,326
$289,729 |
$2,031,554 |
| 9 |
$3,802,698 |
$1,367,329
$304,216 |
$2,131,153 |
| 10 |
$3,992,850 |
$1,437,685
$319,428 |
$2,235,737 |
| 11 |
$4,192,407 |
$1,511,521
$335,393 |
$2,345,493 |
| 12 |
$4,402,053 |
$1,589,090
$352,164 |
$2,460,799 |
| 13 |
$4,622,130 |
$1,670,518
$369,770 |
$2,581,842 |
| 14 |
$4,853,322 |
$1,756,060
$388,266 |
$2,708,996 |
| 15 |
$5,095,971 |
$1,845,840
$407,678 |
$2,842,453 |
| 16 |
$5,350,761 |
$1,940,112
$428,061 |
$2,982,588 |
| 17 |
$5,618,205 |
$2,039,066
$449,456 |
$3,129,683 |
| 18 |
$5,899,158 |
$2,143,019
$471,933 |
$3,284,206 |
| 19 |
$6,194,133 |
$2,252,160
$495,531 |
$3,446,442 |
| 20 |
$6,503,814 |
$2,366,742
$520,305 |
$3,616,767 |
| 21 |
$6,829,056 |
$2,487,081
$546,324 |
$3,795,651 |
| 22 |
$7,170,543 |
$2,613,431
$573,643 |
$3,983,469 |
| 23 |
$7,528,959 |
$2,746,045
$602,317 |
$4,180,597 |
| 24 |
$7,905,501 |
$2,885,366
$632,440 |
$4,387,695 |
| 25 |
$8,300,682 |
$3,031,583
$664,055 |
$4,605,044 |
| 26 |
$8,715,870 |
$3,185,202
$697,270 |
$4,833,398 |
| 27 |
$9,151,578 |
$3,346,414
$732,126 |
$5,073,038 |
| 28 |
$9,609,174 |
$3,515,725
$768,734 |
$5,324,715 |
| 29 |
$10,089,684 |
$3,693,513
$807,175 |
$5,588,996 |
| 30 |
$10,594,134 |
$3,880,160
$847,531 |
$5,866,443 |
|
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