The jackpot for the Powerball draw on Sat Mar 1, 2025, is projected to be $272 Million, with an option for a cash payout of $124.4 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 Mar 1, 2025 |
|---|
| Draw Date | Sat Mar 1, 2025 | | Projected Jackpot | $272,000,000 | | Cash Value | $124,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $124,400,000 | | Federal Tax(24%) | $29,856,000 | | Additional Federal Tax | $16,132,330 | | State Tax(8%) | $9,952,000 | | Net Lumpsum Payment | $68,459,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,093,872 |
$1,475,063
$327,510 |
$2,291,299 |
| 2 |
$4,298,688 |
$1,550,845
$343,895 |
$2,403,948 |
| 3 |
$4,513,568 |
$1,630,351
$361,085 |
$2,522,132 |
| 4 |
$4,739,328 |
$1,713,882
$379,146 |
$2,646,300 |
| 5 |
$4,976,240 |
$1,801,539
$398,099 |
$2,776,602 |
| 6 |
$5,225,120 |
$1,893,625
$418,010 |
$2,913,485 |
| 7 |
$5,486,240 |
$1,990,239
$438,899 |
$3,057,102 |
| 8 |
$5,760,688 |
$2,091,785
$460,855 |
$3,208,048 |
| 9 |
$6,048,736 |
$2,198,363
$483,899 |
$3,366,474 |
| 10 |
$6,351,200 |
$2,310,274
$508,096 |
$3,532,830 |
| 11 |
$6,668,624 |
$2,427,721
$533,490 |
$3,707,413 |
| 12 |
$7,002,096 |
$2,551,106
$560,168 |
$3,890,822 |
| 13 |
$7,352,160 |
$2,680,630
$588,173 |
$4,083,357 |
| 14 |
$7,719,904 |
$2,816,695
$617,592 |
$4,285,617 |
| 15 |
$8,105,872 |
$2,959,503
$648,470 |
$4,497,899 |
| 16 |
$8,511,152 |
$3,109,457
$680,892 |
$4,720,803 |
| 17 |
$8,936,560 |
$3,266,858
$714,925 |
$4,954,777 |
| 18 |
$9,383,456 |
$3,432,209
$750,676 |
$5,200,571 |
| 19 |
$9,852,656 |
$3,605,813
$788,212 |
$5,458,631 |
| 20 |
$10,345,248 |
$3,788,072
$827,620 |
$5,729,556 |
| 21 |
$10,862,592 |
$3,979,489
$869,007 |
$6,014,096 |
| 22 |
$11,405,776 |
$4,180,468
$912,462 |
$6,312,846 |
| 23 |
$11,975,888 |
$4,391,409
$958,071 |
$6,626,408 |
| 24 |
$12,574,832 |
$4,613,018
$1,005,987 |
$6,955,827 |
| 25 |
$13,203,424 |
$4,845,597
$1,056,274 |
$7,301,553 |
| 26 |
$13,863,840 |
$5,089,951
$1,109,107 |
$7,664,782 |
| 27 |
$14,556,896 |
$5,346,382
$1,164,552 |
$8,045,962 |
| 28 |
$15,284,768 |
$5,615,695
$1,222,781 |
$8,446,292 |
| 29 |
$16,049,088 |
$5,898,493
$1,283,927 |
$8,866,668 |
| 30 |
$16,851,488 |
$6,195,381
$1,348,119 |
$9,307,988 |
|
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