New York Lottery

NYLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of New York, your state will take 8.82% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New York Powerball Jackpot/Cash Option for Sat Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(8.82%)	$10,381,140
Net Lumpsum Payment	$63,809,530

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$349,132	$2,184,338
2	$4,156,452	-$1,498,218 -$366,599	$2,291,635
3	$4,364,222	-$1,575,093 -$384,924	$2,404,205
4	$4,582,512	-$1,655,860 -$404,178	$2,522,474
5	$4,811,585	-$1,740,617 -$424,382	$2,646,586
6	$5,052,230	-$1,829,655 -$445,607	$2,776,968
7	$5,304,710	-$1,923,073 -$467,875	$2,913,762
8	$5,570,077	-$2,021,259 -$491,281	$3,057,537
9	$5,848,594	-$2,124,310 -$515,846	$3,208,438
10	$6,141,050	-$2,232,519 -$541,641	$3,366,890
11	$6,447,971	-$2,346,080 -$568,711	$3,533,180
12	$6,770,409	-$2,465,382 -$597,150	$3,707,877
13	$7,108,890	-$2,590,620 -$627,004	$3,891,266
14	$7,464,466	-$2,722,183 -$658,366	$4,083,917
15	$7,837,663	-$2,860,266 -$691,282	$4,286,115
16	$8,229,533	-$3,005,258 -$725,845	$4,498,430
17	$8,640,865	-$3,157,450 -$762,124	$4,721,291
18	$9,072,974	-$3,317,331 -$800,236	$4,955,407
19	$9,526,649	-$3,485,191 -$840,250	$5,201,208
20	$10,002,942	-$3,661,419 -$882,259	$5,459,264
21	$10,503,168	-$3,846,503 -$926,379	$5,730,286
22	$11,028,379	-$4,040,831 -$972,703	$6,014,845
23	$11,579,627	-$4,244,792 -$1,021,323	$6,313,512
24	$12,158,753	-$4,459,069 -$1,072,402	$6,627,282
25	$12,766,546	-$4,683,952 -$1,126,009	$6,956,585
26	$13,405,110	-$4,920,221 -$1,182,331	$7,302,558
27	$14,075,234	-$5,168,167 -$1,241,436	$7,665,631
28	$14,779,022	-$5,428,569 -$1,303,510	$8,046,943
29	$15,518,052	-$5,702,010 -$1,368,692	$8,447,350
30	$16,293,902	-$5,989,074 -$1,437,122	$8,867,706