New York Lottery

NYLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 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 Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(8.82%)	$8,740,620
Net Lumpsum Payment	$53,732,050

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$258,862	$1,629,823
2	$3,081,780	-$1,100,589 -$271,813	$1,709,378
3	$3,235,830	-$1,157,587 -$285,400	$1,792,843
4	$3,397,680	-$1,217,472 -$299,675	$1,880,533
5	$3,567,525	-$1,280,315 -$314,656	$1,972,554
6	$3,745,950	-$1,346,332 -$330,393	$2,069,225
7	$3,933,150	-$1,415,596 -$346,904	$2,170,650
8	$4,129,905	-$1,488,395 -$364,258	$2,277,252
9	$4,336,410	-$1,564,802 -$382,471	$2,389,137
10	$4,553,250	-$1,645,033 -$401,597	$2,506,620
11	$4,780,815	-$1,729,232 -$421,668	$2,629,915
12	$5,019,885	-$1,817,688 -$442,754	$2,759,443
13	$5,270,850	-$1,910,545 -$464,889	$2,895,416
14	$5,534,490	-$2,008,092 -$488,142	$3,038,256
15	$5,811,195	-$2,110,473 -$512,547	$3,188,175
16	$6,101,745	-$2,217,976 -$538,174	$3,345,595
17	$6,406,725	-$2,330,819 -$565,073	$3,510,833
18	$6,727,110	-$2,449,361 -$593,331	$3,684,418
19	$7,063,485	-$2,573,820 -$622,999	$3,866,666
20	$7,416,630	-$2,704,483 -$654,147	$4,058,000
21	$7,787,520	-$2,841,713 -$686,859	$4,258,948
22	$8,176,935	-$2,985,796 -$721,206	$4,469,933
23	$8,585,655	-$3,137,023 -$757,255	$4,691,377
24	$9,015,045	-$3,295,897 -$795,127	$4,924,021
25	$9,465,690	-$3,462,636 -$834,874	$5,168,180
26	$9,939,150	-$3,637,816 -$876,633	$5,424,701
27	$10,436,010	-$3,821,654 -$920,456	$5,693,900
28	$10,957,830	-$4,014,727 -$966,481	$5,976,622
29	$11,505,780	-$4,217,469 -$1,014,810	$6,273,501
30	$12,081,030	-$4,430,311 -$1,065,547	$6,585,172