The jackpot for the Powerball draw on Sat May 3, 2025, is projected to be $44 Million, with an option for a cash payout of $20.3 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 May 3, 2025 |
|---|
| Draw Date | Sat May 3, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $20,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,300,000 | | Federal Tax(24%) | $4,872,000 | | Additional Federal Tax | $2,599,330 | | State Tax(8%) | $1,624,000 | | Net Lumpsum Payment | $11,204,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$52,980 |
$403,903 |
| 2 |
$695,376 |
$217,620
$55,630 |
$422,126 |
| 3 |
$730,136 |
$230,481
$58,411 |
$441,244 |
| 4 |
$766,656 |
$243,993
$61,332 |
$461,331 |
| 5 |
$804,980 |
$258,173
$64,398 |
$482,409 |
| 6 |
$845,240 |
$273,069
$67,619 |
$504,552 |
| 7 |
$887,480 |
$288,698
$70,998 |
$527,784 |
| 8 |
$931,876 |
$305,125
$74,550 |
$552,201 |
| 9 |
$978,472 |
$322,365
$78,278 |
$577,829 |
| 10 |
$1,027,400 |
$340,468
$82,192 |
$604,740 |
| 11 |
$1,078,748 |
$359,467
$86,300 |
$632,981 |
| 12 |
$1,132,692 |
$379,426
$90,615 |
$662,651 |
| 13 |
$1,189,320 |
$400,379
$95,146 |
$693,795 |
| 14 |
$1,248,808 |
$422,389
$99,905 |
$726,514 |
| 15 |
$1,311,244 |
$445,491
$104,900 |
$760,853 |
| 16 |
$1,376,804 |
$469,748
$110,144 |
$796,912 |
| 17 |
$1,445,620 |
$495,210
$115,650 |
$834,760 |
| 18 |
$1,517,912 |
$521,958
$121,433 |
$874,521 |
| 19 |
$1,593,812 |
$550,041
$127,505 |
$916,266 |
| 20 |
$1,673,496 |
$579,524
$133,880 |
$960,092 |
| 21 |
$1,757,184 |
$610,488
$140,575 |
$1,006,121 |
| 22 |
$1,845,052 |
$643,000
$147,604 |
$1,054,448 |
| 23 |
$1,937,276 |
$677,123
$154,982 |
$1,105,171 |
| 24 |
$2,034,164 |
$712,971
$162,733 |
$1,158,460 |
| 25 |
$2,135,848 |
$750,594
$170,868 |
$1,214,386 |
| 26 |
$2,242,680 |
$790,122
$179,414 |
$1,273,144 |
| 27 |
$2,354,792 |
$831,603
$188,383 |
$1,334,806 |
| 28 |
$2,472,536 |
$875,169
$197,803 |
$1,399,564 |
| 29 |
$2,596,176 |
$920,916
$207,694 |
$1,467,566 |
| 30 |
$2,725,976 |
$968,942
$218,078 |
$1,538,956 |
|
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