The jackpot for the Powerball draw on Mon Jun 23, 2025, is projected to be $128 Million, with an option for a cash payout of $57.6 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 Mon Jun 23, 2025 |
|---|
| Draw Date | Mon Jun 23, 2025 | | Projected Jackpot | $128,000,000 | | Cash Value | $57,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $57,600,000 | | Federal Tax(24%) | $13,824,000 | | Additional Federal Tax | $7,448,330 | | State Tax(8%) | $4,608,000 | | Net Lumpsum Payment | $31,719,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,926,528 |
$673,146
$154,122 |
$1,099,260 |
| 2 |
$2,022,912 |
$708,808
$161,833 |
$1,152,271 |
| 3 |
$2,124,032 |
$746,222
$169,923 |
$1,207,887 |
| 4 |
$2,230,272 |
$785,531
$178,422 |
$1,266,319 |
| 5 |
$2,341,760 |
$826,782
$187,341 |
$1,327,637 |
| 6 |
$2,458,880 |
$870,116
$196,710 |
$1,392,054 |
| 7 |
$2,581,760 |
$915,582
$206,541 |
$1,459,637 |
| 8 |
$2,710,912 |
$963,368
$216,873 |
$1,530,671 |
| 9 |
$2,846,464 |
$1,013,522
$227,717 |
$1,605,225 |
| 10 |
$2,988,800 |
$1,066,186
$239,104 |
$1,683,510 |
| 11 |
$3,138,176 |
$1,121,456
$251,054 |
$1,765,666 |
| 12 |
$3,295,104 |
$1,179,519
$263,608 |
$1,851,977 |
| 13 |
$3,459,840 |
$1,240,471
$276,787 |
$1,942,582 |
| 14 |
$3,632,896 |
$1,304,502
$290,632 |
$2,037,762 |
| 15 |
$3,814,528 |
$1,371,706
$305,162 |
$2,137,660 |
| 16 |
$4,005,248 |
$1,442,272
$320,420 |
$2,242,556 |
| 17 |
$4,205,440 |
$1,516,343
$336,435 |
$2,352,662 |
| 18 |
$4,415,744 |
$1,594,156
$353,260 |
$2,468,328 |
| 19 |
$4,636,544 |
$1,675,852
$370,924 |
$2,589,768 |
| 20 |
$4,868,352 |
$1,761,621
$389,468 |
$2,717,263 |
| 21 |
$5,111,808 |
$1,851,699
$408,945 |
$2,851,164 |
| 22 |
$5,367,424 |
$1,946,277
$429,394 |
$2,991,753 |
| 23 |
$5,635,712 |
$2,045,544
$450,857 |
$3,139,311 |
| 24 |
$5,917,568 |
$2,149,831
$473,405 |
$3,294,332 |
| 25 |
$6,213,376 |
$2,259,280
$497,070 |
$3,457,026 |
| 26 |
$6,524,160 |
$2,374,270
$521,933 |
$3,627,957 |
| 27 |
$6,850,304 |
$2,494,943
$548,024 |
$3,807,337 |
| 28 |
$7,192,832 |
$2,621,678
$575,427 |
$3,995,727 |
| 29 |
$7,552,512 |
$2,754,760
$604,201 |
$4,193,551 |
| 30 |
$7,930,112 |
$2,894,472
$634,409 |
$4,401,231 |
|
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