The jackpot for the Powerball draw on Mon May 19, 2025, is projected to be $134 Million, with an option for a cash payout of $60.3 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 Mon May 19, 2025 |
---|
Draw Date | Mon May 19, 2025 | Projected Jackpot | $134,000,000 | Cash Value | $60,300,000 |
Lumpsum Option Taxes and Payment |
---|
Cash Gross Payment | $60,300,000 | Federal Tax(24%) | $14,472,000 | Additional Federal Tax | $7,799,330 | State Tax(8%) | $4,824,000 | Net Lumpsum Payment | $33,204,670 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$2,016,834 |
$706,559 $161,347 |
$1,148,928 |
2 |
$2,117,736 |
$743,893 $169,419 |
$1,204,424 |
3 |
$2,223,596 |
$783,061 $177,888 |
$1,262,647 |
4 |
$2,334,816 |
$824,212 $186,785 |
$1,323,819 |
5 |
$2,451,530 |
$867,396 $196,122 |
$1,388,012 |
6 |
$2,574,140 |
$912,762 $205,931 |
$1,455,447 |
7 |
$2,702,780 |
$960,359 $216,222 |
$1,526,199 |
8 |
$2,837,986 |
$1,010,385 $227,039 |
$1,600,562 |
9 |
$2,979,892 |
$1,062,890 $238,391 |
$1,678,611 |
10 |
$3,128,900 |
$1,118,023 $250,312 |
$1,760,565 |
11 |
$3,285,278 |
$1,175,883 $262,822 |
$1,846,573 |
12 |
$3,449,562 |
$1,236,668 $275,965 |
$1,936,929 |
13 |
$3,622,020 |
$1,300,478 $289,762 |
$2,031,780 |
14 |
$3,803,188 |
$1,367,510 $304,255 |
$2,131,423 |
15 |
$3,993,334 |
$1,437,864 $319,467 |
$2,236,003 |
16 |
$4,192,994 |
$1,511,738 $335,440 |
$2,345,816 |
17 |
$4,402,570 |
$1,589,281 $352,206 |
$2,461,083 |
18 |
$4,622,732 |
$1,670,741 $369,819 |
$2,582,172 |
19 |
$4,853,882 |
$1,756,267 $388,311 |
$2,709,304 |
20 |
$5,096,556 |
$1,846,056 $407,724 |
$2,842,776 |
21 |
$5,351,424 |
$1,940,357 $428,114 |
$2,982,953 |
22 |
$5,619,022 |
$2,039,369 $449,522 |
$3,130,131 |
23 |
$5,899,886 |
$2,143,288 $471,991 |
$3,284,607 |
24 |
$6,194,954 |
$2,252,463 $495,596 |
$3,446,895 |
25 |
$6,504,628 |
$2,367,043 $520,370 |
$3,617,215 |
26 |
$6,829,980 |
$2,487,423 $546,398 |
$3,796,159 |
27 |
$7,171,412 |
$2,613,753 $573,713 |
$3,983,946 |
28 |
$7,529,996 |
$2,746,429 $602,400 |
$4,181,167 |
29 |
$7,906,536 |
$2,885,749 $632,523 |
$4,388,264 |
30 |
$8,301,836 |
$3,032,010 $664,147 |
$4,605,679 |
|
|