The jackpot for the Powerball draw on Sat Jul 27, 2024, is projected to be $131 Million, with an option for a cash payout of $62.8 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 York residents, the state will deduct 8.82% from your lottery earnings.
| New York Powerball Jackpot/Cash Option for Sat Jul 27, 2024 |
|---|
| Draw Date | Sat Jul 27, 2024 | | Projected Jackpot | $131,000,000 | | Cash Value | $62,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $62,800,000 | | Federal Tax(24%) | $15,072,000 | | Additional Federal Tax | $8,124,330 | | State Tax(8.82%) | $5,538,960 | | Net Lumpsum Payment | $34,064,710 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,971,681 |
$689,852
$173,902 |
$1,107,927 |
| 2 |
$2,070,324 |
$726,350
$182,603 |
$1,161,371 |
| 3 |
$2,173,814 |
$764,642
$191,730 |
$1,217,442 |
| 4 |
$2,282,544 |
$804,872
$201,320 |
$1,276,352 |
| 5 |
$2,396,645 |
$847,089
$211,384 |
$1,338,172 |
| 6 |
$2,516,510 |
$891,439
$221,956 |
$1,403,115 |
| 7 |
$2,642,270 |
$937,970
$233,048 |
$1,471,252 |
| 8 |
$2,774,449 |
$986,877
$244,706 |
$1,542,866 |
| 9 |
$2,913,178 |
$1,038,206
$256,942 |
$1,618,030 |
| 10 |
$3,058,850 |
$1,092,105
$269,791 |
$1,696,954 |
| 11 |
$3,211,727 |
$1,148,669
$283,274 |
$1,779,784 |
| 12 |
$3,372,333 |
$1,208,094
$297,440 |
$1,866,799 |
| 13 |
$3,540,930 |
$1,270,474
$312,310 |
$1,958,146 |
| 14 |
$3,718,042 |
$1,336,006
$327,931 |
$2,054,105 |
| 15 |
$3,903,931 |
$1,404,785
$344,327 |
$2,154,819 |
| 16 |
$4,099,121 |
$1,477,005
$361,542 |
$2,260,574 |
| 17 |
$4,304,005 |
$1,552,812
$379,613 |
$2,371,580 |
| 18 |
$4,519,238 |
$1,632,448
$398,597 |
$2,488,193 |
| 19 |
$4,745,213 |
$1,716,059
$418,528 |
$2,610,626 |
| 20 |
$4,982,454 |
$1,803,838
$439,452 |
$2,739,164 |
| 21 |
$5,231,616 |
$1,896,028
$461,429 |
$2,874,159 |
| 22 |
$5,493,223 |
$1,992,823
$484,502 |
$3,015,898 |
| 23 |
$5,767,799 |
$2,094,416
$508,720 |
$3,164,663 |
| 24 |
$6,056,261 |
$2,201,147
$534,162 |
$3,320,952 |
| 25 |
$6,359,002 |
$2,313,161
$560,864 |
$3,484,977 |
| 26 |
$6,677,070 |
$2,430,846
$588,918 |
$3,657,306 |
| 27 |
$7,010,858 |
$2,554,348
$618,358 |
$3,838,152 |
| 28 |
$7,361,414 |
$2,684,054
$649,277 |
$4,028,083 |
| 29 |
$7,729,524 |
$2,820,254
$681,744 |
$4,227,526 |
| 30 |
$8,115,974 |
$2,963,241
$715,829 |
$4,436,904 |
|
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