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 York residents, the state will deduct 8.82% from your lottery earnings.
| New York 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(8.82%) | $1,790,460 | | Net Lumpsum Payment | $11,038,210 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$58,410 |
$398,473 |
| 2 |
$695,376 |
$217,620
$61,332 |
$416,424 |
| 3 |
$730,136 |
$230,481
$64,398 |
$435,257 |
| 4 |
$766,656 |
$243,993
$67,619 |
$455,044 |
| 5 |
$804,980 |
$258,173
$70,999 |
$475,808 |
| 6 |
$845,240 |
$273,069
$74,550 |
$497,621 |
| 7 |
$887,480 |
$288,698
$78,276 |
$520,506 |
| 8 |
$931,876 |
$305,125
$82,191 |
$544,560 |
| 9 |
$978,472 |
$322,365
$86,301 |
$569,806 |
| 10 |
$1,027,400 |
$340,468
$90,617 |
$596,315 |
| 11 |
$1,078,748 |
$359,467
$95,146 |
$624,135 |
| 12 |
$1,132,692 |
$379,426
$99,903 |
$653,363 |
| 13 |
$1,189,320 |
$400,379
$104,898 |
$684,043 |
| 14 |
$1,248,808 |
$422,389
$110,145 |
$716,274 |
| 15 |
$1,311,244 |
$445,491
$115,652 |
$750,101 |
| 16 |
$1,376,804 |
$469,748
$121,434 |
$785,622 |
| 17 |
$1,445,620 |
$495,210
$127,504 |
$822,906 |
| 18 |
$1,517,912 |
$521,958
$133,880 |
$862,074 |
| 19 |
$1,593,812 |
$550,041
$140,574 |
$903,197 |
| 20 |
$1,673,496 |
$579,524
$147,602 |
$946,370 |
| 21 |
$1,757,184 |
$610,488
$154,984 |
$991,712 |
| 22 |
$1,845,052 |
$643,000
$162,734 |
$1,039,318 |
| 23 |
$1,937,276 |
$677,123
$170,868 |
$1,089,285 |
| 24 |
$2,034,164 |
$712,971
$179,413 |
$1,141,780 |
| 25 |
$2,135,848 |
$750,594
$188,382 |
$1,196,872 |
| 26 |
$2,242,680 |
$790,122
$197,804 |
$1,254,754 |
| 27 |
$2,354,792 |
$831,603
$207,693 |
$1,315,496 |
| 28 |
$2,472,536 |
$875,169
$218,078 |
$1,379,289 |
| 29 |
$2,596,176 |
$920,916
$228,983 |
$1,446,277 |
| 30 |
$2,725,976 |
$968,942
$240,431 |
$1,516,603 |
|
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