The jackpot for the Powerball draw on Mon Apr 28, 2025, is projected to be $20 Million, with an option for a cash payout of $9.2 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 Mon Apr 28, 2025 |
|---|
| Draw Date | Mon Apr 28, 2025 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,200,000 | | Federal Tax(24%) | $2,208,000 | | Additional Federal Tax | $1,156,330 | | State Tax(8.82%) | $811,440 | | Net Lumpsum Payment | $5,024,230 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$26,550 |
$202,762 |
| 2 |
$316,080 |
$77,280
$27,878 |
$210,922 |
| 3 |
$331,880 |
$83,126
$29,272 |
$219,482 |
| 4 |
$348,480 |
$89,268
$30,736 |
$228,476 |
| 5 |
$365,900 |
$95,713
$32,272 |
$237,915 |
| 6 |
$384,200 |
$102,484
$33,886 |
$247,830 |
| 7 |
$403,400 |
$109,588
$35,580 |
$258,232 |
| 8 |
$423,580 |
$117,055
$37,360 |
$269,165 |
| 9 |
$444,760 |
$124,892
$39,228 |
$280,640 |
| 10 |
$467,000 |
$133,120
$41,189 |
$292,691 |
| 11 |
$490,340 |
$141,756
$43,248 |
$305,336 |
| 12 |
$514,860 |
$150,829
$45,411 |
$318,620 |
| 13 |
$540,600 |
$160,352
$47,681 |
$332,567 |
| 14 |
$567,640 |
$170,357
$50,066 |
$347,217 |
| 15 |
$596,020 |
$180,858
$52,569 |
$362,593 |
| 16 |
$625,820 |
$191,884
$55,197 |
$378,739 |
| 17 |
$657,100 |
$203,457
$57,956 |
$395,687 |
| 18 |
$689,960 |
$215,616
$60,854 |
$413,490 |
| 19 |
$724,460 |
$228,381
$63,897 |
$432,182 |
| 20 |
$760,680 |
$241,782
$67,092 |
$451,806 |
| 21 |
$798,720 |
$255,857
$70,447 |
$472,416 |
| 22 |
$838,660 |
$270,635
$73,970 |
$494,055 |
| 23 |
$880,580 |
$286,145
$77,667 |
$516,768 |
| 24 |
$924,620 |
$302,440
$81,551 |
$540,629 |
| 25 |
$970,840 |
$319,541
$85,628 |
$565,671 |
| 26 |
$1,019,400 |
$337,508
$89,911 |
$591,981 |
| 27 |
$1,070,360 |
$356,364
$94,406 |
$619,590 |
| 28 |
$1,123,880 |
$376,166
$99,126 |
$648,588 |
| 29 |
$1,180,080 |
$396,960
$104,083 |
$679,037 |
| 30 |
$1,239,080 |
$418,790
$109,287 |
$711,003 |
|
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