The jackpot for the Powerball draw on Sat Nov 30, 2024, is projected to be $214 Million, with an option for a cash payout of $99 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 Mexico residents, the state will deduct 5.9% from your lottery earnings.
| New Mexico Powerball Jackpot/Cash Option for Sat Nov 30, 2024 |
|---|
| Draw Date | Sat Nov 30, 2024 | | Projected Jackpot | $214,000,000 | | Cash Value | $99,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $99,000,000 | | Federal Tax(24%) | $23,760,000 | | Additional Federal Tax | $12,830,330 | | State Tax(5.9%) | $5,841,000 | | Net Lumpsum Payment | $56,568,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,220,914 |
$1,152,069
$190,034 |
$1,878,811 |
| 2 |
$3,382,056 |
$1,211,691
$199,541 |
$1,970,824 |
| 3 |
$3,551,116 |
$1,274,243
$209,516 |
$2,067,357 |
| 4 |
$3,728,736 |
$1,339,963
$219,995 |
$2,168,778 |
| 5 |
$3,915,130 |
$1,408,928
$230,993 |
$2,275,209 |
| 6 |
$4,110,940 |
$1,481,378
$242,545 |
$2,387,017 |
| 7 |
$4,316,380 |
$1,557,391
$254,666 |
$2,504,323 |
| 8 |
$4,532,306 |
$1,637,284
$267,406 |
$2,627,616 |
| 9 |
$4,758,932 |
$1,721,135
$280,777 |
$2,757,020 |
| 10 |
$4,996,900 |
$1,809,183
$294,817 |
$2,892,900 |
| 11 |
$5,246,638 |
$1,901,586
$309,552 |
$3,035,500 |
| 12 |
$5,509,002 |
$1,998,661
$325,031 |
$3,185,310 |
| 13 |
$5,784,420 |
$2,100,566
$341,281 |
$3,342,573 |
| 14 |
$6,073,748 |
$2,207,617
$358,351 |
$3,507,780 |
| 15 |
$6,377,414 |
$2,319,974
$376,267 |
$3,681,173 |
| 16 |
$6,696,274 |
$2,437,952
$395,080 |
$3,863,242 |
| 17 |
$7,030,970 |
$2,561,789
$414,827 |
$4,054,354 |
| 18 |
$7,382,572 |
$2,691,882
$435,572 |
$4,255,118 |
| 19 |
$7,751,722 |
$2,828,468
$457,352 |
$4,465,902 |
| 20 |
$8,139,276 |
$2,971,863
$480,217 |
$4,687,196 |
| 21 |
$8,546,304 |
$3,122,463
$504,232 |
$4,919,609 |
| 22 |
$8,973,662 |
$3,280,585
$529,446 |
$5,163,631 |
| 23 |
$9,422,206 |
$3,446,547
$555,910 |
$5,419,749 |
| 24 |
$9,893,434 |
$3,620,901
$583,713 |
$5,688,820 |
| 25 |
$10,387,988 |
$3,803,886
$612,891 |
$5,971,211 |
| 26 |
$10,907,580 |
$3,996,135
$643,547 |
$6,267,898 |
| 27 |
$11,452,852 |
$4,197,886
$675,718 |
$6,579,248 |
| 28 |
$12,025,516 |
$4,409,771
$709,505 |
$6,906,240 |
| 29 |
$12,626,856 |
$4,632,267
$744,985 |
$7,249,604 |
| 30 |
$13,258,156 |
$4,865,848
$782,231 |
$7,610,077 |
|
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