The jackpot for the Powerball draw on Wed Oct 30, 2024, is projected to be $39 Million, with an option for a cash payout of $18.6 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 Wed Oct 30, 2024 |
|---|
| Draw Date | Wed Oct 30, 2024 | | Projected Jackpot | $39,000,000 | | Cash Value | $18,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $18,600,000 | | Federal Tax(24%) | $4,464,000 | | Additional Federal Tax | $2,378,330 | | State Tax(5.9%) | $1,097,400 | | Net Lumpsum Payment | $10,660,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$586,989 |
$177,516
$34,632 |
$374,841 |
| 2 |
$616,356 |
$188,382
$36,365 |
$391,609 |
| 3 |
$647,166 |
$199,782
$38,183 |
$409,201 |
| 4 |
$679,536 |
$211,759
$40,093 |
$427,684 |
| 5 |
$713,505 |
$224,327
$42,097 |
$447,081 |
| 6 |
$749,190 |
$237,531
$44,202 |
$467,457 |
| 7 |
$786,630 |
$251,383
$46,411 |
$488,836 |
| 8 |
$825,981 |
$265,943
$48,733 |
$511,305 |
| 9 |
$867,282 |
$281,225
$51,170 |
$534,887 |
| 10 |
$910,650 |
$297,271
$53,728 |
$559,651 |
| 11 |
$956,163 |
$314,111
$56,414 |
$585,638 |
| 12 |
$1,003,977 |
$331,802
$59,235 |
$612,940 |
| 13 |
$1,054,170 |
$350,373
$62,196 |
$641,601 |
| 14 |
$1,106,898 |
$369,883
$65,307 |
$671,708 |
| 15 |
$1,162,239 |
$390,359
$68,572 |
$703,308 |
| 16 |
$1,220,349 |
$411,860
$72,001 |
$736,488 |
| 17 |
$1,281,345 |
$434,428
$75,599 |
$771,318 |
| 18 |
$1,345,422 |
$458,137
$79,380 |
$807,905 |
| 19 |
$1,412,697 |
$483,028
$83,349 |
$846,320 |
| 20 |
$1,483,326 |
$509,161
$87,516 |
$886,649 |
| 21 |
$1,557,504 |
$536,607
$91,893 |
$929,004 |
| 22 |
$1,635,387 |
$565,424
$96,488 |
$973,475 |
| 23 |
$1,717,131 |
$595,669
$101,311 |
$1,020,151 |
| 24 |
$1,803,009 |
$627,444
$106,378 |
$1,069,187 |
| 25 |
$1,893,138 |
$660,791
$111,695 |
$1,120,652 |
| 26 |
$1,987,830 |
$695,827
$117,282 |
$1,174,721 |
| 27 |
$2,087,202 |
$732,595
$123,145 |
$1,231,462 |
| 28 |
$2,191,566 |
$771,210
$129,302 |
$1,291,054 |
| 29 |
$2,301,156 |
$811,758
$135,768 |
$1,353,630 |
| 30 |
$2,416,206 |
$854,327
$142,556 |
$1,419,323 |
|
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