The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 Mexico residents, the state will deduct 5.9% from your lottery earnings.
New Mexico Powerball Jackpot/Cash Option for Sat May 11, 2024 |
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Draw Date | Sat May 11, 2024 | Projected Jackpot | $36,000,000 | Cash Value | $16,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $16,800,000 | Federal Tax(24%) | $4,032,000 | Additional Federal Tax | $2,144,330 | State Tax(5.9%) | $991,200 | Net Lumpsum Payment | $9,632,470 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$541,836 |
$160,810 $31,968 |
$349,058 |
2 |
$568,944 |
$170,840 $33,568 |
$364,536 |
3 |
$597,384 |
$181,362 $35,246 |
$380,776 |
4 |
$627,264 |
$192,418 $37,009 |
$397,837 |
5 |
$658,620 |
$204,020 $38,859 |
$415,741 |
6 |
$691,560 |
$216,208 $40,802 |
$434,550 |
7 |
$726,120 |
$228,995 $42,841 |
$454,284 |
8 |
$762,444 |
$242,435 $44,984 |
$475,025 |
9 |
$800,568 |
$256,541 $47,234 |
$496,793 |
10 |
$840,600 |
$271,352 $49,595 |
$519,653 |
11 |
$882,612 |
$286,897 $52,074 |
$543,641 |
12 |
$926,748 |
$303,227 $54,678 |
$568,843 |
13 |
$973,080 |
$320,370 $57,412 |
$595,298 |
14 |
$1,021,752 |
$338,379 $60,283 |
$623,090 |
15 |
$1,072,836 |
$357,280 $63,297 |
$652,259 |
16 |
$1,126,476 |
$377,127 $66,462 |
$682,887 |
17 |
$1,182,780 |
$397,959 $69,784 |
$715,037 |
18 |
$1,241,928 |
$419,844 $73,274 |
$748,810 |
19 |
$1,304,028 |
$442,821 $76,938 |
$784,269 |
20 |
$1,369,224 |
$466,943 $80,784 |
$821,497 |
21 |
$1,437,696 |
$492,278 $84,824 |
$860,594 |
22 |
$1,509,588 |
$518,878 $89,066 |
$901,644 |
23 |
$1,585,044 |
$546,797 $93,518 |
$944,729 |
24 |
$1,664,316 |
$576,127 $98,195 |
$989,994 |
25 |
$1,747,512 |
$606,910 $103,103 |
$1,037,499 |
26 |
$1,834,920 |
$639,251 $108,260 |
$1,087,409 |
27 |
$1,926,648 |
$673,190 $113,672 |
$1,139,786 |
28 |
$2,022,984 |
$708,834 $119,356 |
$1,194,794 |
29 |
$2,124,144 |
$746,264 $125,324 |
$1,252,556 |
30 |
$2,230,344 |
$785,558 $131,590 |
$1,313,196 |
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