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 |
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Draw Date | Wed Oct 30, 2024 | Projected Jackpot | $39,000,000 | Cash Value | $18,600,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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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