The jackpot for the Powerball draw on Sat Jan 4, 2025, is projected to be $200 Million, with an option for a cash payout of $90.7 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 Jan 4, 2025 |
|---|
| Draw Date | Sat Jan 4, 2025 | | Projected Jackpot | $200,000,000 | | Cash Value | $90,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $90,700,000 | | Federal Tax(24%) | $21,768,000 | | Additional Federal Tax | $11,751,330 | | State Tax(5.9%) | $5,351,300 | | Net Lumpsum Payment | $51,829,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,010,200 |
$1,074,104
$177,602 |
$1,758,494 |
| 2 |
$3,160,800 |
$1,129,826
$186,487 |
$1,844,487 |
| 3 |
$3,318,800 |
$1,188,286
$195,809 |
$1,934,705 |
| 4 |
$3,484,800 |
$1,249,706
$205,603 |
$2,029,491 |
| 5 |
$3,659,000 |
$1,314,160
$215,881 |
$2,128,959 |
| 6 |
$3,842,000 |
$1,381,870
$226,678 |
$2,233,452 |
| 7 |
$4,034,000 |
$1,452,910
$238,006 |
$2,343,084 |
| 8 |
$4,235,800 |
$1,527,576
$249,912 |
$2,458,312 |
| 9 |
$4,447,600 |
$1,605,942
$262,408 |
$2,579,250 |
| 10 |
$4,670,000 |
$1,688,230
$275,530 |
$2,706,240 |
| 11 |
$4,903,400 |
$1,774,588
$289,301 |
$2,839,511 |
| 12 |
$5,148,600 |
$1,865,312
$303,767 |
$2,979,521 |
| 13 |
$5,406,000 |
$1,960,550
$318,954 |
$3,126,496 |
| 14 |
$5,676,400 |
$2,060,598
$334,908 |
$3,280,894 |
| 15 |
$5,960,200 |
$2,165,604
$351,652 |
$3,442,944 |
| 16 |
$6,258,200 |
$2,275,864
$369,234 |
$3,613,102 |
| 17 |
$6,571,000 |
$2,391,600
$387,689 |
$3,791,711 |
| 18 |
$6,899,600 |
$2,513,182
$407,076 |
$3,979,342 |
| 19 |
$7,244,600 |
$2,640,832
$427,431 |
$4,176,337 |
| 20 |
$7,606,800 |
$2,774,846
$448,801 |
$4,383,153 |
| 21 |
$7,987,200 |
$2,915,594
$471,245 |
$4,600,361 |
| 22 |
$8,386,600 |
$3,063,372
$494,809 |
$4,828,419 |
| 23 |
$8,805,800 |
$3,218,476
$519,542 |
$5,067,782 |
| 24 |
$9,246,200 |
$3,381,424
$545,526 |
$5,319,250 |
| 25 |
$9,708,400 |
$3,552,438
$572,796 |
$5,583,166 |
| 26 |
$10,194,000 |
$3,732,110
$601,446 |
$5,860,444 |
| 27 |
$10,703,600 |
$3,920,662
$631,512 |
$6,151,426 |
| 28 |
$11,238,800 |
$4,118,686
$663,089 |
$6,457,025 |
| 29 |
$11,800,800 |
$4,326,626
$696,247 |
$6,777,927 |
| 30 |
$12,390,800 |
$4,544,926
$731,057 |
$7,114,817 |
|
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