Jackpot Analysis New Mexico Powerball

Jackpot Analysis for New Mexico Powerball
The jackpot for the Powerball draw on Wed Dec 11, 2024, is projected to be $30 Million, with an option for a cash payout of $14.5 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 Dec 11, 2024
Draw DateWed Dec 11, 2024
Projected Jackpot$30,000,000
Cash Value$14,500,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$14,500,000
Federal Tax(24%)$3,480,000
Additional Federal Tax$1,845,330
State Tax(5.9%)$855,500
Net Lumpsum Payment$8,319,170
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $451,530 $127,396
$26,640
$297,494
2 $474,120 $135,755
$27,973
$310,392
3 $497,820 $144,524
$29,371
$323,925
4 $522,720 $153,737
$30,840
$338,143
5 $548,850 $163,405
$32,382
$353,063
6 $576,300 $173,561
$34,002
$368,737
7 $605,100 $184,217
$35,701
$385,182
8 $635,370 $195,417
$37,487
$402,466
9 $667,140 $207,172
$39,361
$420,607
10 $700,500 $219,515
$41,330
$439,655
11 $735,510 $232,469
$43,395
$459,646
12 $772,290 $246,078
$45,565
$480,647
13 $810,900 $260,363
$47,843
$502,694
14 $851,460 $275,371
$50,236
$525,853
15 $894,030 $291,121
$52,748
$550,161
16 $938,730 $307,660
$55,385
$575,685
17 $985,650 $325,021
$58,153
$602,476
18 $1,034,940 $343,258
$61,061
$630,621
19 $1,086,690 $362,406
$64,115
$660,169
20 $1,141,020 $382,508
$67,320
$691,192
21 $1,198,080 $403,620
$70,687
$723,773
22 $1,257,990 $425,787
$74,221
$757,982
23 $1,320,870 $449,052
$77,931
$793,887
24 $1,386,930 $473,494
$81,829
$831,607
25 $1,456,260 $499,147
$85,919
$871,194
26 $1,529,100 $526,097
$90,217
$912,786
27 $1,605,540 $554,380
$94,727
$956,433
28 $1,685,820 $584,084
$99,463
$1,002,273
29 $1,770,120 $615,275
$104,437
$1,050,408
30 $1,858,620 $648,020
$109,659
$1,100,941