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 Date | Wed 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 |
|
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