The jackpot for the Powerball draw on Wed Mar 12, 2025, is projected to be $353 Million, with an option for a cash payout of $165.7 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 Wed Mar 12, 2025 |
|---|
| Draw Date | Wed Mar 12, 2025 | | Projected Jackpot | $353,000,000 | | Cash Value | $165,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $165,700,000 | | Federal Tax(24%) | $39,768,000 | | Additional Federal Tax | $21,501,330 | | State Tax(5.9%) | $9,776,300 | | Net Lumpsum Payment | $94,654,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,313,003 |
$1,926,141
$313,467 |
$3,073,395 |
| 2 |
$5,578,812 |
$2,024,491
$329,150 |
$3,225,171 |
| 3 |
$5,857,682 |
$2,127,673
$345,603 |
$3,384,406 |
| 4 |
$6,150,672 |
$2,236,079
$362,890 |
$3,551,703 |
| 5 |
$6,458,135 |
$2,349,840
$381,030 |
$3,727,265 |
| 6 |
$6,781,130 |
$2,469,348
$400,087 |
$3,911,695 |
| 7 |
$7,120,010 |
$2,594,734
$420,081 |
$4,105,195 |
| 8 |
$7,476,187 |
$2,726,520
$441,095 |
$4,308,572 |
| 9 |
$7,850,014 |
$2,864,836
$463,151 |
$4,522,027 |
| 10 |
$8,242,550 |
$3,010,074
$486,310 |
$4,746,166 |
| 11 |
$8,654,501 |
$3,162,496
$510,616 |
$4,981,389 |
| 12 |
$9,087,279 |
$3,322,624
$536,149 |
$5,228,506 |
| 13 |
$9,541,590 |
$3,490,719
$562,954 |
$5,487,917 |
| 14 |
$10,018,846 |
$3,667,303
$591,112 |
$5,760,431 |
| 15 |
$10,519,753 |
$3,852,639
$620,665 |
$6,046,449 |
| 16 |
$11,045,723 |
$4,047,248
$651,698 |
$6,346,777 |
| 17 |
$11,597,815 |
$4,251,522
$684,271 |
$6,662,022 |
| 18 |
$12,177,794 |
$4,466,114
$718,490 |
$6,993,190 |
| 19 |
$12,786,719 |
$4,691,416
$754,416 |
$7,340,887 |
| 20 |
$13,426,002 |
$4,927,951
$792,134 |
$7,705,917 |
| 21 |
$14,097,408 |
$5,176,371
$831,747 |
$8,089,290 |
| 22 |
$14,802,349 |
$5,437,200
$873,339 |
$8,491,810 |
| 23 |
$15,542,237 |
$5,710,958
$916,992 |
$8,914,287 |
| 24 |
$16,319,543 |
$5,998,561
$962,853 |
$9,358,129 |
| 25 |
$17,135,326 |
$6,300,401
$1,010,984 |
$9,823,941 |
| 26 |
$17,992,410 |
$6,617,522
$1,061,552 |
$10,313,336 |
| 27 |
$18,891,854 |
$6,950,316
$1,114,619 |
$10,826,919 |
| 28 |
$19,836,482 |
$7,299,829
$1,170,352 |
$11,366,301 |
| 29 |
$20,828,412 |
$7,666,843
$1,228,876 |
$11,932,693 |
| 30 |
$21,869,762 |
$8,052,142
$1,290,316 |
$12,527,304 |
|
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