The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 May 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(5.9%) | $991,200 | | Net Lumpsum Payment | $9,632,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$31,968 |
$349,058 |
| 2 |
$568,944 |
$170,840
$33,568 |
$364,536 |
| 3 |
$597,384 |
$181,362
$35,246 |
$380,776 |
| 4 |
$627,264 |
$192,418
$37,009 |
$397,837 |
| 5 |
$658,620 |
$204,020
$38,859 |
$415,741 |
| 6 |
$691,560 |
$216,208
$40,802 |
$434,550 |
| 7 |
$726,120 |
$228,995
$42,841 |
$454,284 |
| 8 |
$762,444 |
$242,435
$44,984 |
$475,025 |
| 9 |
$800,568 |
$256,541
$47,234 |
$496,793 |
| 10 |
$840,600 |
$271,352
$49,595 |
$519,653 |
| 11 |
$882,612 |
$286,897
$52,074 |
$543,641 |
| 12 |
$926,748 |
$303,227
$54,678 |
$568,843 |
| 13 |
$973,080 |
$320,370
$57,412 |
$595,298 |
| 14 |
$1,021,752 |
$338,379
$60,283 |
$623,090 |
| 15 |
$1,072,836 |
$357,280
$63,297 |
$652,259 |
| 16 |
$1,126,476 |
$377,127
$66,462 |
$682,887 |
| 17 |
$1,182,780 |
$397,959
$69,784 |
$715,037 |
| 18 |
$1,241,928 |
$419,844
$73,274 |
$748,810 |
| 19 |
$1,304,028 |
$442,821
$76,938 |
$784,269 |
| 20 |
$1,369,224 |
$466,943
$80,784 |
$821,497 |
| 21 |
$1,437,696 |
$492,278
$84,824 |
$860,594 |
| 22 |
$1,509,588 |
$518,878
$89,066 |
$901,644 |
| 23 |
$1,585,044 |
$546,797
$93,518 |
$944,729 |
| 24 |
$1,664,316 |
$576,127
$98,195 |
$989,994 |
| 25 |
$1,747,512 |
$606,910
$103,103 |
$1,037,499 |
| 26 |
$1,834,920 |
$639,251
$108,260 |
$1,087,409 |
| 27 |
$1,926,648 |
$673,190
$113,672 |
$1,139,786 |
| 28 |
$2,022,984 |
$708,834
$119,356 |
$1,194,794 |
| 29 |
$2,124,144 |
$746,264
$125,324 |
$1,252,556 |
| 30 |
$2,230,344 |
$785,558
$131,590 |
$1,313,196 |
|
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