The jackpot for the Powerball draw on Wed Jan 29, 2025, is projected to be $69 Million, with an option for a cash payout of $30.7 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 Jan 29, 2025 |
|---|
| Draw Date | Wed Jan 29, 2025 | | Projected Jackpot | $69,000,000 | | Cash Value | $30,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $30,700,000 | | Federal Tax(24%) | $7,368,000 | | Additional Federal Tax | $3,951,330 | | State Tax(5.9%) | $1,811,300 | | Net Lumpsum Payment | $17,569,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$61,273 |
$632,664 |
| 2 |
$1,090,476 |
$363,807
$64,338 |
$662,331 |
| 3 |
$1,144,986 |
$383,975
$67,554 |
$693,457 |
| 4 |
$1,202,256 |
$405,165
$70,933 |
$726,158 |
| 5 |
$1,262,355 |
$427,402
$74,479 |
$760,474 |
| 6 |
$1,325,490 |
$450,762
$78,204 |
$796,524 |
| 7 |
$1,391,730 |
$475,270
$82,112 |
$834,348 |
| 8 |
$1,461,351 |
$501,030
$86,220 |
$874,101 |
| 9 |
$1,534,422 |
$528,067
$90,531 |
$915,824 |
| 10 |
$1,611,150 |
$556,456
$95,058 |
$959,636 |
| 11 |
$1,691,673 |
$586,249
$99,809 |
$1,005,615 |
| 12 |
$1,776,267 |
$617,549
$104,800 |
$1,053,918 |
| 13 |
$1,865,070 |
$650,406
$110,039 |
$1,104,625 |
| 14 |
$1,958,358 |
$684,923
$115,543 |
$1,157,892 |
| 15 |
$2,056,269 |
$721,150
$121,320 |
$1,213,799 |
| 16 |
$2,159,079 |
$759,190
$127,386 |
$1,272,503 |
| 17 |
$2,266,995 |
$799,119
$133,753 |
$1,334,123 |
| 18 |
$2,380,362 |
$841,064
$140,441 |
$1,398,857 |
| 19 |
$2,499,387 |
$885,104
$147,464 |
$1,466,819 |
| 20 |
$2,624,346 |
$931,338
$154,836 |
$1,538,172 |
| 21 |
$2,755,584 |
$979,896
$162,579 |
$1,613,109 |
| 22 |
$2,893,377 |
$1,030,880
$170,709 |
$1,691,788 |
| 23 |
$3,038,001 |
$1,084,391
$179,242 |
$1,774,368 |
| 24 |
$3,189,939 |
$1,140,608
$188,206 |
$1,861,125 |
| 25 |
$3,349,398 |
$1,199,608
$197,614 |
$1,952,176 |
| 26 |
$3,516,930 |
$1,261,594
$207,499 |
$2,047,837 |
| 27 |
$3,692,742 |
$1,326,645
$217,872 |
$2,148,225 |
| 28 |
$3,877,386 |
$1,394,963
$228,766 |
$2,253,657 |
| 29 |
$4,071,276 |
$1,466,703
$240,205 |
$2,364,368 |
| 30 |
$4,274,826 |
$1,542,016
$252,215 |
$2,480,595 |
|
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