The jackpot for the Powerball draw on Wed Jul 16, 2025, is projected to be $264 Million, with an option for a cash payout of $119.7 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 Jul 16, 2025 |
|---|
| Draw Date | Wed Jul 16, 2025 | | Projected Jackpot | $264,000,000 | | Cash Value | $119,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $119,700,000 | | Federal Tax(24%) | $28,728,000 | | Additional Federal Tax | $15,521,330 | | State Tax(5.9%) | $7,062,300 | | Net Lumpsum Payment | $68,388,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,973,464 |
$1,430,512
$234,434 |
$2,308,518 |
| 2 |
$4,172,256 |
$1,504,065
$246,163 |
$2,422,028 |
| 3 |
$4,380,816 |
$1,581,232
$258,468 |
$2,541,116 |
| 4 |
$4,599,936 |
$1,662,307
$271,396 |
$2,666,233 |
| 5 |
$4,829,880 |
$1,747,386
$284,963 |
$2,797,531 |
| 6 |
$5,071,440 |
$1,836,763
$299,215 |
$2,935,462 |
| 7 |
$5,324,880 |
$1,930,536
$314,168 |
$3,080,176 |
| 8 |
$5,591,256 |
$2,029,095
$329,884 |
$3,232,277 |
| 9 |
$5,870,832 |
$2,132,538
$346,379 |
$3,391,915 |
| 10 |
$6,164,400 |
$2,241,158
$363,700 |
$3,559,542 |
| 11 |
$6,472,488 |
$2,355,151
$381,877 |
$3,735,460 |
| 12 |
$6,796,152 |
$2,474,907
$400,973 |
$3,920,272 |
| 13 |
$7,135,920 |
$2,600,621
$421,019 |
$4,114,280 |
| 14 |
$7,492,848 |
$2,732,684
$442,078 |
$4,318,086 |
| 15 |
$7,867,464 |
$2,871,292
$464,180 |
$4,531,992 |
| 16 |
$8,260,824 |
$3,016,835
$487,389 |
$4,756,600 |
| 17 |
$8,673,720 |
$3,169,607
$511,749 |
$4,992,364 |
| 18 |
$9,107,472 |
$3,330,095
$537,341 |
$5,240,036 |
| 19 |
$9,562,872 |
$3,498,593
$564,209 |
$5,500,070 |
| 20 |
$10,040,976 |
$3,675,492
$592,418 |
$5,773,066 |
| 21 |
$10,543,104 |
$3,861,279
$622,043 |
$6,059,782 |
| 22 |
$11,070,312 |
$4,056,346
$653,148 |
$6,360,818 |
| 23 |
$11,623,656 |
$4,261,083
$685,796 |
$6,676,777 |
| 24 |
$12,204,984 |
$4,476,174
$720,094 |
$7,008,716 |
| 25 |
$12,815,088 |
$4,701,913
$756,090 |
$7,357,085 |
| 26 |
$13,456,080 |
$4,939,080
$793,909 |
$7,723,091 |
| 27 |
$14,128,752 |
$5,187,969
$833,596 |
$8,107,187 |
| 28 |
$14,835,216 |
$5,449,360
$875,278 |
$8,510,578 |
| 29 |
$15,577,056 |
$5,723,841
$919,046 |
$8,934,169 |
| 30 |
$16,355,856 |
$6,011,997
$964,996 |
$9,378,863 |
|
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