The jackpot for the Powerball draw on Sat Dec 28, 2024, is projected to be $145 Million, with an option for a cash payout of $66.2 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 Dec 28, 2024 |
|---|
| Draw Date | Sat Dec 28, 2024 | | Projected Jackpot | $145,000,000 | | Cash Value | $66,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $66,200,000 | | Federal Tax(24%) | $15,888,000 | | Additional Federal Tax | $8,566,330 | | State Tax(5.9%) | $3,905,800 | | Net Lumpsum Payment | $37,839,870 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$128,761 |
$1,285,817 |
| 2 |
$2,291,580 |
$808,215
$135,203 |
$1,348,162 |
| 3 |
$2,406,130 |
$850,598
$141,962 |
$1,413,570 |
| 4 |
$2,526,480 |
$895,128
$149,062 |
$1,482,290 |
| 5 |
$2,652,775 |
$941,857
$156,514 |
$1,554,404 |
| 6 |
$2,785,450 |
$990,947
$164,342 |
$1,630,161 |
| 7 |
$2,924,650 |
$1,042,451
$172,554 |
$1,709,645 |
| 8 |
$3,070,955 |
$1,096,584
$181,186 |
$1,793,185 |
| 9 |
$3,224,510 |
$1,153,399
$190,246 |
$1,880,865 |
| 10 |
$3,385,750 |
$1,213,058
$199,759 |
$1,972,933 |
| 11 |
$3,554,965 |
$1,275,667
$209,743 |
$2,069,555 |
| 12 |
$3,732,735 |
$1,341,442
$220,231 |
$2,171,062 |
| 13 |
$3,919,350 |
$1,410,490
$231,242 |
$2,277,618 |
| 14 |
$4,115,390 |
$1,483,025
$242,808 |
$2,389,557 |
| 15 |
$4,321,145 |
$1,559,154
$254,948 |
$2,507,043 |
| 16 |
$4,537,195 |
$1,639,093
$267,695 |
$2,630,407 |
| 17 |
$4,763,975 |
$1,723,001
$281,075 |
$2,759,899 |
| 18 |
$5,002,210 |
$1,811,148
$295,130 |
$2,895,932 |
| 19 |
$5,252,335 |
$1,903,694
$309,888 |
$3,038,753 |
| 20 |
$5,514,930 |
$2,000,854
$325,381 |
$3,188,695 |
| 21 |
$5,790,720 |
$2,102,897
$341,652 |
$3,346,171 |
| 22 |
$6,080,285 |
$2,210,036
$358,737 |
$3,511,512 |
| 23 |
$6,384,205 |
$2,322,486
$376,668 |
$3,685,051 |
| 24 |
$6,703,495 |
$2,440,624
$395,506 |
$3,867,365 |
| 25 |
$7,038,590 |
$2,564,609
$415,277 |
$4,058,704 |
| 26 |
$7,390,650 |
$2,694,871
$436,048 |
$4,259,731 |
| 27 |
$7,760,110 |
$2,831,571
$457,846 |
$4,470,693 |
| 28 |
$8,148,130 |
$2,975,138
$480,740 |
$4,692,252 |
| 29 |
$8,555,580 |
$3,125,895
$504,779 |
$4,924,906 |
| 30 |
$8,983,330 |
$3,284,162
$530,016 |
$5,169,152 |
|
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