New Mexico Lottery

NMLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed May 8, 2024 is estimated to be $20 Million, with a cash option of 9.3 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of New Mexico, your state will take 5.9% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New Mexico Powerball Jackpot/Cash Option for Wed May 8, 2024

Draw Date	Jackpot	Cash Option
Wed May 8, 2024	$20,000,000	$9,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$9,300,000
Federal Tax(24%)	$2,232,000
Additional Federal Tax	$1,169,330
State Tax(5.9%)	$548,700
Net Lumpsum Payment	$5,349,970

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$17,760	$211,552
2	$316,080	-$77,280 -$18,649	$220,151
3	$331,880	-$83,126 -$19,581	$229,173
4	$348,480	-$89,268 -$20,560	$238,652
5	$365,900	-$95,713 -$21,588	$248,599
6	$384,200	-$102,484 -$22,668	$259,048
7	$403,400	-$109,588 -$23,801	$270,011
8	$423,580	-$117,055 -$24,991	$281,534
9	$444,760	-$124,892 -$26,241	$293,627
10	$467,000	-$133,120 -$27,553	$306,327
11	$490,340	-$141,756 -$28,930	$319,654
12	$514,860	-$150,829 -$30,377	$333,654
13	$540,600	-$160,352 -$31,895	$348,353
14	$567,640	-$170,357 -$33,491	$363,792
15	$596,020	-$180,858 -$35,165	$379,997
16	$625,820	-$191,884 -$36,923	$397,013
17	$657,100	-$203,457 -$38,769	$414,874
18	$689,960	-$215,616 -$40,708	$433,636
19	$724,460	-$228,381 -$42,743	$453,336
20	$760,680	-$241,782 -$44,880	$474,018
21	$798,720	-$255,857 -$47,124	$495,739
22	$838,660	-$270,635 -$49,481	$518,544
23	$880,580	-$286,145 -$51,954	$542,481
24	$924,620	-$302,440 -$54,553	$567,627
25	$970,840	-$319,541 -$57,280	$594,019
26	$1,019,400	-$337,508 -$60,145	$621,747
27	$1,070,360	-$356,364 -$63,151	$650,845
28	$1,123,880	-$376,166 -$66,309	$681,405
29	$1,180,080	-$396,960 -$69,625	$713,495
30	$1,239,080	-$418,790 -$73,106	$747,184