New Mexico Lottery

NMLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Feb 22, 2025 is estimated to be $215 Million, with a cash option of 99.3 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 Sat Feb 22, 2025

Draw Date	Jackpot	Cash Option
Sat Feb 22, 2025	$215,000,000	$99,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,300,000
Federal Tax(24%)	$23,832,000
Additional Federal Tax	$12,869,330
State Tax(5.9%)	$5,858,700
Net Lumpsum Payment	$56,739,970

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,235,965	-$1,157,637 -$190,922	$1,887,406
2	$3,397,860	-$1,217,539 -$200,474	$1,979,847
3	$3,567,710	-$1,280,383 -$210,495	$2,076,832
4	$3,746,160	-$1,346,410 -$221,023	$2,178,727
5	$3,933,425	-$1,415,698 -$232,072	$2,285,655
6	$4,130,150	-$1,488,486 -$243,679	$2,397,985
7	$4,336,550	-$1,564,854 -$255,856	$2,515,840
8	$4,553,485	-$1,645,120 -$268,656	$2,639,709
9	$4,781,170	-$1,729,363 -$282,089	$2,769,718
10	$5,020,250	-$1,817,823 -$296,195	$2,906,232
11	$5,271,155	-$1,910,658 -$310,998	$3,049,499
12	$5,534,745	-$2,008,186 -$326,550	$3,200,009
13	$5,811,450	-$2,110,567 -$342,876	$3,358,007
14	$6,102,130	-$2,218,118 -$360,026	$3,523,986
15	$6,407,215	-$2,331,000 -$378,026	$3,698,189
16	$6,727,565	-$2,449,529 -$396,926	$3,881,110
17	$7,063,825	-$2,573,946 -$416,766	$4,073,113
18	$7,417,070	-$2,704,646 -$437,607	$4,274,817
19	$7,787,945	-$2,841,870 -$459,489	$4,486,586
20	$8,177,310	-$2,985,935 -$482,461	$4,708,914
21	$8,586,240	-$3,137,239 -$506,588	$4,942,413
22	$9,015,595	-$3,296,101 -$531,920	$5,187,574
23	$9,466,235	-$3,462,837 -$558,508	$5,444,890
24	$9,939,665	-$3,638,006 -$586,440	$5,715,219
25	$10,436,530	-$3,821,846 -$615,755	$5,998,929
26	$10,958,550	-$4,014,994 -$646,554	$6,297,002
27	$11,506,370	-$4,217,687 -$678,876	$6,609,807
28	$12,081,710	-$4,430,563 -$712,821	$6,938,326
29	$12,685,860	-$4,654,099 -$748,466	$7,283,295
30	$13,320,110	-$4,888,771 -$785,886	$7,645,453