New Mexico Lottery

NMLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Nov 13, 2024 is estimated to be $113 Million, with a cash option of 53.4 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 Nov 13, 2024

Draw Date	Jackpot	Cash Option
Wed Nov 13, 2024	$113,000,000	$53,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$53,400,000
Federal Tax(24%)	$12,816,000
Additional Federal Tax	$6,902,330
State Tax(5.9%)	$3,150,600
Net Lumpsum Payment	$30,531,070

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$100,345	$1,010,805
2	$1,785,852	-$621,096 -$105,365	$1,059,391
3	$1,875,122	-$654,126 -$110,632	$1,110,364
4	$1,968,912	-$688,828 -$116,166	$1,163,918
5	$2,067,335	-$725,244 -$121,973	$1,220,118
6	$2,170,730	-$763,500 -$128,073	$1,279,157
7	$2,279,210	-$803,638 -$134,473	$1,341,099
8	$2,393,227	-$845,824 -$141,200	$1,406,203
9	$2,512,894	-$890,101 -$148,261	$1,474,532
10	$2,638,550	-$936,594 -$155,674	$1,546,282
11	$2,770,421	-$985,386 -$163,455	$1,621,580
12	$2,908,959	-$1,036,645 -$171,629	$1,700,685
13	$3,054,390	-$1,090,455 -$180,209	$1,783,726
14	$3,207,166	-$1,146,982 -$189,223	$1,870,961
15	$3,367,513	-$1,206,310 -$198,683	$1,962,520
16	$3,535,883	-$1,268,607 -$208,617	$2,058,659
17	$3,712,615	-$1,333,998 -$219,044	$2,159,573
18	$3,898,274	-$1,402,692 -$229,998	$2,265,584
19	$4,093,199	-$1,474,814 -$241,499	$2,376,886
20	$4,297,842	-$1,550,532 -$253,573	$2,493,737
21	$4,512,768	-$1,630,055 -$266,253	$2,616,460
22	$4,738,429	-$1,713,549 -$279,567	$2,745,313
23	$4,975,277	-$1,801,183 -$293,541	$2,880,553
24	$5,224,103	-$1,893,248 -$308,222	$3,022,633
25	$5,485,246	-$1,989,871 -$323,630	$3,171,745
26	$5,759,610	-$2,091,386 -$339,817	$3,328,407
27	$6,047,534	-$2,197,918 -$356,805	$3,492,811
28	$6,349,922	-$2,309,802 -$374,645	$3,665,475
29	$6,667,452	-$2,427,288 -$393,380	$3,846,784
30	$7,000,802	-$2,550,627 -$413,047	$4,037,128