New Mexico Lottery

NMLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Jan 22, 2025

Draw Date Jackpot Cash Option
Wed Jan 22, 2025$31,000,000$13,800,000

Lumpsum Option Taxes and Payment

Category Amount
Cash Gross Payment$13,800,000
Federal Tax(24%)$3,312,000
Additional Federal Tax$1,754,330
State Tax(5.9%)$814,200
Net Lumpsum Payment$7,919,470

Annuity Payment in 30 Installations

Year Gross Payment Fed/State Tax Net Payment
1 $466,581 -$132,965
-$27,528
$306,088
2 $489,924 -$141,602
-$28,906
$319,416
3 $514,414 -$150,664
-$30,350
$333,400
4 $540,144 -$160,184
-$31,868
$348,092
5 $567,145 -$170,174
-$33,462
$363,509
6 $595,510 -$180,669
-$35,135
$379,706
7 $625,270 -$191,680
-$36,891
$396,699
8 $656,549 -$203,254
-$38,736
$414,559
9 $689,378 -$215,400
-$40,673
$433,305
10 $723,850 -$228,155
-$42,707
$452,988
11 $760,027 -$241,540
-$44,842
$473,645
12 $798,033 -$255,603
-$47,084
$495,346
13 $837,930 -$270,364
-$49,438
$518,128
14 $879,842 -$285,872
-$51,911
$542,059
15 $923,831 -$302,148
-$54,506
$567,177
16 $970,021 -$319,238
-$57,231
$593,552
17 $1,018,505 -$337,177
-$60,092
$621,236
18 $1,069,438 -$356,022
-$63,097
$650,319
19 $1,122,913 -$375,808
-$66,252
$680,853
20 $1,179,054 -$396,580
-$69,564
$712,910
21 $1,238,016 -$418,396
-$73,043
$746,577
22 $1,299,923 -$441,302
-$76,695
$781,926
23 $1,364,899 -$465,343
-$80,529
$819,027
24 $1,433,161 -$490,600
-$84,556
$858,005
25 $1,504,802 -$517,107
-$88,783
$898,912
26 $1,580,070 -$544,956
-$93,224
$941,890
27 $1,659,058 -$574,182
-$97,884
$986,992
28 $1,742,014 -$604,876
-$102,779
$1,034,359
29 $1,829,124 -$637,106
-$107,918
$1,084,100
30 $1,920,574 -$670,943
-$113,314
$1,136,317
3
1
Cash Option: $13.8 Million
Next Draw: Wed Jan 22
Powerball
Mon Jan 20, 2025
151632475406

New Mexico Lottery | Select a State Lottery