New Mexico Lottery

NMLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed May 1, 2024 is estimated to be $178 Million, with a cash option of 81.3 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 1, 2024

Draw Date	Jackpot	Cash Option
Wed May 1, 2024	$178,000,000	$81,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$81,300,000
Federal Tax(24%)	$19,512,000
Additional Federal Tax	$10,529,330
State Tax(5.9%)	$4,796,700
Net Lumpsum Payment	$46,461,970

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,679,078	-$951,589 -$158,066	$1,569,423
2	$2,813,112	-$1,001,182 -$165,974	$1,645,956
3	$2,953,732	-$1,053,211 -$174,270	$1,726,251
4	$3,101,472	-$1,107,875 -$182,987	$1,810,610
5	$3,256,510	-$1,165,239 -$192,134	$1,899,137
6	$3,419,380	-$1,225,501 -$201,743	$1,992,136
7	$3,590,260	-$1,288,727 -$211,825	$2,089,708
8	$3,769,862	-$1,355,179 -$222,422	$2,192,261
9	$3,958,364	-$1,424,925 -$233,543	$2,299,896
10	$4,156,300	-$1,498,161 -$245,222	$2,412,917
11	$4,364,026	-$1,575,020 -$257,478	$2,531,528
12	$4,582,254	-$1,655,764 -$270,353	$2,656,137
13	$4,811,340	-$1,740,526 -$283,869	$2,786,945
14	$5,051,996	-$1,829,569 -$298,068	$2,924,359
15	$5,304,578	-$1,923,024 -$312,970	$3,068,584
16	$5,569,798	-$2,021,156 -$328,618	$3,220,024
17	$5,848,190	-$2,124,161 -$345,043	$3,378,986
18	$6,140,644	-$2,232,369 -$362,298	$3,545,977
19	$6,447,694	-$2,345,977 -$380,414	$3,721,303
20	$6,770,052	-$2,465,250 -$399,433	$3,905,369
21	$7,108,608	-$2,590,515 -$419,408	$4,098,685
22	$7,464,074	-$2,722,038 -$440,380	$4,301,656
23	$7,837,162	-$2,860,080 -$462,393	$4,514,689
24	$8,229,118	-$3,005,104 -$485,518	$4,738,496
25	$8,640,476	-$3,157,307 -$509,788	$4,973,381
26	$9,072,660	-$3,317,215 -$535,287	$5,220,158
27	$9,526,204	-$3,485,026 -$562,046	$5,479,132
28	$10,002,532	-$3,661,267 -$590,149	$5,751,116
29	$10,502,712	-$3,846,334 -$619,660	$6,036,718
30	$11,027,812	-$4,040,621 -$650,641	$6,336,550