New Mexico Lottery

NMLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(5.9%)	$2,419,000
Net Lumpsum Payment	$23,450,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$78,145	$795,952
2	$1,390,752	-$474,909 -$82,054	$833,789
3	$1,460,272	-$500,631 -$86,156	$873,485
4	$1,533,312	-$527,656 -$90,465	$915,191
5	$1,609,960	-$556,016 -$94,988	$958,956
6	$1,690,480	-$585,808 -$99,738	$1,004,934
7	$1,774,960	-$617,066 -$104,723	$1,053,171
8	$1,863,752	-$649,919 -$109,961	$1,103,872
9	$1,956,944	-$684,400 -$115,460	$1,157,084
10	$2,054,800	-$720,606 -$121,233	$1,212,961
11	$2,157,496	-$758,604 -$127,292	$1,271,600
12	$2,265,384	-$798,522 -$133,658	$1,333,204
13	$2,378,640	-$840,427 -$140,340	$1,397,873
14	$2,497,616	-$884,448 -$147,359	$1,465,809
15	$2,622,488	-$930,651 -$154,727	$1,537,110
16	$2,753,608	-$979,165 -$162,463	$1,611,980
17	$2,891,240	-$1,030,089 -$170,583	$1,690,568
18	$3,035,824	-$1,083,585 -$179,114	$1,773,125
19	$3,187,624	-$1,139,751 -$188,070	$1,859,803
20	$3,346,992	-$1,198,717 -$197,473	$1,950,802
21	$3,514,368	-$1,260,647 -$207,348	$2,046,373
22	$3,690,104	-$1,325,669 -$217,716	$2,146,719
23	$3,874,552	-$1,393,915 -$228,599	$2,252,038
24	$4,068,328	-$1,465,612 -$240,031	$2,362,685
25	$4,271,696	-$1,540,858 -$252,030	$2,478,808
26	$4,485,360	-$1,619,914 -$264,636	$2,600,810
27	$4,709,584	-$1,702,876 -$277,865	$2,728,843
28	$4,945,072	-$1,790,007 -$291,759	$2,863,306
29	$5,192,352	-$1,881,501 -$306,349	$3,004,502
30	$5,451,952	-$1,977,553 -$321,665	$3,152,734