New Mexico Lottery

NMLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 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 Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(5.9%)	$5,846,900
Net Lumpsum Payment	$56,625,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$173,162	$1,715,523
2	$3,081,780	-$1,100,589 -$181,825	$1,799,366
3	$3,235,830	-$1,157,587 -$190,914	$1,887,329
4	$3,397,680	-$1,217,472 -$200,463	$1,979,745
5	$3,567,525	-$1,280,315 -$210,484	$2,076,726
6	$3,745,950	-$1,346,332 -$221,011	$2,178,607
7	$3,933,150	-$1,415,596 -$232,056	$2,285,498
8	$4,129,905	-$1,488,395 -$243,664	$2,397,846
9	$4,336,410	-$1,564,802 -$255,848	$2,515,760
10	$4,553,250	-$1,645,033 -$268,642	$2,639,575
11	$4,780,815	-$1,729,232 -$282,068	$2,769,515
12	$5,019,885	-$1,817,688 -$296,173	$2,906,024
13	$5,270,850	-$1,910,545 -$310,980	$3,049,325
14	$5,534,490	-$2,008,092 -$326,535	$3,199,863
15	$5,811,195	-$2,110,473 -$342,861	$3,357,861
16	$6,101,745	-$2,217,976 -$360,003	$3,523,766
17	$6,406,725	-$2,330,819 -$377,997	$3,697,909
18	$6,727,110	-$2,449,361 -$396,899	$3,880,850
19	$7,063,485	-$2,573,820 -$416,746	$4,072,919
20	$7,416,630	-$2,704,483 -$437,581	$4,274,566
21	$7,787,520	-$2,841,713 -$459,464	$4,486,343
22	$8,176,935	-$2,985,796 -$482,439	$4,708,700
23	$8,585,655	-$3,137,023 -$506,554	$4,942,078
24	$9,015,045	-$3,295,897 -$531,888	$5,187,260
25	$9,465,690	-$3,462,636 -$558,476	$5,444,578
26	$9,939,150	-$3,637,816 -$586,410	$5,714,924
27	$10,436,010	-$3,821,654 -$615,725	$5,998,631
28	$10,957,830	-$4,014,727 -$646,512	$6,296,591
29	$11,505,780	-$4,217,469 -$678,841	$6,609,470
30	$12,081,030	-$4,430,311 -$712,781	$6,937,938