New Mexico Lottery

NMLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 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 Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(5.9%)	$6,944,300
Net Lumpsum Payment	$67,246,370

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$233,546	$2,299,924
2	$4,156,452	-$1,498,218 -$245,231	$2,413,003
3	$4,364,222	-$1,575,093 -$257,489	$2,531,640
4	$4,582,512	-$1,655,860 -$270,368	$2,656,284
5	$4,811,585	-$1,740,617 -$283,884	$2,787,084
6	$5,052,230	-$1,829,655 -$298,082	$2,924,493
7	$5,304,710	-$1,923,073 -$312,978	$3,068,659
8	$5,570,077	-$2,021,259 -$328,635	$3,220,183
9	$5,848,594	-$2,124,310 -$345,067	$3,379,217
10	$6,141,050	-$2,232,519 -$362,322	$3,546,209
11	$6,447,971	-$2,346,080 -$380,430	$3,721,461
12	$6,770,409	-$2,465,382 -$399,454	$3,905,573
13	$7,108,890	-$2,590,620 -$419,425	$4,098,845
14	$7,464,466	-$2,722,183 -$440,403	$4,301,880
15	$7,837,663	-$2,860,266 -$462,422	$4,514,975
16	$8,229,533	-$3,005,258 -$485,542	$4,738,733
17	$8,640,865	-$3,157,450 -$509,811	$4,973,604
18	$9,072,974	-$3,317,331 -$535,305	$5,220,338
19	$9,526,649	-$3,485,191 -$562,072	$5,479,386
20	$10,002,942	-$3,661,419 -$590,174	$5,751,349
21	$10,503,168	-$3,846,503 -$619,687	$6,036,978
22	$11,028,379	-$4,040,831 -$650,674	$6,336,874
23	$11,579,627	-$4,244,792 -$683,198	$6,651,637
24	$12,158,753	-$4,459,069 -$717,366	$6,982,318
25	$12,766,546	-$4,683,952 -$753,226	$7,329,368
26	$13,405,110	-$4,920,221 -$790,901	$7,693,988
27	$14,075,234	-$5,168,167 -$830,439	$8,076,628
28	$14,779,022	-$5,428,569 -$871,962	$8,478,491
29	$15,518,052	-$5,702,010 -$915,565	$8,900,477
30	$16,293,902	-$5,989,074 -$961,340	$9,343,488