The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New Mexico residents, the state will deduct 5.9% from your lottery earnings.
| New Mexico Powerball Jackpot/Cash Option for Sat Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(5.9%) | $3,622,600 | | Net Lumpsum Payment | $35,099,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$115,441 |
$1,156,906 |
| 2 |
$2,054,520 |
$720,503
$121,217 |
$1,212,800 |
| 3 |
$2,157,220 |
$758,502
$127,276 |
$1,271,442 |
| 4 |
$2,265,120 |
$798,425
$133,642 |
$1,333,053 |
| 5 |
$2,378,350 |
$840,320
$140,323 |
$1,397,707 |
| 6 |
$2,497,300 |
$884,331
$147,341 |
$1,465,628 |
| 7 |
$2,622,100 |
$930,507
$154,704 |
$1,536,889 |
| 8 |
$2,753,270 |
$979,040
$162,443 |
$1,611,787 |
| 9 |
$2,890,940 |
$1,029,978
$170,565 |
$1,690,397 |
| 10 |
$3,035,500 |
$1,083,465
$179,095 |
$1,772,940 |
| 11 |
$3,187,210 |
$1,139,598
$188,045 |
$1,859,567 |
| 12 |
$3,346,590 |
$1,198,569
$197,449 |
$1,950,572 |
| 13 |
$3,513,900 |
$1,260,473
$207,320 |
$2,046,107 |
| 14 |
$3,689,660 |
$1,325,505
$217,690 |
$2,146,465 |
| 15 |
$3,874,130 |
$1,393,758
$228,574 |
$2,251,798 |
| 16 |
$4,067,830 |
$1,465,427
$240,002 |
$2,362,401 |
| 17 |
$4,271,150 |
$1,540,656
$251,998 |
$2,478,496 |
| 18 |
$4,484,740 |
$1,619,684
$264,600 |
$2,600,456 |
| 19 |
$4,708,990 |
$1,702,657
$277,830 |
$2,728,503 |
| 20 |
$4,944,420 |
$1,789,766
$291,721 |
$2,862,933 |
| 21 |
$5,191,680 |
$1,881,252
$306,309 |
$3,004,119 |
| 22 |
$5,451,290 |
$1,977,308
$321,626 |
$3,152,356 |
| 23 |
$5,723,770 |
$2,078,125
$337,702 |
$3,307,943 |
| 24 |
$6,010,030 |
$2,184,041
$354,592 |
$3,471,397 |
| 25 |
$6,310,460 |
$2,295,201
$372,317 |
$3,642,942 |
| 26 |
$6,626,100 |
$2,411,987
$390,940 |
$3,823,173 |
| 27 |
$6,957,340 |
$2,534,546
$410,483 |
$4,012,311 |
| 28 |
$7,305,220 |
$2,663,262
$431,008 |
$4,210,950 |
| 29 |
$7,670,520 |
$2,798,423
$452,561 |
$4,419,536 |
| 30 |
$8,054,020 |
$2,940,318
$475,187 |
$4,638,515 |
|
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