The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 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 Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| 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 |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
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 |
|
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