The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 Nov 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(5.9%) | $4,643,300 | | Net Lumpsum Payment | $44,977,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$151,850 |
$1,509,264 |
| 2 |
$2,702,484 |
$960,249
$159,447 |
$1,582,788 |
| 3 |
$2,837,574 |
$1,010,233
$167,417 |
$1,659,924 |
| 4 |
$2,979,504 |
$1,062,747
$175,791 |
$1,740,966 |
| 5 |
$3,128,445 |
$1,117,855
$184,578 |
$1,826,012 |
| 6 |
$3,284,910 |
$1,175,747
$193,810 |
$1,915,353 |
| 7 |
$3,449,070 |
$1,236,486
$203,495 |
$2,009,089 |
| 8 |
$3,621,609 |
$1,300,326
$213,675 |
$2,107,608 |
| 9 |
$3,802,698 |
$1,367,329
$224,359 |
$2,211,010 |
| 10 |
$3,992,850 |
$1,437,685
$235,578 |
$2,319,587 |
| 11 |
$4,192,407 |
$1,511,521
$247,352 |
$2,433,534 |
| 12 |
$4,402,053 |
$1,589,090
$259,721 |
$2,553,242 |
| 13 |
$4,622,130 |
$1,670,518
$272,706 |
$2,678,906 |
| 14 |
$4,853,322 |
$1,756,060
$286,346 |
$2,810,916 |
| 15 |
$5,095,971 |
$1,845,840
$300,662 |
$2,949,469 |
| 16 |
$5,350,761 |
$1,940,112
$315,695 |
$3,094,954 |
| 17 |
$5,618,205 |
$2,039,066
$331,474 |
$3,247,665 |
| 18 |
$5,899,158 |
$2,143,019
$348,050 |
$3,408,089 |
| 19 |
$6,194,133 |
$2,252,160
$365,454 |
$3,576,519 |
| 20 |
$6,503,814 |
$2,366,742
$383,725 |
$3,753,347 |
| 21 |
$6,829,056 |
$2,487,081
$402,914 |
$3,939,061 |
| 22 |
$7,170,543 |
$2,613,431
$423,062 |
$4,134,050 |
| 23 |
$7,528,959 |
$2,746,045
$444,209 |
$4,338,705 |
| 24 |
$7,905,501 |
$2,885,366
$466,425 |
$4,553,710 |
| 25 |
$8,300,682 |
$3,031,583
$489,740 |
$4,779,359 |
| 26 |
$8,715,870 |
$3,185,202
$514,236 |
$5,016,432 |
| 27 |
$9,151,578 |
$3,346,414
$539,943 |
$5,265,221 |
| 28 |
$9,609,174 |
$3,515,725
$566,941 |
$5,526,508 |
| 29 |
$10,089,684 |
$3,693,513
$595,291 |
$5,800,880 |
| 30 |
$10,594,134 |
$3,880,160
$625,054 |
$6,088,920 |
|
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