The jackpot for the Powerball draw on Sat Jun 29, 2024, is projected to be $113 Million, with an option for a cash payout of $54.3 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 Jun 29, 2024 |
|---|
| Draw Date | Sat Jun 29, 2024 | | Projected Jackpot | $113,000,000 | | Cash Value | $54,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,300,000 | | Federal Tax(24%) | $13,032,000 | | Additional Federal Tax | $7,019,330 | | State Tax(5.9%) | $3,203,700 | | Net Lumpsum Payment | $31,044,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$100,345 |
$1,010,805 |
| 2 |
$1,785,852 |
$621,096
$105,365 |
$1,059,391 |
| 3 |
$1,875,122 |
$654,126
$110,632 |
$1,110,364 |
| 4 |
$1,968,912 |
$688,828
$116,166 |
$1,163,918 |
| 5 |
$2,067,335 |
$725,244
$121,973 |
$1,220,118 |
| 6 |
$2,170,730 |
$763,500
$128,073 |
$1,279,157 |
| 7 |
$2,279,210 |
$803,638
$134,473 |
$1,341,099 |
| 8 |
$2,393,227 |
$845,824
$141,200 |
$1,406,203 |
| 9 |
$2,512,894 |
$890,101
$148,261 |
$1,474,532 |
| 10 |
$2,638,550 |
$936,594
$155,674 |
$1,546,282 |
| 11 |
$2,770,421 |
$985,386
$163,455 |
$1,621,580 |
| 12 |
$2,908,959 |
$1,036,645
$171,629 |
$1,700,685 |
| 13 |
$3,054,390 |
$1,090,455
$180,209 |
$1,783,726 |
| 14 |
$3,207,166 |
$1,146,982
$189,223 |
$1,870,961 |
| 15 |
$3,367,513 |
$1,206,310
$198,683 |
$1,962,520 |
| 16 |
$3,535,883 |
$1,268,607
$208,617 |
$2,058,659 |
| 17 |
$3,712,615 |
$1,333,998
$219,044 |
$2,159,573 |
| 18 |
$3,898,274 |
$1,402,692
$229,998 |
$2,265,584 |
| 19 |
$4,093,199 |
$1,474,814
$241,499 |
$2,376,886 |
| 20 |
$4,297,842 |
$1,550,532
$253,573 |
$2,493,737 |
| 21 |
$4,512,768 |
$1,630,055
$266,253 |
$2,616,460 |
| 22 |
$4,738,429 |
$1,713,549
$279,567 |
$2,745,313 |
| 23 |
$4,975,277 |
$1,801,183
$293,541 |
$2,880,553 |
| 24 |
$5,224,103 |
$1,893,248
$308,222 |
$3,022,633 |
| 25 |
$5,485,246 |
$1,989,871
$323,630 |
$3,171,745 |
| 26 |
$5,759,610 |
$2,091,386
$339,817 |
$3,328,407 |
| 27 |
$6,047,534 |
$2,197,918
$356,805 |
$3,492,811 |
| 28 |
$6,349,922 |
$2,309,802
$374,645 |
$3,665,475 |
| 29 |
$6,667,452 |
$2,427,288
$393,380 |
$3,846,784 |
| 30 |
$7,000,802 |
$2,550,627
$413,047 |
$4,037,128 |
|
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