The jackpot for the Powerball draw on Sat Jan 18, 2025, is projected to be $331 Million, with an option for a cash payout of $145.1 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 18, 2025 |
|---|
| Draw Date | Sat Jan 18, 2025 | | Projected Jackpot | $331,000,000 | | Cash Value | $145,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $145,100,000 | | Federal Tax(24%) | $34,824,000 | | Additional Federal Tax | $18,823,330 | | State Tax(5.9%) | $8,560,900 | | Net Lumpsum Payment | $82,891,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$293,931 |
$2,884,324 |
| 2 |
$5,231,124 |
$1,895,846
$308,636 |
$3,026,642 |
| 3 |
$5,492,614 |
$1,992,598
$324,064 |
$3,175,952 |
| 4 |
$5,767,344 |
$2,094,248
$340,273 |
$3,332,823 |
| 5 |
$6,055,645 |
$2,200,919
$357,283 |
$3,497,443 |
| 6 |
$6,358,510 |
$2,312,979
$375,152 |
$3,670,379 |
| 7 |
$6,676,270 |
$2,430,550
$393,900 |
$3,851,820 |
| 8 |
$7,010,249 |
$2,554,123
$413,605 |
$4,042,521 |
| 9 |
$7,360,778 |
$2,683,818
$434,286 |
$4,242,674 |
| 10 |
$7,728,850 |
$2,820,005
$456,002 |
$4,452,843 |
| 11 |
$8,115,127 |
$2,962,927
$478,792 |
$4,673,408 |
| 12 |
$8,520,933 |
$3,113,076
$502,735 |
$4,905,122 |
| 13 |
$8,946,930 |
$3,270,694
$527,869 |
$5,148,367 |
| 14 |
$9,394,442 |
$3,436,274
$554,272 |
$5,403,896 |
| 15 |
$9,864,131 |
$3,610,059
$581,984 |
$5,672,088 |
| 16 |
$10,357,321 |
$3,792,539
$611,082 |
$5,953,700 |
| 17 |
$10,875,005 |
$3,984,082
$641,625 |
$6,249,298 |
| 18 |
$11,418,838 |
$4,185,300
$673,711 |
$6,559,827 |
| 19 |
$11,989,813 |
$4,396,561
$707,399 |
$6,885,853 |
| 20 |
$12,589,254 |
$4,618,354
$742,766 |
$7,228,134 |
| 21 |
$13,218,816 |
$4,851,292
$779,910 |
$7,587,614 |
| 22 |
$13,879,823 |
$5,095,865
$818,910 |
$7,965,048 |
| 23 |
$14,573,599 |
$5,352,562
$859,842 |
$8,361,195 |
| 24 |
$15,302,461 |
$5,622,241
$902,845 |
$8,777,375 |
| 25 |
$16,067,402 |
$5,905,269
$947,977 |
$9,214,156 |
| 26 |
$16,871,070 |
$6,202,626
$995,393 |
$9,673,051 |
| 27 |
$17,714,458 |
$6,514,680
$1,045,153 |
$10,154,625 |
| 28 |
$18,600,214 |
$6,842,410
$1,097,413 |
$10,660,391 |
| 29 |
$19,530,324 |
$7,186,550
$1,152,289 |
$11,191,485 |
| 30 |
$20,506,774 |
$7,547,837
$1,209,900 |
$11,749,037 |
|
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