The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 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 May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(5.9%) | $2,124,000 | | Net Lumpsum Payment | $20,595,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$68,377 |
$701,417 |
| 2 |
$1,216,908 |
$410,586
$71,798 |
$734,524 |
| 3 |
$1,277,738 |
$433,093
$75,387 |
$769,258 |
| 4 |
$1,341,648 |
$456,740
$79,157 |
$805,751 |
| 5 |
$1,408,715 |
$481,555
$83,114 |
$844,046 |
| 6 |
$1,479,170 |
$507,623
$87,271 |
$884,276 |
| 7 |
$1,553,090 |
$534,974
$91,632 |
$926,484 |
| 8 |
$1,630,783 |
$563,720
$96,216 |
$970,847 |
| 9 |
$1,712,326 |
$593,891
$101,027 |
$1,017,408 |
| 10 |
$1,797,950 |
$625,572
$106,079 |
$1,066,299 |
| 11 |
$1,887,809 |
$658,820
$111,381 |
$1,117,608 |
| 12 |
$1,982,211 |
$693,748
$116,950 |
$1,171,513 |
| 13 |
$2,081,310 |
$730,415
$122,797 |
$1,228,098 |
| 14 |
$2,185,414 |
$768,934
$128,939 |
$1,287,541 |
| 15 |
$2,294,677 |
$809,361
$135,386 |
$1,349,930 |
| 16 |
$2,409,407 |
$851,811
$142,155 |
$1,415,441 |
| 17 |
$2,529,835 |
$896,369
$149,260 |
$1,484,206 |
| 18 |
$2,656,346 |
$943,178
$156,724 |
$1,556,444 |
| 19 |
$2,789,171 |
$992,324
$164,561 |
$1,632,286 |
| 20 |
$2,928,618 |
$1,043,919
$172,788 |
$1,711,911 |
| 21 |
$3,075,072 |
$1,098,107
$181,429 |
$1,795,536 |
| 22 |
$3,228,841 |
$1,155,002
$190,502 |
$1,883,337 |
| 23 |
$3,390,233 |
$1,214,717
$200,024 |
$1,975,492 |
| 24 |
$3,559,787 |
$1,277,452
$210,027 |
$2,072,308 |
| 25 |
$3,737,734 |
$1,343,292
$220,526 |
$2,173,916 |
| 26 |
$3,924,690 |
$1,412,466
$231,557 |
$2,280,667 |
| 27 |
$4,120,886 |
$1,485,058
$243,132 |
$2,392,696 |
| 28 |
$4,326,938 |
$1,561,297
$255,289 |
$2,510,352 |
| 29 |
$4,543,308 |
$1,641,354
$268,055 |
$2,633,899 |
| 30 |
$4,770,458 |
$1,725,400
$281,457 |
$2,763,601 |
|
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