The jackpot for the Powerball draw on Mon May 20, 2024, is projected to be $88 Million, with an option for a cash payout of $41.4 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 Mon May 20, 2024 |
|---|
| Draw Date | Mon May 20, 2024 | | Projected Jackpot | $88,000,000 | | Cash Value | $41,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,400,000 | | Federal Tax(24%) | $9,936,000 | | Additional Federal Tax | $5,342,330 | | State Tax(5.9%) | $2,442,600 | | Net Lumpsum Payment | $23,679,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$78,145 |
$795,952 |
| 2 |
$1,390,752 |
$474,909
$82,054 |
$833,789 |
| 3 |
$1,460,272 |
$500,631
$86,156 |
$873,485 |
| 4 |
$1,533,312 |
$527,656
$90,465 |
$915,191 |
| 5 |
$1,609,960 |
$556,016
$94,988 |
$958,956 |
| 6 |
$1,690,480 |
$585,808
$99,738 |
$1,004,934 |
| 7 |
$1,774,960 |
$617,066
$104,723 |
$1,053,171 |
| 8 |
$1,863,752 |
$649,919
$109,961 |
$1,103,872 |
| 9 |
$1,956,944 |
$684,400
$115,460 |
$1,157,084 |
| 10 |
$2,054,800 |
$720,606
$121,233 |
$1,212,961 |
| 11 |
$2,157,496 |
$758,604
$127,292 |
$1,271,600 |
| 12 |
$2,265,384 |
$798,522
$133,658 |
$1,333,204 |
| 13 |
$2,378,640 |
$840,427
$140,340 |
$1,397,873 |
| 14 |
$2,497,616 |
$884,448
$147,359 |
$1,465,809 |
| 15 |
$2,622,488 |
$930,651
$154,727 |
$1,537,110 |
| 16 |
$2,753,608 |
$979,165
$162,463 |
$1,611,980 |
| 17 |
$2,891,240 |
$1,030,089
$170,583 |
$1,690,568 |
| 18 |
$3,035,824 |
$1,083,585
$179,114 |
$1,773,125 |
| 19 |
$3,187,624 |
$1,139,751
$188,070 |
$1,859,803 |
| 20 |
$3,346,992 |
$1,198,717
$197,473 |
$1,950,802 |
| 21 |
$3,514,368 |
$1,260,647
$207,348 |
$2,046,373 |
| 22 |
$3,690,104 |
$1,325,669
$217,716 |
$2,146,719 |
| 23 |
$3,874,552 |
$1,393,915
$228,599 |
$2,252,038 |
| 24 |
$4,068,328 |
$1,465,612
$240,031 |
$2,362,685 |
| 25 |
$4,271,696 |
$1,540,858
$252,030 |
$2,478,808 |
| 26 |
$4,485,360 |
$1,619,914
$264,636 |
$2,600,810 |
| 27 |
$4,709,584 |
$1,702,876
$277,865 |
$2,728,843 |
| 28 |
$4,945,072 |
$1,790,007
$291,759 |
$2,863,306 |
| 29 |
$5,192,352 |
$1,881,501
$306,349 |
$3,004,502 |
| 30 |
$5,451,952 |
$1,977,553
$321,665 |
$3,152,734 |
|
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