The jackpot for the Powerball draw on Mon Feb 2, 2026, is projected to be $65 Million, with an option for a cash payout of $29.4 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 Feb 2, 2026 |
|---|
| Draw Date | Mon Feb 2, 2026 | | Projected Jackpot | $65,000,000 | | Cash Value | $29,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,400,000 | | Federal Tax(24%) | $7,056,000 | | Additional Federal Tax | $3,782,330 | | State Tax(5.9%) | $1,734,600 | | Net Lumpsum Payment | $16,827,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$978,315 |
$322,307
$57,721 |
$598,287 |
| 2 |
$1,027,260 |
$340,417
$60,608 |
$626,235 |
| 3 |
$1,078,610 |
$359,416
$63,638 |
$655,556 |
| 4 |
$1,132,560 |
$379,378
$66,821 |
$686,361 |
| 5 |
$1,189,175 |
$400,325
$70,161 |
$718,689 |
| 6 |
$1,248,650 |
$422,331
$73,670 |
$752,649 |
| 7 |
$1,311,050 |
$445,419
$77,352 |
$788,279 |
| 8 |
$1,376,635 |
$469,685
$81,221 |
$825,729 |
| 9 |
$1,445,470 |
$495,154
$85,283 |
$865,033 |
| 10 |
$1,517,750 |
$521,898
$89,547 |
$906,305 |
| 11 |
$1,593,605 |
$549,964
$94,023 |
$949,618 |
| 12 |
$1,673,295 |
$579,450
$98,724 |
$995,121 |
| 13 |
$1,756,950 |
$610,402
$103,660 |
$1,042,888 |
| 14 |
$1,844,830 |
$642,917
$108,845 |
$1,093,068 |
| 15 |
$1,937,065 |
$677,044
$114,287 |
$1,145,734 |
| 16 |
$2,033,915 |
$712,879
$120,001 |
$1,201,035 |
| 17 |
$2,135,575 |
$750,493
$125,999 |
$1,259,083 |
| 18 |
$2,242,370 |
$790,007
$132,300 |
$1,320,063 |
| 19 |
$2,354,495 |
$831,494
$138,915 |
$1,384,086 |
| 20 |
$2,472,210 |
$875,048
$145,860 |
$1,451,302 |
| 21 |
$2,595,840 |
$920,791
$153,155 |
$1,521,894 |
| 22 |
$2,725,645 |
$968,819
$160,813 |
$1,596,013 |
| 23 |
$2,861,885 |
$1,019,228
$168,851 |
$1,673,806 |
| 24 |
$3,005,015 |
$1,072,186
$177,296 |
$1,755,533 |
| 25 |
$3,155,230 |
$1,127,765
$186,159 |
$1,841,306 |
| 26 |
$3,313,050 |
$1,186,159
$195,470 |
$1,931,421 |
| 27 |
$3,478,670 |
$1,247,438
$205,242 |
$2,025,990 |
| 28 |
$3,652,610 |
$1,311,796
$215,504 |
$2,125,310 |
| 29 |
$3,835,260 |
$1,379,377
$226,280 |
$2,229,603 |
| 30 |
$4,027,010 |
$1,450,324
$237,594 |
$2,339,092 |
|
|
