The jackpot for the Powerball draw on Sat May 3, 2025, is projected to be $44 Million, with an option for a cash payout of $20.3 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 May 3, 2025 |
|---|
| Draw Date | Sat May 3, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $20,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,300,000 | | Federal Tax(24%) | $4,872,000 | | Additional Federal Tax | $2,599,330 | | State Tax(5.9%) | $1,197,700 | | Net Lumpsum Payment | $11,630,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$39,072 |
$417,811 |
| 2 |
$695,376 |
$217,620
$41,027 |
$436,729 |
| 3 |
$730,136 |
$230,481
$43,078 |
$456,577 |
| 4 |
$766,656 |
$243,993
$45,233 |
$477,430 |
| 5 |
$804,980 |
$258,173
$47,494 |
$499,313 |
| 6 |
$845,240 |
$273,069
$49,869 |
$522,302 |
| 7 |
$887,480 |
$288,698
$52,361 |
$546,421 |
| 8 |
$931,876 |
$305,125
$54,981 |
$571,770 |
| 9 |
$978,472 |
$322,365
$57,730 |
$598,377 |
| 10 |
$1,027,400 |
$340,468
$60,617 |
$626,315 |
| 11 |
$1,078,748 |
$359,467
$63,646 |
$655,635 |
| 12 |
$1,132,692 |
$379,426
$66,829 |
$686,437 |
| 13 |
$1,189,320 |
$400,379
$70,170 |
$718,771 |
| 14 |
$1,248,808 |
$422,389
$73,680 |
$752,739 |
| 15 |
$1,311,244 |
$445,491
$77,363 |
$788,390 |
| 16 |
$1,376,804 |
$469,748
$81,231 |
$825,825 |
| 17 |
$1,445,620 |
$495,210
$85,292 |
$865,118 |
| 18 |
$1,517,912 |
$521,958
$89,557 |
$906,397 |
| 19 |
$1,593,812 |
$550,041
$94,035 |
$949,736 |
| 20 |
$1,673,496 |
$579,524
$98,736 |
$995,236 |
| 21 |
$1,757,184 |
$610,488
$103,674 |
$1,043,022 |
| 22 |
$1,845,052 |
$643,000
$108,858 |
$1,093,194 |
| 23 |
$1,937,276 |
$677,123
$114,299 |
$1,145,854 |
| 24 |
$2,034,164 |
$712,971
$120,016 |
$1,201,177 |
| 25 |
$2,135,848 |
$750,594
$126,015 |
$1,259,239 |
| 26 |
$2,242,680 |
$790,122
$132,318 |
$1,320,240 |
| 27 |
$2,354,792 |
$831,603
$138,933 |
$1,384,256 |
| 28 |
$2,472,536 |
$875,169
$145,880 |
$1,451,487 |
| 29 |
$2,596,176 |
$920,916
$153,174 |
$1,522,086 |
| 30 |
$2,725,976 |
$968,942
$160,833 |
$1,596,201 |
|
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