The jackpot for the Powerball draw on Wed Jul 1, 2026, is projected to be $375 Million, with an option for a cash payout of $170.6 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 Wed Jul 1, 2026 |
|---|
| Draw Date | Wed Jul 1, 2026 | | Projected Jackpot | $375,000,000 | | Cash Value | $170,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $170,600,000 | | Federal Tax(24%) | $40,944,000 | | Additional Federal Tax | $22,138,330 | | State Tax(5.9%) | $10,065,400 | | Net Lumpsum Payment | $97,452,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,644,125 |
$2,048,657
$333,003 |
$3,262,465 |
| 2 |
$5,926,500 |
$2,153,135
$349,664 |
$3,423,701 |
| 3 |
$6,222,750 |
$2,262,748
$367,142 |
$3,592,860 |
| 4 |
$6,534,000 |
$2,377,910
$385,506 |
$3,770,584 |
| 5 |
$6,860,625 |
$2,498,762
$404,777 |
$3,957,086 |
| 6 |
$7,203,750 |
$2,625,718
$425,021 |
$4,153,011 |
| 7 |
$7,563,750 |
$2,758,918
$446,261 |
$4,358,571 |
| 8 |
$7,942,125 |
$2,898,917
$468,585 |
$4,574,623 |
| 9 |
$8,339,250 |
$3,045,853
$492,016 |
$4,801,381 |
| 10 |
$8,756,250 |
$3,200,143
$516,619 |
$5,039,488 |
| 11 |
$9,193,875 |
$3,362,064
$542,439 |
$5,289,372 |
| 12 |
$9,653,625 |
$3,532,172
$569,564 |
$5,551,889 |
| 13 |
$10,136,250 |
$3,710,743
$598,039 |
$5,827,468 |
| 14 |
$10,643,250 |
$3,898,333
$627,952 |
$6,116,965 |
| 15 |
$11,175,375 |
$4,095,219
$659,347 |
$6,420,809 |
| 16 |
$11,734,125 |
$4,301,957
$692,313 |
$6,739,855 |
| 17 |
$12,320,625 |
$4,518,962
$726,917 |
$7,074,746 |
| 18 |
$12,936,750 |
$4,746,928
$763,268 |
$7,426,554 |
| 19 |
$13,583,625 |
$4,986,272
$801,434 |
$7,795,919 |
| 20 |
$14,262,750 |
$5,237,548
$841,502 |
$8,183,700 |
| 21 |
$14,976,000 |
$5,501,450
$883,584 |
$8,590,966 |
| 22 |
$15,724,875 |
$5,778,534
$927,768 |
$9,018,573 |
| 23 |
$16,510,875 |
$6,069,354
$974,142 |
$9,467,379 |
| 24 |
$17,336,625 |
$6,374,882
$1,022,861 |
$9,938,882 |
| 25 |
$18,203,250 |
$6,695,533
$1,073,992 |
$10,433,725 |
| 26 |
$19,113,750 |
$7,032,418
$1,127,711 |
$10,953,621 |
| 27 |
$20,069,250 |
$7,385,953
$1,184,086 |
$11,499,211 |
| 28 |
$21,072,750 |
$7,757,248
$1,243,292 |
$12,072,210 |
| 29 |
$22,126,500 |
$8,147,135
$1,305,464 |
$12,673,901 |
| 30 |
$23,232,750 |
$8,556,448
$1,370,732 |
$13,305,570 |
|
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