The jackpot for the Powerball draw on Mon Apr 28, 2025, is projected to be $20 Million, with an option for a cash payout of $9.2 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 Apr 28, 2025 |
|---|
| Draw Date | Mon Apr 28, 2025 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,200,000 | | Federal Tax(24%) | $2,208,000 | | Additional Federal Tax | $1,156,330 | | State Tax(5.9%) | $542,800 | | Net Lumpsum Payment | $5,292,870 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$17,760 |
$211,552 |
| 2 |
$316,080 |
$77,280
$18,649 |
$220,151 |
| 3 |
$331,880 |
$83,126
$19,581 |
$229,173 |
| 4 |
$348,480 |
$89,268
$20,560 |
$238,652 |
| 5 |
$365,900 |
$95,713
$21,588 |
$248,599 |
| 6 |
$384,200 |
$102,484
$22,668 |
$259,048 |
| 7 |
$403,400 |
$109,588
$23,801 |
$270,011 |
| 8 |
$423,580 |
$117,055
$24,991 |
$281,534 |
| 9 |
$444,760 |
$124,892
$26,241 |
$293,627 |
| 10 |
$467,000 |
$133,120
$27,553 |
$306,327 |
| 11 |
$490,340 |
$141,756
$28,930 |
$319,654 |
| 12 |
$514,860 |
$150,829
$30,377 |
$333,654 |
| 13 |
$540,600 |
$160,352
$31,895 |
$348,353 |
| 14 |
$567,640 |
$170,357
$33,491 |
$363,792 |
| 15 |
$596,020 |
$180,858
$35,165 |
$379,997 |
| 16 |
$625,820 |
$191,884
$36,923 |
$397,013 |
| 17 |
$657,100 |
$203,457
$38,769 |
$414,874 |
| 18 |
$689,960 |
$215,616
$40,708 |
$433,636 |
| 19 |
$724,460 |
$228,381
$42,743 |
$453,336 |
| 20 |
$760,680 |
$241,782
$44,880 |
$474,018 |
| 21 |
$798,720 |
$255,857
$47,124 |
$495,739 |
| 22 |
$838,660 |
$270,635
$49,481 |
$518,544 |
| 23 |
$880,580 |
$286,145
$51,954 |
$542,481 |
| 24 |
$924,620 |
$302,440
$54,553 |
$567,627 |
| 25 |
$970,840 |
$319,541
$57,280 |
$594,019 |
| 26 |
$1,019,400 |
$337,508
$60,145 |
$621,747 |
| 27 |
$1,070,360 |
$356,364
$63,151 |
$650,845 |
| 28 |
$1,123,880 |
$376,166
$66,309 |
$681,405 |
| 29 |
$1,180,080 |
$396,960
$69,625 |
$713,495 |
| 30 |
$1,239,080 |
$418,790
$73,106 |
$747,184 |
|
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