The jackpot for the Powerball draw on Sat Oct 24, 2026, is projected to be $674 Million, with an option for a cash payout of $283.9 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 Oct 24, 2026 |
|---|
| Draw Date | Sat Oct 24, 2026 | | Projected Jackpot | $674,000,000 | | Cash Value | $283,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $283,900,000 | | Federal Tax(24%) | $68,136,000 | | Additional Federal Tax | $36,867,330 | | State Tax(5.9%) | $16,750,100 | | Net Lumpsum Payment | $162,146,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,144,374 |
$3,713,749
$598,518 |
$5,832,107 |
| 2 |
$10,651,896 |
$3,901,532
$628,462 |
$6,121,902 |
| 3 |
$11,184,356 |
$4,098,542
$659,877 |
$6,425,937 |
| 4 |
$11,743,776 |
$4,305,528
$692,883 |
$6,745,365 |
| 5 |
$12,330,830 |
$4,522,737
$727,519 |
$7,080,574 |
| 6 |
$12,947,540 |
$4,750,920
$763,905 |
$7,432,715 |
| 7 |
$13,594,580 |
$4,990,325
$802,080 |
$7,802,175 |
| 8 |
$14,274,646 |
$5,241,949
$842,204 |
$8,190,493 |
| 9 |
$14,988,412 |
$5,506,043
$884,316 |
$8,598,053 |
| 10 |
$15,737,900 |
$5,783,353
$928,536 |
$9,026,011 |
| 11 |
$16,524,458 |
$6,074,380
$974,943 |
$9,475,135 |
| 12 |
$17,350,782 |
$6,380,120
$1,023,696 |
$9,946,966 |
| 13 |
$18,218,220 |
$6,701,072
$1,074,875 |
$10,442,273 |
| 14 |
$19,129,468 |
$7,038,234
$1,128,639 |
$10,962,595 |
| 15 |
$20,085,874 |
$7,392,104
$1,185,067 |
$11,508,703 |
| 16 |
$21,090,134 |
$7,763,680
$1,244,318 |
$12,082,136 |
| 17 |
$22,144,270 |
$8,153,710
$1,306,512 |
$12,684,048 |
| 18 |
$23,251,652 |
$8,563,442
$1,371,847 |
$13,316,363 |
| 19 |
$24,414,302 |
$8,993,622
$1,440,444 |
$13,980,236 |
| 20 |
$25,634,916 |
$9,445,249
$1,512,460 |
$14,677,207 |
| 21 |
$26,916,864 |
$9,919,570
$1,588,095 |
$15,409,199 |
| 22 |
$28,262,842 |
$10,417,582
$1,667,508 |
$16,177,752 |
| 23 |
$29,675,546 |
$10,940,282
$1,750,857 |
$16,984,407 |
| 24 |
$31,159,694 |
$11,489,417
$1,838,422 |
$17,831,855 |
| 25 |
$32,717,308 |
$12,065,734
$1,930,321 |
$18,721,253 |
| 26 |
$34,353,780 |
$12,671,229
$2,026,873 |
$19,655,678 |
| 27 |
$36,071,132 |
$13,306,649
$2,128,197 |
$20,636,286 |
| 28 |
$37,874,756 |
$13,973,990
$2,234,611 |
$21,666,155 |
| 29 |
$39,768,696 |
$14,674,748
$2,346,353 |
$22,747,595 |
| 30 |
$41,756,996 |
$15,410,419
$2,463,663 |
$23,882,914 |
|
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