The jackpot for the Powerball draw on Wed Feb 12, 2025, is projected to be $154 Million, with an option for a cash payout of $71.4 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 Wed Feb 12, 2025 |
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Draw Date | Wed Feb 12, 2025 | Projected Jackpot | $154,000,000 | Cash Value | $71,400,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $71,400,000 | Federal Tax(24%) | $17,136,000 | Additional Federal Tax | $9,242,330 | State Tax(5.9%) | $4,212,600 | Net Lumpsum Payment | $40,809,070 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$2,317,854 |
$817,936 $136,753 |
$1,363,165 |
2 |
$2,433,816 |
$860,842 $143,595 |
$1,429,379 |
3 |
$2,555,476 |
$905,857 $150,773 |
$1,498,846 |
4 |
$2,683,296 |
$953,150 $158,314 |
$1,571,832 |
5 |
$2,817,430 |
$1,002,779 $166,228 |
$1,648,423 |
6 |
$2,958,340 |
$1,054,916 $174,542 |
$1,728,882 |
7 |
$3,106,180 |
$1,109,617 $183,265 |
$1,813,298 |
8 |
$3,261,566 |
$1,167,110 $192,432 |
$1,902,024 |
9 |
$3,424,652 |
$1,227,452 $202,054 |
$1,995,146 |
10 |
$3,595,900 |
$1,290,813 $212,158 |
$2,092,929 |
11 |
$3,775,618 |
$1,357,309 $222,761 |
$2,195,548 |
12 |
$3,964,422 |
$1,427,167 $233,901 |
$2,303,354 |
13 |
$4,162,620 |
$1,500,500 $245,595 |
$2,416,525 |
14 |
$4,370,828 |
$1,577,537 $257,879 |
$2,535,412 |
15 |
$4,589,354 |
$1,658,391 $270,772 |
$2,660,191 |
16 |
$4,818,814 |
$1,743,292 $284,310 |
$2,791,212 |
17 |
$5,059,670 |
$1,832,408 $298,521 |
$2,928,741 |
18 |
$5,312,692 |
$1,926,026 $313,449 |
$3,073,217 |
19 |
$5,578,342 |
$2,024,317 $329,122 |
$3,224,903 |
20 |
$5,857,236 |
$2,127,508 $345,577 |
$3,384,151 |
21 |
$6,150,144 |
$2,235,884 $362,858 |
$3,551,402 |
22 |
$6,457,682 |
$2,349,673 $381,003 |
$3,727,006 |
23 |
$6,780,466 |
$2,469,103 $400,047 |
$3,911,316 |
24 |
$7,119,574 |
$2,594,573 $420,055 |
$4,104,946 |
25 |
$7,475,468 |
$2,726,254 $441,053 |
$4,308,161 |
26 |
$7,849,380 |
$2,864,601 $463,113 |
$4,521,666 |
27 |
$8,241,772 |
$3,009,786 $486,265 |
$4,745,721 |
28 |
$8,653,876 |
$3,162,265 $510,579 |
$4,981,032 |
29 |
$9,086,616 |
$3,322,378 $536,110 |
$5,228,128 |
30 |
$9,540,916 |
$3,490,469 $562,914 |
$5,487,533 |
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