The jackpot for the Powerball draw on Sat Jan 31, 2026, is projected to be $57 Million, with an option for a cash payout of $25.8 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 Jan 31, 2026 |
|---|
| Draw Date | Sat Jan 31, 2026 | | Projected Jackpot | $57,000,000 | | Cash Value | $25,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $25,800,000 | | Federal Tax(24%) | $6,192,000 | | Additional Federal Tax | $3,314,330 | | State Tax(5.9%) | $1,522,200 | | Net Lumpsum Payment | $14,771,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$857,907 |
$277,756
$50,617 |
$529,534 |
| 2 |
$900,828 |
$293,637
$53,149 |
$554,042 |
| 3 |
$945,858 |
$310,298
$55,806 |
$579,754 |
| 4 |
$993,168 |
$327,803
$58,597 |
$606,768 |
| 5 |
$1,042,815 |
$346,172
$61,526 |
$635,117 |
| 6 |
$1,094,970 |
$365,469
$64,603 |
$664,898 |
| 7 |
$1,149,690 |
$385,716
$67,832 |
$696,142 |
| 8 |
$1,207,203 |
$406,995
$71,225 |
$728,983 |
| 9 |
$1,267,566 |
$429,330
$74,786 |
$763,450 |
| 10 |
$1,330,950 |
$452,782
$78,526 |
$799,642 |
| 11 |
$1,397,469 |
$477,394
$82,451 |
$837,624 |
| 12 |
$1,467,351 |
$503,250
$86,574 |
$877,527 |
| 13 |
$1,540,710 |
$530,393
$90,902 |
$919,415 |
| 14 |
$1,617,774 |
$558,907
$95,449 |
$963,418 |
| 15 |
$1,698,657 |
$588,833
$100,221 |
$1,009,603 |
| 16 |
$1,783,587 |
$620,258
$105,232 |
$1,058,097 |
| 17 |
$1,872,735 |
$653,242
$110,491 |
$1,109,002 |
| 18 |
$1,966,386 |
$687,893
$116,017 |
$1,162,476 |
| 19 |
$2,064,711 |
$724,273
$121,818 |
$1,218,620 |
| 20 |
$2,167,938 |
$762,467
$127,908 |
$1,277,563 |
| 21 |
$2,276,352 |
$802,581
$134,305 |
$1,339,466 |
| 22 |
$2,390,181 |
$844,697
$141,021 |
$1,404,463 |
| 23 |
$2,509,653 |
$888,902
$148,070 |
$1,472,681 |
| 24 |
$2,635,167 |
$935,342
$155,475 |
$1,544,350 |
| 25 |
$2,766,894 |
$984,081
$163,247 |
$1,619,566 |
| 26 |
$2,905,290 |
$1,035,288
$171,412 |
$1,698,590 |
| 27 |
$3,050,526 |
$1,089,025
$179,981 |
$1,781,520 |
| 28 |
$3,203,058 |
$1,145,462
$188,980 |
$1,868,616 |
| 29 |
$3,363,228 |
$1,204,725
$198,430 |
$1,960,073 |
| 30 |
$3,531,378 |
$1,266,940
$208,351 |
$2,056,087 |
|
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