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Powerball Annuity Jackpot Analysis for New Mexico (Jan. 1, 2014 Drawing)

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $50,000,000 would be for a resident of New Mexico, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

New Mexico

Drawing Date:  Jan. 1, 2014
Jackpot:$50,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$891,505$222,876$53,490$615,138
2$927,165$231,791$55,630$639,744
3$964,252$241,063$57,855$665,334
4$1,002,822$250,705$60,169$691,947
5$1,042,935$260,734$62,576$719,625
6$1,084,652$271,163$65,079$748,410
7$1,128,038$282,010$67,682$778,346
8$1,173,160$293,290$70,390$809,480
9$1,220,086$305,022$73,205$841,859
10$1,268,890$317,222$76,133$875,534
11$1,319,645$329,911$79,179$910,555
12$1,372,431$343,108$82,346$946,977
13$1,427,328$356,832$85,640$984,856
14$1,484,421$371,105$89,065$1,024,251
15$1,543,798$385,950$92,628$1,065,221
16$1,605,550$401,388$96,333$1,107,830
17$1,669,772$417,443$100,186$1,152,143
18$1,736,563$434,141$104,194$1,198,228
19$1,806,025$451,506$108,362$1,246,158
20$1,878,266$469,567$112,696$1,296,004
21$1,953,397$488,349$117,204$1,347,844
22$2,031,533$507,883$121,892$1,401,758
23$2,112,794$528,199$126,768$1,457,828
24$2,197,306$549,327$131,838$1,516,141
25$2,285,198$571,300$137,112$1,576,787
26$2,376,606$594,152$142,596$1,639,858
27$2,471,671$617,918$148,300$1,705,453
28$2,570,537$642,634$154,232$1,773,671
29$2,673,359$668,340$160,402$1,844,618
30$2,780,293$695,073$166,818$1,918,402
Total$50,000,000$12,500,000$3,000,000$34,500,000
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