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Powerball Annuity Jackpot Analysis for New Mexico

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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 $138,000,000 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:  Sat, May 23, 2015
Jackpot:$138,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,460,554$615,138$147,633$1,697,782
2$2,558,976$639,744$153,539$1,765,693
3$2,661,335$665,334$159,680$1,836,321
4$2,767,788$691,947$166,067$1,909,774
5$2,878,500$719,625$172,710$1,986,165
6$2,993,640$748,410$179,618$2,065,611
7$3,113,385$778,346$186,803$2,148,236
8$3,237,921$809,480$194,275$2,234,165
9$3,367,438$841,859$202,046$2,323,532
10$3,502,135$875,534$210,128$2,416,473
11$3,642,221$910,555$218,533$2,513,132
12$3,787,909$946,977$227,275$2,613,657
13$3,939,426$984,856$236,366$2,718,204
14$4,097,003$1,024,251$245,820$2,826,932
15$4,260,883$1,065,221$255,653$2,940,009
16$4,431,318$1,107,830$265,879$3,057,610
17$4,608,571$1,152,143$276,514$3,179,914
18$4,792,914$1,198,228$287,575$3,307,110
19$4,984,630$1,246,158$299,078$3,439,395
20$5,184,015$1,296,004$311,041$3,576,971
21$5,391,376$1,347,844$323,483$3,720,050
22$5,607,031$1,401,758$336,422$3,868,851
23$5,831,312$1,457,828$349,879$4,023,606
24$6,064,565$1,516,141$363,874$4,184,550
25$6,307,147$1,576,787$378,429$4,351,932
26$6,559,433$1,639,858$393,566$4,526,009
27$6,821,811$1,705,453$409,309$4,707,049
28$7,094,683$1,773,671$425,681$4,895,331
29$7,378,470$1,844,618$442,708$5,091,145
30$7,673,609$1,918,402$460,417$5,294,790
Total$138,000,000$34,500,000$8,280,000$95,220,000
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