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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 $54,000,000 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, Dec 3, 2016
Jackpot:$54,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$203,194$48,767$560,816
2$853,416$213,354$51,205$588,857
3$896,087$224,022$53,765$618,300
4$940,892$235,223$56,453$649,215
5$987,936$246,984$59,276$681,676
6$1,037,333$259,333$62,240$715,760
7$1,089,200$272,300$65,352$751,548
8$1,143,660$285,915$68,620$789,125
9$1,200,843$300,211$72,051$828,581
10$1,260,885$315,221$75,653$870,010
11$1,323,929$330,982$79,436$913,511
12$1,390,125$347,531$83,408$959,186
13$1,459,632$364,908$87,578$1,007,146
14$1,532,613$383,153$91,957$1,057,503
15$1,609,244$402,311$96,555$1,110,378
16$1,689,706$422,427$101,382$1,165,897
17$1,774,191$443,548$106,451$1,224,192
18$1,862,901$465,725$111,774$1,285,402
19$1,956,046$489,011$117,363$1,349,672
20$2,053,848$513,462$123,231$1,417,155
21$2,156,541$539,135$129,392$1,488,013
22$2,264,368$566,092$135,862$1,562,414
23$2,377,586$594,397$142,655$1,640,534
24$2,496,465$624,116$149,788$1,722,561
25$2,621,289$655,322$157,277$1,808,689
26$2,752,353$688,088$165,141$1,899,124
27$2,889,971$722,493$173,398$1,994,080
28$3,034,469$758,617$182,068$2,093,784
29$3,186,193$796,548$191,172$2,198,473
30$3,345,502$836,376$200,730$2,308,397
Total$54,000,000$13,500,000$3,240,000$37,260,000
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