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Powerball Annuity Jackpot Analysis for New Mexico (Jan. 12, 2019 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 $96,000,000 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. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$86,696$1,011,456
2$1,517,185$364,124$91,031$1,062,029
3$1,593,044$382,331$95,583$1,115,131
4$1,672,696$401,447$100,362$1,170,887
5$1,756,331$421,519$105,380$1,229,432
6$1,844,147$442,595$110,649$1,290,903
7$1,936,355$464,725$116,181$1,355,448
8$2,033,173$487,961$121,990$1,423,221
9$2,134,831$512,359$128,090$1,494,382
10$2,241,573$537,977$134,494$1,569,101
11$2,353,651$564,876$141,219$1,647,556
12$2,471,334$593,120$148,280$1,729,934
13$2,594,901$622,776$155,694$1,816,430
14$2,724,646$653,915$163,479$1,907,252
15$2,860,878$686,611$171,653$2,002,615
16$3,003,922$720,941$180,235$2,102,745
17$3,154,118$756,988$189,247$2,207,883
18$3,311,824$794,838$198,709$2,318,277
19$3,477,415$834,580$208,645$2,434,191
20$3,651,286$876,309$219,077$2,555,900
21$3,833,850$920,124$230,031$2,683,695
22$4,025,543$966,130$241,533$2,817,880
23$4,226,820$1,014,437$253,609$2,958,774
24$4,438,161$1,065,159$266,290$3,106,712
25$4,660,069$1,118,416$279,604$3,262,048
26$4,893,072$1,174,337$293,584$3,425,151
27$5,137,726$1,233,054$308,264$3,596,408
28$5,394,612$1,294,707$323,677$3,776,228
29$5,664,343$1,359,442$339,861$3,965,040
30$5,947,560$1,427,414$356,854$4,163,292
Total$96,000,000$23,040,000$5,760,000$67,200,000
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