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Powerball Annuity Jackpot Analysis for New Mexico (Oct. 24, 2018 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 $602,500,000 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:  Oct. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$544,109$6,347,943
2$9,521,914$2,285,259$571,315$6,665,340
3$9,998,010$2,399,522$599,881$6,998,607
4$10,497,911$2,519,499$629,875$7,348,537
5$11,022,806$2,645,473$661,368$7,715,964
6$11,573,946$2,777,747$694,437$8,101,762
7$12,152,644$2,916,634$729,159$8,506,851
8$12,760,276$3,062,466$765,617$8,932,193
9$13,398,290$3,215,589$803,897$9,378,803
10$14,068,204$3,376,369$844,092$9,847,743
11$14,771,614$3,545,187$886,297$10,340,130
12$15,510,195$3,722,447$930,612$10,857,136
13$16,285,705$3,908,569$977,142$11,399,993
14$17,099,990$4,103,998$1,025,999$11,969,993
15$17,954,989$4,309,197$1,077,299$12,568,492
16$18,852,739$4,524,657$1,131,164$13,196,917
17$19,795,375$4,750,890$1,187,723$13,856,763
18$20,785,144$4,988,435$1,247,109$14,549,601
19$21,824,401$5,237,856$1,309,464$15,277,081
20$22,915,622$5,499,749$1,374,937$16,040,935
21$24,061,403$5,774,737$1,443,684$16,842,982
22$25,264,473$6,063,473$1,515,868$17,685,131
23$26,527,697$6,366,647$1,591,662$18,569,388
24$27,854,081$6,684,979$1,671,245$19,497,857
25$29,246,785$7,019,228$1,754,807$20,472,750
26$30,709,125$7,370,190$1,842,547$21,496,387
27$32,244,581$7,738,699$1,934,675$22,571,207
28$33,856,810$8,125,634$2,031,409$23,699,767
29$35,549,650$8,531,916$2,132,979$24,884,755
30$37,327,133$8,958,512$2,239,628$26,128,993
Total$602,500,001$144,600,000$36,150,000$421,750,001
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