It’s not too late to buy a lottery ticket and try to win it big. Wednesday’s Powerball drawing is worth $1.7 billion — the seventh-largest in Powerball history.Related: Here are the most commonly drawn numbers in the PowerballThe drawing is scheduled for Wednesday.Has the Powerball Jackpot ever been won in New Mexico?There have been five winning Powerball jackpots won in New Mexico, with winning the amounts of $131 million, $32 million, $93.4 million, $62 million, and $206.9 million. How much would I take home if I win the Powerball? There are two options when you win the lottery: Get a lump sum of your winnings or 30 annual payments.If you take the cash option, you would receive $781 million before taxes. From that winning, there will be a federal tax of 24% on your winnings — nearly $187 million. You’d also owe more at tax time, another 37% or nearly $101 million, according to the USA Mega website. That would leave you with a lump sum of $492 million before state taxes.New Mexico also has a 5.9% state tax withholding — about $46 million — taking your total net payout on the lump sum to about $446 million.If you take the annuity option, you would receive 30 average annual payments of $32.3 million per year. That number comes after federal and state taxes are assessed.
It’s not too late to buy a lottery ticket and try to win it big.
Wednesday’s Powerball drawing is worth $1.7 billion — the seventh-largest in Powerball history.
Related: Here are the most commonly drawn numbers in the Powerball
The drawing is scheduled for Wednesday.
Has the Powerball Jackpot ever been won in New Mexico?
There have been five winning Powerball jackpots won in New Mexico, with winning the amounts of $131 million, $32 million, $93.4 million, $62 million, and $206.9 million.
How much would I take home if I win the Powerball?
There are two options when you win the lottery: Get a lump sum of your winnings or 30 annual payments.
If you take the cash option, you would receive $781 million before taxes. From that winning, there will be a federal tax of 24% on your winnings — nearly $187 million. You’d also owe more at tax time, another 37% or nearly $101 million, according to the USA Mega website. That would leave you with a lump sum of $492 million before state taxes.
New Mexico also has a 5.9% state tax withholding — about $46 million — taking your total net payout on the lump sum to about $446 million.
If you take the annuity option, you would receive 30 average annual payments of $32.3 million per year. That number comes after federal and state taxes are assessed.
