New Mexico Lottery

NMLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of New Mexico, your state will take 5.9% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New Mexico MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(5.9%)	$9,032,900
Net Lumpsum Payment	$87,459,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$293,931	$2,884,324
2	$5,231,124	-$1,895,846 -$308,636	$3,026,642
3	$5,492,614	-$1,992,598 -$324,064	$3,175,952
4	$5,767,344	-$2,094,248 -$340,273	$3,332,823
5	$6,055,645	-$2,200,919 -$357,283	$3,497,443
6	$6,358,510	-$2,312,979 -$375,152	$3,670,379
7	$6,676,270	-$2,430,550 -$393,900	$3,851,820
8	$7,010,249	-$2,554,123 -$413,605	$4,042,521
9	$7,360,778	-$2,683,818 -$434,286	$4,242,674
10	$7,728,850	-$2,820,005 -$456,002	$4,452,843
11	$8,115,127	-$2,962,927 -$478,792	$4,673,408
12	$8,520,933	-$3,113,076 -$502,735	$4,905,122
13	$8,946,930	-$3,270,694 -$527,869	$5,148,367
14	$9,394,442	-$3,436,274 -$554,272	$5,403,896
15	$9,864,131	-$3,610,059 -$581,984	$5,672,088
16	$10,357,321	-$3,792,539 -$611,082	$5,953,700
17	$10,875,005	-$3,984,082 -$641,625	$6,249,298
18	$11,418,838	-$4,185,300 -$673,711	$6,559,827
19	$11,989,813	-$4,396,561 -$707,399	$6,885,853
20	$12,589,254	-$4,618,354 -$742,766	$7,228,134
21	$13,218,816	-$4,851,292 -$779,910	$7,587,614
22	$13,879,823	-$5,095,865 -$818,910	$7,965,048
23	$14,573,599	-$5,352,562 -$859,842	$8,361,195
24	$15,302,461	-$5,622,241 -$902,845	$8,777,375
25	$16,067,402	-$5,905,269 -$947,977	$9,214,156
26	$16,871,070	-$6,202,626 -$995,393	$9,673,051
27	$17,714,458	-$6,514,680 -$1,045,153	$10,154,625
28	$18,600,214	-$6,842,410 -$1,097,413	$10,660,391
29	$19,530,324	-$7,186,550 -$1,152,289	$11,191,485
30	$20,506,774	-$7,547,837 -$1,209,900	$11,749,037