New Mexico Lottery

NMLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Apr 30, 2024 is estimated to be $257 Million, with a cash option of 115.6 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 Tue Apr 30, 2024

Draw Date	Jackpot	Cash Option
Tue Apr 30, 2024	$257,000,000	$115,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$115,600,000
Federal Tax(24%)	$27,744,000
Additional Federal Tax	$14,988,330
State Tax(5.9%)	$6,820,400
Net Lumpsum Payment	$66,047,270

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,868,107	-$1,391,530 -$228,218	$2,248,359
2	$4,061,628	-$1,463,133 -$239,636	$2,358,859
3	$4,264,658	-$1,538,254 -$251,615	$2,474,789
4	$4,477,968	-$1,617,179 -$264,200	$2,596,589
5	$4,701,815	-$1,700,002 -$277,407	$2,724,406
6	$4,936,970	-$1,787,009 -$291,281	$2,858,680
7	$5,183,690	-$1,878,296 -$305,838	$2,999,556
8	$5,443,003	-$1,974,241 -$321,137	$3,147,625
9	$5,715,166	-$2,074,942 -$337,195	$3,303,029
10	$6,000,950	-$2,180,682 -$354,056	$3,466,212
11	$6,300,869	-$2,291,652 -$371,751	$3,637,466
12	$6,615,951	-$2,408,232 -$390,341	$3,817,378
13	$6,946,710	-$2,530,613 -$409,856	$4,006,241
14	$7,294,174	-$2,659,175 -$430,356	$4,204,643
15	$7,658,857	-$2,794,107 -$451,873	$4,412,877
16	$8,041,787	-$2,935,792 -$474,465	$4,631,530
17	$8,443,735	-$3,084,512 -$498,180	$4,861,043
18	$8,865,986	-$3,240,745 -$523,093	$5,102,148
19	$9,309,311	-$3,404,775 -$549,249	$5,355,287
20	$9,774,738	-$3,576,983 -$576,710	$5,621,045
21	$10,263,552	-$3,757,845 -$605,550	$5,900,157
22	$10,776,781	-$3,947,739 -$635,830	$6,193,212
23	$11,315,453	-$4,147,048 -$667,612	$6,500,793
24	$11,881,367	-$4,356,436 -$701,001	$6,823,930
25	$12,475,294	-$4,576,189 -$736,042	$7,163,063
26	$13,099,290	-$4,807,068 -$772,858	$7,519,364
27	$13,754,126	-$5,049,357 -$811,493	$7,893,276
28	$14,441,858	-$5,303,818 -$852,070	$8,285,970
29	$15,164,028	-$5,571,021 -$894,678	$8,698,329
30	$15,922,178	-$5,851,536 -$939,409	$9,131,233