New Mexico Lottery

NMLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New Mexico MEGA Millions Jackpot/Cash Option for Tue Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(5.9%)	$525,100
Net Lumpsum Payment	$5,121,570

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$17,760	$211,552
2	$316,080	-$77,280 -$18,649	$220,151
3	$331,880	-$83,126 -$19,581	$229,173
4	$348,480	-$89,268 -$20,560	$238,652
5	$365,900	-$95,713 -$21,588	$248,599
6	$384,200	-$102,484 -$22,668	$259,048
7	$403,400	-$109,588 -$23,801	$270,011
8	$423,580	-$117,055 -$24,991	$281,534
9	$444,760	-$124,892 -$26,241	$293,627
10	$467,000	-$133,120 -$27,553	$306,327
11	$490,340	-$141,756 -$28,930	$319,654
12	$514,860	-$150,829 -$30,377	$333,654
13	$540,600	-$160,352 -$31,895	$348,353
14	$567,640	-$170,357 -$33,491	$363,792
15	$596,020	-$180,858 -$35,165	$379,997
16	$625,820	-$191,884 -$36,923	$397,013
17	$657,100	-$203,457 -$38,769	$414,874
18	$689,960	-$215,616 -$40,708	$433,636
19	$724,460	-$228,381 -$42,743	$453,336
20	$760,680	-$241,782 -$44,880	$474,018
21	$798,720	-$255,857 -$47,124	$495,739
22	$838,660	-$270,635 -$49,481	$518,544
23	$880,580	-$286,145 -$51,954	$542,481
24	$924,620	-$302,440 -$54,553	$567,627
25	$970,840	-$319,541 -$57,280	$594,019
26	$1,019,400	-$337,508 -$60,145	$621,747
27	$1,070,360	-$356,364 -$63,151	$650,845
28	$1,123,880	-$376,166 -$66,309	$681,405
29	$1,180,080	-$396,960 -$69,625	$713,495
30	$1,239,080	-$418,790 -$73,106	$747,184