New Mexico Lottery

NMLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 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 Fri Nov 15, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 15, 2024	$387,000,000	$181,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$181,400,000
Federal Tax(24%)	$43,536,000
Additional Federal Tax	$23,542,330
State Tax(5.9%)	$10,702,600
Net Lumpsum Payment	$103,619,070

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,824,737	-$2,115,483 -$343,659	$3,365,595
2	$6,116,148	-$2,223,305 -$360,853	$3,531,990
3	$6,421,878	-$2,336,425 -$378,891	$3,706,562
4	$6,743,088	-$2,455,273 -$397,842	$3,889,973
5	$7,080,165	-$2,579,991 -$417,730	$4,082,444
6	$7,434,270	-$2,711,010 -$438,622	$4,284,638
7	$7,805,790	-$2,848,473 -$460,542	$4,496,775
8	$8,196,273	-$2,992,951 -$483,580	$4,719,742
9	$8,606,106	-$3,144,590 -$507,760	$4,953,756
10	$9,036,450	-$3,303,817 -$533,151	$5,199,482
11	$9,488,079	-$3,470,920 -$559,797	$5,457,362
12	$9,962,541	-$3,646,471 -$587,790	$5,728,280
13	$10,460,610	-$3,830,756 -$617,176	$6,012,678
14	$10,983,834	-$4,024,349 -$648,046	$6,311,439
15	$11,532,987	-$4,227,536 -$680,446	$6,625,005
16	$12,109,617	-$4,440,889 -$714,467	$6,954,261
17	$12,714,885	-$4,664,838 -$750,178	$7,299,869
18	$13,350,726	-$4,900,099 -$787,693	$7,662,934
19	$14,018,301	-$5,147,102 -$827,080	$8,044,119
20	$14,719,158	-$5,406,419 -$868,430	$8,444,309
21	$15,455,232	-$5,678,766 -$911,859	$8,864,607
22	$16,228,071	-$5,964,717 -$957,456	$9,305,898
23	$17,039,223	-$6,264,843 -$1,005,314	$9,769,066
24	$17,891,397	-$6,580,147 -$1,055,592	$10,255,658
25	$18,785,754	-$6,911,059 -$1,108,359	$10,766,336
26	$19,725,390	-$7,258,725 -$1,163,798	$11,302,867
27	$20,711,466	-$7,623,573 -$1,221,976	$11,865,917
28	$21,747,078	-$8,006,749 -$1,283,078	$12,457,251
29	$22,834,548	-$8,409,113 -$1,347,238	$13,078,197
30	$23,976,198	-$8,831,524 -$1,414,596	$13,730,078