New Mexico Lottery

NMLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 Tue Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(5.9%)	$25,334,600
Net Lumpsum Payment	$245,227,070

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$838,280	$8,152,520
2	$14,918,976	-$5,480,352 -$880,220	$8,558,404
3	$15,664,736	-$5,756,283 -$924,219	$8,984,234
4	$16,448,256	-$6,046,185 -$970,447	$9,431,624
5	$17,270,480	-$6,350,408 -$1,018,958	$9,901,114
6	$18,134,240	-$6,669,999 -$1,069,920	$10,394,321
7	$19,040,480	-$7,005,308 -$1,123,388	$10,911,784
8	$19,992,976	-$7,357,732 -$1,179,586	$11,455,658
9	$20,992,672	-$7,727,619 -$1,238,568	$12,026,485
10	$22,042,400	-$8,116,018 -$1,300,502	$12,625,880
11	$23,144,048	-$8,523,628 -$1,365,499	$13,254,921
12	$24,301,392	-$8,951,845 -$1,433,782	$13,915,765
13	$25,516,320	-$9,401,369 -$1,505,463	$14,609,488
14	$26,792,608	-$9,873,595 -$1,580,764	$15,338,249
15	$28,132,144	-$10,369,224 -$1,659,796	$16,103,124
16	$29,538,704	-$10,889,651 -$1,742,784	$16,906,269
17	$31,015,120	-$11,435,925 -$1,829,892	$17,749,303
18	$32,566,112	-$12,009,792 -$1,921,401	$18,634,919
19	$34,194,512	-$12,612,300 -$2,017,476	$19,564,736
20	$35,904,096	-$13,244,846 -$2,118,342	$20,540,908
21	$37,699,584	-$13,909,176 -$2,224,275	$21,566,133
22	$39,584,752	-$14,606,689 -$2,335,500	$22,642,563
23	$41,563,376	-$15,338,780 -$2,452,239	$23,772,357
24	$43,642,064	-$16,107,894 -$2,574,882	$24,959,288
25	$45,823,648	-$16,915,080 -$2,703,595	$26,204,973
26	$48,115,680	-$17,763,132 -$2,838,825	$27,513,723
27	$50,520,992	-$18,653,097 -$2,980,739	$28,887,156
28	$53,047,136	-$19,587,771 -$3,129,781	$30,329,584
29	$55,699,776	-$20,569,248 -$3,286,287	$31,844,241
30	$58,484,576	-$21,599,624 -$3,450,590	$33,434,362