New Mexico Lottery

NMLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Mar 11, 2025 is estimated to be $256 Million, with a cash option of 119.5 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 Mar 11, 2025

Draw Date	Jackpot	Cash Option
Tue Mar 11, 2025	$256,000,000	$119,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$119,500,000
Federal Tax(24%)	$28,680,000
Additional Federal Tax	$15,495,330
State Tax(5.9%)	$7,050,500
Net Lumpsum Payment	$68,274,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,853,056	-$1,385,961 -$227,330	$2,239,765
2	$4,045,824	-$1,457,285 -$238,704	$2,349,835
3	$4,248,064	-$1,532,114 -$250,636	$2,465,314
4	$4,460,544	-$1,610,732 -$263,172	$2,586,640
5	$4,683,520	-$1,693,233 -$276,328	$2,713,959
6	$4,917,760	-$1,779,902 -$290,148	$2,847,710
7	$5,163,520	-$1,870,833 -$304,648	$2,988,039
8	$5,421,824	-$1,966,405 -$319,888	$3,135,531
9	$5,692,928	-$2,066,714 -$335,883	$3,290,331
10	$5,977,600	-$2,172,042 -$352,678	$3,452,880
11	$6,276,352	-$2,282,581 -$370,305	$3,623,466
12	$6,590,208	-$2,398,707 -$388,822	$3,802,679
13	$6,919,680	-$2,520,612 -$408,261	$3,990,807
14	$7,265,792	-$2,648,673 -$428,682	$4,188,437
15	$7,629,056	-$2,783,081 -$450,114	$4,395,861
16	$8,010,496	-$2,924,214 -$472,619	$4,613,663
17	$8,410,880	-$3,072,356 -$496,242	$4,842,282
18	$8,831,488	-$3,227,981 -$521,058	$5,082,449
19	$9,273,088	-$3,391,373 -$547,112	$5,334,603
20	$9,736,704	-$3,562,911 -$574,466	$5,599,327
21	$10,223,616	-$3,743,068 -$603,193	$5,877,355
22	$10,734,848	-$3,932,224 -$633,356	$6,169,268
23	$11,271,424	-$4,130,757 -$665,014	$6,475,653
24	$11,835,136	-$4,339,331 -$698,273	$6,797,532
25	$12,426,752	-$4,558,229 -$733,178	$7,135,345
26	$13,048,320	-$4,788,209 -$769,851	$7,490,260
27	$13,700,608	-$5,029,555 -$808,336	$7,862,717
28	$14,385,664	-$5,283,026 -$848,754	$8,253,884
29	$15,105,024	-$5,549,189 -$891,196	$8,664,639
30	$15,860,224	-$5,828,613 -$935,753	$9,095,858