New Mexico Lottery

NMLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 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 Fri Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(5.9%)	$2,011,900
Net Lumpsum Payment	$19,510,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$68,377	$701,417
2	$1,216,908	-$410,586 -$71,798	$734,524
3	$1,277,738	-$433,093 -$75,387	$769,258
4	$1,341,648	-$456,740 -$79,157	$805,751
5	$1,408,715	-$481,555 -$83,114	$844,046
6	$1,479,170	-$507,623 -$87,271	$884,276
7	$1,553,090	-$534,974 -$91,632	$926,484
8	$1,630,783	-$563,720 -$96,216	$970,847
9	$1,712,326	-$593,891 -$101,027	$1,017,408
10	$1,797,950	-$625,572 -$106,079	$1,066,299
11	$1,887,809	-$658,820 -$111,381	$1,117,608
12	$1,982,211	-$693,748 -$116,950	$1,171,513
13	$2,081,310	-$730,415 -$122,797	$1,228,098
14	$2,185,414	-$768,934 -$128,939	$1,287,541
15	$2,294,677	-$809,361 -$135,386	$1,349,930
16	$2,409,407	-$851,811 -$142,155	$1,415,441
17	$2,529,835	-$896,369 -$149,260	$1,484,206
18	$2,656,346	-$943,178 -$156,724	$1,556,444
19	$2,789,171	-$992,324 -$164,561	$1,632,286
20	$2,928,618	-$1,043,919 -$172,788	$1,711,911
21	$3,075,072	-$1,098,107 -$181,429	$1,795,536
22	$3,228,841	-$1,155,002 -$190,502	$1,883,337
23	$3,390,233	-$1,214,717 -$200,024	$1,975,492
24	$3,559,787	-$1,277,452 -$210,027	$2,072,308
25	$3,737,734	-$1,343,292 -$220,526	$2,173,916
26	$3,924,690	-$1,412,466 -$231,557	$2,280,667
27	$4,120,886	-$1,485,058 -$243,132	$2,392,696
28	$4,326,938	-$1,561,297 -$255,289	$2,510,352
29	$4,543,308	-$1,641,354 -$268,055	$2,633,899
30	$4,770,458	-$1,725,400 -$281,457	$2,763,601