New Mexico Lottery

NMLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Apr 29, 2025 is estimated to be $70 Million, with a cash option of 31.8 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 Apr 29, 2025

Draw Date	Jackpot	Cash Option
Tue Apr 29, 2025	$70,000,000	$31,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$31,800,000
Federal Tax(24%)	$7,632,000
Additional Federal Tax	$4,094,330
State Tax(5.9%)	$1,876,200
Net Lumpsum Payment	$18,197,470

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,053,570	-$350,151 -$62,161	$641,258
2	$1,106,280	-$369,654 -$65,271	$671,355
3	$1,161,580	-$390,115 -$68,533	$702,932
4	$1,219,680	-$411,612 -$71,961	$736,107
5	$1,280,650	-$434,171 -$75,558	$770,921
6	$1,344,700	-$457,869 -$79,337	$807,494
7	$1,411,900	-$482,733 -$83,302	$845,865
8	$1,482,530	-$508,866 -$87,469	$886,195
9	$1,556,660	-$536,295 -$91,843	$928,522
10	$1,634,500	-$565,095 -$96,436	$972,969
11	$1,716,190	-$595,321 -$101,255	$1,019,614
12	$1,802,010	-$627,074 -$106,319	$1,068,617
13	$1,892,100	-$660,407 -$111,634	$1,120,059
14	$1,986,740	-$695,424 -$117,218	$1,174,098
15	$2,086,070	-$732,176 -$123,078	$1,230,816
16	$2,190,370	-$770,767 -$129,232	$1,290,371
17	$2,299,850	-$811,275 -$135,691	$1,352,884
18	$2,414,860	-$853,829 -$142,477	$1,418,554
19	$2,535,610	-$898,506 -$149,601	$1,487,503
20	$2,662,380	-$945,411 -$157,080	$1,559,889
21	$2,795,520	-$994,673 -$164,936	$1,635,911
22	$2,935,310	-$1,046,395 -$173,183	$1,715,732
23	$3,082,030	-$1,100,681 -$181,840	$1,799,509
24	$3,236,170	-$1,157,713 -$190,934	$1,887,523
25	$3,397,940	-$1,217,568 -$200,478	$1,979,894
26	$3,567,900	-$1,280,453 -$210,506	$2,076,941
27	$3,746,260	-$1,346,447 -$221,029	$2,178,784
28	$3,933,580	-$1,415,755 -$232,081	$2,285,744
29	$4,130,280	-$1,488,534 -$243,687	$2,398,059
30	$4,336,780	-$1,564,939 -$255,870	$2,515,971