New Mexico Lottery

NMLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 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 Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(5.9%)	$1,410,100
Net Lumpsum Payment	$13,686,570

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$41,736	$443,594
2	$742,788	-$235,162 -$43,824	$463,802
3	$779,918	-$248,900 -$46,015	$485,003
4	$818,928	-$263,334 -$48,317	$507,277
5	$859,865	-$278,480 -$50,732	$530,653
6	$902,870	-$294,392 -$53,269	$555,209
7	$947,990	-$311,087 -$55,931	$580,972
8	$995,413	-$328,633 -$58,729	$608,051
9	$1,045,186	-$347,049 -$61,666	$636,471
10	$1,097,450	-$366,387 -$64,750	$666,313
11	$1,152,299	-$386,681 -$67,986	$697,632
12	$1,209,921	-$408,001 -$71,385	$730,535
13	$1,270,410	-$430,382 -$74,954	$765,074
14	$1,333,954	-$453,893 -$78,703	$801,358
15	$1,400,647	-$478,570 -$82,638	$839,439
16	$1,470,677	-$504,481 -$86,770	$879,426
17	$1,544,185	-$531,679 -$91,107	$921,399
18	$1,621,406	-$560,251 -$95,663	$965,492
19	$1,702,481	-$590,248 -$100,446	$1,011,787
20	$1,787,598	-$621,742 -$105,468	$1,060,388
21	$1,876,992	-$654,817 -$110,743	$1,111,432
22	$1,970,851	-$689,545 -$116,280	$1,165,026
23	$2,069,363	-$725,995 -$122,092	$1,221,276
24	$2,172,857	-$764,287 -$128,199	$1,280,371
25	$2,281,474	-$804,476 -$134,607	$1,342,391
26	$2,395,590	-$846,699 -$141,340	$1,407,551
27	$2,515,346	-$891,008 -$148,405	$1,475,933
28	$2,641,118	-$937,544 -$155,826	$1,547,748
29	$2,773,188	-$986,410 -$163,618	$1,623,160
30	$2,911,838	-$1,037,710 -$171,798	$1,702,330