The jackpot for the MEGA Millions draw on Tue Jul 1, 2025, is projected to be $50 Million, with an option for a cash payout of $22.4 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New Mexico residents, the state will deduct 5.9% from your lottery earnings.
| New Mexico MEGA Millions Jackpot/Cash Option for Tue Jul 1, 2025 |
|---|
| Draw Date | Tue Jul 1, 2025 | | Projected Jackpot | $50,000,000 | | Cash Value | $22,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $22,400,000 | | Federal Tax(24%) | $5,376,000 | | Additional Federal Tax | $2,872,330 | | State Tax(5.9%) | $1,321,600 | | Net Lumpsum Payment | $12,830,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$752,550 |
$238,774
$44,400 |
$469,376 |
| 2 |
$790,200 |
$252,704
$46,622 |
$490,874 |
| 3 |
$829,700 |
$267,319
$48,952 |
$513,429 |
| 4 |
$871,200 |
$282,674
$51,401 |
$537,125 |
| 5 |
$914,750 |
$298,788
$53,970 |
$561,992 |
| 6 |
$960,500 |
$315,715
$56,670 |
$588,115 |
| 7 |
$1,008,500 |
$333,475
$59,502 |
$615,523 |
| 8 |
$1,058,950 |
$352,142
$62,478 |
$644,330 |
| 9 |
$1,111,900 |
$371,733
$65,602 |
$674,565 |
| 10 |
$1,167,500 |
$392,305
$68,883 |
$706,312 |
| 11 |
$1,225,850 |
$413,895
$72,325 |
$739,630 |
| 12 |
$1,287,150 |
$436,576
$75,942 |
$774,632 |
| 13 |
$1,351,500 |
$460,385
$79,739 |
$811,376 |
| 14 |
$1,419,100 |
$485,397
$83,727 |
$849,976 |
| 15 |
$1,490,050 |
$511,649
$87,913 |
$890,488 |
| 16 |
$1,564,550 |
$539,214
$92,308 |
$933,028 |
| 17 |
$1,642,750 |
$568,148
$96,922 |
$977,680 |
| 18 |
$1,724,900 |
$598,543
$101,769 |
$1,024,588 |
| 19 |
$1,811,150 |
$630,456
$106,858 |
$1,073,836 |
| 20 |
$1,901,700 |
$663,959
$112,200 |
$1,125,541 |
| 21 |
$1,996,800 |
$699,146
$117,811 |
$1,179,843 |
| 22 |
$2,096,650 |
$736,091
$123,702 |
$1,236,857 |
| 23 |
$2,201,450 |
$774,867
$129,886 |
$1,296,697 |
| 24 |
$2,311,550 |
$815,604
$136,381 |
$1,359,565 |
| 25 |
$2,427,100 |
$858,357
$143,199 |
$1,425,544 |
| 26 |
$2,548,500 |
$903,275
$150,362 |
$1,494,863 |
| 27 |
$2,675,900 |
$950,413
$157,878 |
$1,567,609 |
| 28 |
$2,809,700 |
$999,919
$165,772 |
$1,644,009 |
| 29 |
$2,950,200 |
$1,051,904
$174,062 |
$1,724,234 |
| 30 |
$3,097,700 |
$1,106,479
$182,764 |
$1,808,457 |
|
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