The jackpot for the MEGA Millions draw on Fri Jan 3, 2025, is projected to be $42 Million, with an option for a cash payout of $18.8 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 Fri Jan 3, 2025 |
|---|
| Draw Date | Fri Jan 3, 2025 | | Projected Jackpot | $42,000,000 | | Cash Value | $18,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $18,800,000 | | Federal Tax(24%) | $4,512,000 | | Additional Federal Tax | $2,404,330 | | State Tax(5.9%) | $1,109,200 | | Net Lumpsum Payment | $10,774,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$632,142 |
$194,223
$37,296 |
$400,623 |
| 2 |
$663,768 |
$205,925
$39,162 |
$418,681 |
| 3 |
$696,948 |
$218,201
$41,120 |
$437,627 |
| 4 |
$731,808 |
$231,099
$43,177 |
$457,532 |
| 5 |
$768,390 |
$244,635
$45,335 |
$478,420 |
| 6 |
$806,820 |
$258,854
$47,602 |
$500,364 |
| 7 |
$847,140 |
$273,772
$49,981 |
$523,387 |
| 8 |
$889,518 |
$289,452
$52,482 |
$547,584 |
| 9 |
$933,996 |
$305,909
$55,106 |
$572,981 |
| 10 |
$980,700 |
$323,189
$57,861 |
$599,650 |
| 11 |
$1,029,714 |
$341,325
$60,753 |
$627,636 |
| 12 |
$1,081,206 |
$360,377
$63,791 |
$657,038 |
| 13 |
$1,135,260 |
$380,377
$66,980 |
$687,903 |
| 14 |
$1,192,044 |
$401,387
$70,331 |
$720,326 |
| 15 |
$1,251,642 |
$423,438
$73,847 |
$754,357 |
| 16 |
$1,314,222 |
$446,593
$77,539 |
$790,090 |
| 17 |
$1,379,910 |
$470,897
$81,415 |
$827,598 |
| 18 |
$1,448,916 |
$496,429
$85,486 |
$867,001 |
| 19 |
$1,521,366 |
$523,236
$89,761 |
$908,369 |
| 20 |
$1,597,428 |
$551,379
$94,248 |
$951,801 |
| 21 |
$1,677,312 |
$580,936
$98,961 |
$997,415 |
| 22 |
$1,761,186 |
$611,969
$103,910 |
$1,045,307 |
| 23 |
$1,849,218 |
$644,541
$109,104 |
$1,095,573 |
| 24 |
$1,941,702 |
$678,760
$114,560 |
$1,148,382 |
| 25 |
$2,038,764 |
$714,673
$120,287 |
$1,203,804 |
| 26 |
$2,140,740 |
$752,404
$126,304 |
$1,262,032 |
| 27 |
$2,247,756 |
$792,000
$132,618 |
$1,323,138 |
| 28 |
$2,360,148 |
$833,585
$139,249 |
$1,387,314 |
| 29 |
$2,478,168 |
$877,253
$146,212 |
$1,454,703 |
| 30 |
$2,602,068 |
$923,096
$153,522 |
$1,525,450 |
|
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