The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Nov 1, 2024 |
|---|
| Draw Date | Fri Nov 1, 2024 | | Projected Jackpot | $281,000,000 | | Cash Value | $129,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $129,800,000 | | Federal Tax(24%) | $31,152,000 | | Additional Federal Tax | $16,834,330 | | State Tax(5.9%) | $7,658,200 | | Net Lumpsum Payment | $74,155,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$249,531 |
$2,454,617 |
| 2 |
$4,440,924 |
$1,603,472
$262,015 |
$2,575,437 |
| 3 |
$4,662,914 |
$1,685,609
$275,112 |
$2,702,193 |
| 4 |
$4,896,144 |
$1,771,904
$288,872 |
$2,835,368 |
| 5 |
$5,140,895 |
$1,862,462
$303,313 |
$2,975,120 |
| 6 |
$5,398,010 |
$1,957,594
$318,483 |
$3,121,933 |
| 7 |
$5,667,770 |
$2,057,405
$334,398 |
$3,275,967 |
| 8 |
$5,951,299 |
$2,162,311
$351,127 |
$3,437,861 |
| 9 |
$6,248,878 |
$2,272,415
$368,684 |
$3,607,779 |
| 10 |
$6,561,350 |
$2,388,030
$387,120 |
$3,786,200 |
| 11 |
$6,889,277 |
$2,509,363
$406,467 |
$3,973,447 |
| 12 |
$7,233,783 |
$2,636,830
$426,793 |
$4,170,160 |
| 13 |
$7,595,430 |
$2,770,639
$448,130 |
$4,376,661 |
| 14 |
$7,975,342 |
$2,911,207
$470,545 |
$4,593,590 |
| 15 |
$8,374,081 |
$3,058,740
$494,071 |
$4,821,270 |
| 16 |
$8,792,771 |
$3,213,656
$518,773 |
$5,060,342 |
| 17 |
$9,232,255 |
$3,376,265
$544,703 |
$5,311,287 |
| 18 |
$9,693,938 |
$3,547,087
$571,942 |
$5,574,909 |
| 19 |
$10,178,663 |
$3,726,436
$600,541 |
$5,851,686 |
| 20 |
$10,687,554 |
$3,914,725
$630,566 |
$6,142,263 |
| 21 |
$11,222,016 |
$4,112,476
$662,099 |
$6,447,441 |
| 22 |
$11,783,173 |
$4,320,104
$695,207 |
$6,767,862 |
| 23 |
$12,372,149 |
$4,538,026
$729,957 |
$7,104,166 |
| 24 |
$12,990,911 |
$4,766,967
$766,464 |
$7,457,480 |
| 25 |
$13,640,302 |
$5,007,242
$804,778 |
$7,828,282 |
| 26 |
$14,322,570 |
$5,259,681
$845,032 |
$8,217,857 |
| 27 |
$15,038,558 |
$5,524,597
$887,275 |
$8,626,686 |
| 28 |
$15,790,514 |
$5,802,821
$931,640 |
$9,056,053 |
| 29 |
$16,580,124 |
$6,094,976
$978,227 |
$9,506,921 |
| 30 |
$17,409,074 |
$6,401,688
$1,027,135 |
$9,980,251 |
|
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