The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(5.9%) | $14,219,000 | | Net Lumpsum Payment | $137,650,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$456,437 |
$4,457,047 |
| 2 |
$8,123,256 |
$2,965,935
$479,272 |
$4,678,049 |
| 3 |
$8,529,316 |
$3,116,177
$503,230 |
$4,909,909 |
| 4 |
$8,955,936 |
$3,274,027
$528,400 |
$5,153,509 |
| 5 |
$9,403,630 |
$3,439,673
$554,814 |
$5,409,143 |
| 6 |
$9,873,940 |
$3,613,688
$582,562 |
$5,677,690 |
| 7 |
$10,367,380 |
$3,796,261
$611,675 |
$5,959,444 |
| 8 |
$10,886,006 |
$3,988,153
$642,274 |
$6,255,579 |
| 9 |
$11,430,332 |
$4,189,553
$674,390 |
$6,566,389 |
| 10 |
$12,001,900 |
$4,401,033
$708,112 |
$6,892,755 |
| 11 |
$12,601,738 |
$4,622,973
$743,503 |
$7,235,262 |
| 12 |
$13,231,902 |
$4,856,134
$780,682 |
$7,595,086 |
| 13 |
$13,893,420 |
$5,100,896
$819,712 |
$7,972,812 |
| 14 |
$14,588,348 |
$5,358,019
$860,713 |
$8,369,616 |
| 15 |
$15,317,714 |
$5,627,885
$903,745 |
$8,786,084 |
| 16 |
$16,083,574 |
$5,911,253
$948,931 |
$9,223,390 |
| 17 |
$16,887,470 |
$6,208,694
$996,361 |
$9,682,415 |
| 18 |
$17,731,972 |
$6,521,160
$1,046,186 |
$10,164,626 |
| 19 |
$18,618,622 |
$6,849,221
$1,098,499 |
$10,670,902 |
| 20 |
$19,549,476 |
$7,193,637
$1,153,419 |
$11,202,420 |
| 21 |
$20,527,104 |
$7,555,359
$1,211,099 |
$11,760,646 |
| 22 |
$21,553,562 |
$7,935,148
$1,271,660 |
$12,346,754 |
| 23 |
$22,630,906 |
$8,333,766
$1,335,223 |
$12,961,917 |
| 24 |
$23,762,734 |
$8,752,542
$1,402,001 |
$13,608,191 |
| 25 |
$24,950,588 |
$9,192,048
$1,472,085 |
$14,286,455 |
| 26 |
$26,198,580 |
$9,653,805
$1,545,716 |
$14,999,059 |
| 27 |
$27,508,252 |
$10,138,384
$1,622,987 |
$15,746,881 |
| 28 |
$28,883,716 |
$10,647,305
$1,704,139 |
$16,532,272 |
| 29 |
$30,328,056 |
$11,181,711
$1,789,355 |
$17,356,990 |
| 30 |
$31,844,356 |
$11,742,742
$1,878,817 |
$18,222,797 |
|
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