The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(5.9%) | $11,558,100 | | Net Lumpsum Payment | $111,898,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$373,852 |
$3,657,794 |
| 2 |
$6,653,484 |
$2,422,119
$392,556 |
$3,838,809 |
| 3 |
$6,986,074 |
$2,545,178
$412,178 |
$4,028,718 |
| 4 |
$7,335,504 |
$2,674,467
$432,795 |
$4,228,242 |
| 5 |
$7,702,195 |
$2,810,143
$454,430 |
$4,437,622 |
| 6 |
$8,087,410 |
$2,952,672
$477,157 |
$4,657,581 |
| 7 |
$8,491,570 |
$3,102,211
$501,003 |
$4,888,356 |
| 8 |
$8,916,359 |
$3,259,383
$526,065 |
$5,130,911 |
| 9 |
$9,362,198 |
$3,424,344
$552,370 |
$5,385,484 |
| 10 |
$9,830,350 |
$3,597,560
$579,991 |
$5,652,799 |
| 11 |
$10,321,657 |
$3,779,343
$608,978 |
$5,933,336 |
| 12 |
$10,837,803 |
$3,970,317
$639,430 |
$6,228,056 |
| 13 |
$11,379,630 |
$4,170,793
$671,398 |
$6,537,439 |
| 14 |
$11,948,822 |
$4,381,395
$704,980 |
$6,862,447 |
| 15 |
$12,546,221 |
$4,602,432
$740,227 |
$7,203,562 |
| 16 |
$13,173,511 |
$4,834,529
$777,237 |
$7,561,745 |
| 17 |
$13,831,955 |
$5,078,154
$816,085 |
$7,937,716 |
| 18 |
$14,523,658 |
$5,334,084
$856,896 |
$8,332,678 |
| 19 |
$15,249,883 |
$5,602,787
$899,743 |
$8,747,353 |
| 20 |
$16,012,314 |
$5,884,887
$944,727 |
$9,182,700 |
| 21 |
$16,813,056 |
$6,181,161
$991,970 |
$9,639,925 |
| 22 |
$17,653,793 |
$6,492,234
$1,041,574 |
$10,119,985 |
| 23 |
$18,536,209 |
$6,818,728
$1,093,636 |
$10,623,845 |
| 24 |
$19,463,251 |
$7,161,733
$1,148,332 |
$11,153,186 |
| 25 |
$20,436,182 |
$7,521,718
$1,205,735 |
$11,708,729 |
| 26 |
$21,458,370 |
$7,899,927
$1,266,044 |
$12,292,399 |
| 27 |
$22,531,078 |
$8,296,829
$1,329,334 |
$12,904,915 |
| 28 |
$23,657,674 |
$8,713,670
$1,395,803 |
$13,548,201 |
| 29 |
$24,840,684 |
$9,151,383
$1,465,600 |
$14,223,701 |
| 30 |
$26,082,634 |
$9,610,905
$1,538,875 |
$14,932,854 |
|
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