The jackpot for the MEGA Millions draw on Tue Nov 26, 2024, is projected to be $489 Million, with an option for a cash payout of $225.3 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 Nov 26, 2024 |
|---|
| Draw Date | Tue Nov 26, 2024 | | Projected Jackpot | $489,000,000 | | Cash Value | $225,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $225,300,000 | | Federal Tax(24%) | $54,072,000 | | Additional Federal Tax | $29,249,330 | | State Tax(5.9%) | $13,292,700 | | Net Lumpsum Payment | $128,685,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,359,939 |
$2,683,508
$434,236 |
$4,242,195 |
| 2 |
$7,728,156 |
$2,819,748
$455,961 |
$4,452,447 |
| 3 |
$8,114,466 |
$2,962,683
$478,753 |
$4,673,030 |
| 4 |
$8,520,336 |
$3,112,855
$502,700 |
$4,904,781 |
| 5 |
$8,946,255 |
$3,270,445
$527,829 |
$5,147,981 |
| 6 |
$9,393,690 |
$3,435,996
$554,228 |
$5,403,466 |
| 7 |
$9,863,130 |
$3,609,688
$581,925 |
$5,671,517 |
| 8 |
$10,356,531 |
$3,792,247
$611,035 |
$5,953,249 |
| 9 |
$10,874,382 |
$3,983,852
$641,589 |
$6,248,941 |
| 10 |
$11,418,150 |
$4,185,046
$673,671 |
$6,559,433 |
| 11 |
$11,988,813 |
$4,396,191
$707,340 |
$6,885,282 |
| 12 |
$12,588,327 |
$4,618,011
$742,711 |
$7,227,605 |
| 13 |
$13,217,670 |
$4,850,868
$779,843 |
$7,586,959 |
| 14 |
$13,878,798 |
$5,095,486
$818,849 |
$7,964,463 |
| 15 |
$14,572,689 |
$5,352,225
$859,789 |
$8,360,675 |
| 16 |
$15,301,299 |
$5,621,811
$902,777 |
$8,776,711 |
| 17 |
$16,066,095 |
$5,904,786
$947,900 |
$9,213,409 |
| 18 |
$16,869,522 |
$6,202,054
$995,302 |
$9,672,166 |
| 19 |
$17,713,047 |
$6,514,158
$1,045,070 |
$10,153,819 |
| 20 |
$18,598,626 |
$6,841,822
$1,097,319 |
$10,659,485 |
| 21 |
$19,528,704 |
$7,185,951
$1,152,194 |
$11,190,559 |
| 22 |
$20,505,237 |
$7,547,268
$1,209,809 |
$11,748,160 |
| 23 |
$21,530,181 |
$7,926,497
$1,270,281 |
$12,333,403 |
| 24 |
$22,606,959 |
$8,324,905
$1,333,811 |
$12,948,243 |
| 25 |
$23,737,038 |
$8,743,034
$1,400,485 |
$13,593,519 |
| 26 |
$24,924,330 |
$9,182,332
$1,470,535 |
$14,271,463 |
| 27 |
$26,170,302 |
$9,643,342
$1,544,048 |
$14,982,912 |
| 28 |
$27,478,866 |
$10,127,511
$1,621,253 |
$15,730,102 |
| 29 |
$28,852,956 |
$10,635,924
$1,702,324 |
$16,514,708 |
| 30 |
$30,295,506 |
$11,169,668
$1,787,435 |
$17,338,403 |
|
|
