The jackpot for the MEGA Millions draw on Fri Dec 27, 2024, is projected to be $1.15 Billion, with an option for a cash payout of $516.1 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 Dec 27, 2024 |
|---|
| Draw Date | Fri Dec 27, 2024 | | Projected Jackpot | $1,150,000,000 | | Cash Value | $516,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $516,100,000 | | Federal Tax(24%) | $123,864,000 | | Additional Federal Tax | $67,053,330 | | State Tax(5.9%) | $30,449,900 | | Net Lumpsum Payment | $294,732,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$1,021,210 |
$9,922,909 |
| 2 |
$18,174,600 |
$6,684,932
$1,072,301 |
$10,417,367 |
| 3 |
$19,083,100 |
$7,021,077
$1,125,903 |
$10,936,120 |
| 4 |
$20,037,600 |
$7,374,242
$1,182,218 |
$11,481,140 |
| 5 |
$21,039,250 |
$7,744,853
$1,241,316 |
$12,053,081 |
| 6 |
$22,091,500 |
$8,134,185
$1,303,399 |
$12,653,916 |
| 7 |
$23,195,500 |
$8,542,665
$1,368,535 |
$13,284,300 |
| 8 |
$24,355,850 |
$8,971,995
$1,436,995 |
$13,946,860 |
| 9 |
$25,573,700 |
$9,422,599
$1,508,848 |
$14,642,253 |
| 10 |
$26,852,500 |
$9,895,755
$1,584,298 |
$15,372,447 |
| 11 |
$28,194,550 |
$10,392,314
$1,663,478 |
$16,138,758 |
| 12 |
$29,604,450 |
$10,913,977
$1,746,663 |
$16,943,810 |
| 13 |
$31,084,500 |
$11,461,595
$1,833,986 |
$17,788,919 |
| 14 |
$32,639,300 |
$12,036,871
$1,925,719 |
$18,676,710 |
| 15 |
$34,271,150 |
$12,640,656
$2,021,998 |
$19,608,496 |
| 16 |
$35,984,650 |
$13,274,651
$2,123,094 |
$20,586,905 |
| 17 |
$37,783,250 |
$13,940,133
$2,229,212 |
$21,613,905 |
| 18 |
$39,672,700 |
$14,639,229
$2,340,689 |
$22,692,782 |
| 19 |
$41,656,450 |
$15,373,217
$2,457,731 |
$23,825,502 |
| 20 |
$43,739,100 |
$16,143,797
$2,580,607 |
$25,014,696 |
| 21 |
$45,926,400 |
$16,953,098
$2,709,658 |
$26,263,644 |
| 22 |
$48,222,950 |
$17,802,822
$2,845,154 |
$27,574,974 |
| 23 |
$50,633,350 |
$18,694,670
$2,987,368 |
$28,951,312 |
| 24 |
$53,165,650 |
$19,631,621
$3,136,773 |
$30,397,256 |
| 25 |
$55,823,300 |
$20,614,951
$3,293,575 |
$31,914,774 |
| 26 |
$58,615,500 |
$21,648,065
$3,458,315 |
$33,509,120 |
| 27 |
$61,545,700 |
$22,732,239
$3,631,196 |
$35,182,265 |
| 28 |
$64,623,100 |
$23,870,877
$3,812,763 |
$36,939,460 |
| 29 |
$67,854,600 |
$25,066,532
$4,003,421 |
$38,784,647 |
| 30 |
$71,247,100 |
$26,321,757
$4,203,579 |
$40,721,764 |
|
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