The jackpot for the MEGA Millions draw on Fri Oct 16, 2026, is projected to be $403 Million, with an option for a cash payout of $162.1 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 Oct 16, 2026 |
|---|
| Draw Date | Fri Oct 16, 2026 | | Projected Jackpot | $403,000,000 | | Cash Value | $162,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $162,100,000 | | Federal Tax(24%) | $38,904,000 | | Additional Federal Tax | $21,033,330 | | State Tax(5.9%) | $9,563,900 | | Net Lumpsum Payment | $92,598,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,065,553 |
$2,204,585
$357,868 |
$3,503,100 |
| 2 |
$6,369,012 |
$2,316,865
$375,772 |
$3,676,375 |
| 3 |
$6,687,382 |
$2,434,662
$394,556 |
$3,858,164 |
| 4 |
$7,021,872 |
$2,558,423
$414,290 |
$4,049,159 |
| 5 |
$7,372,885 |
$2,688,298
$435,000 |
$4,249,587 |
| 6 |
$7,741,630 |
$2,824,733
$456,756 |
$4,460,141 |
| 7 |
$8,128,510 |
$2,967,879
$479,582 |
$4,681,049 |
| 8 |
$8,535,137 |
$3,118,331
$503,573 |
$4,913,233 |
| 9 |
$8,961,914 |
$3,276,239
$528,753 |
$5,156,922 |
| 10 |
$9,410,050 |
$3,442,049
$555,193 |
$5,412,808 |
| 11 |
$9,880,351 |
$3,616,060
$582,941 |
$5,681,350 |
| 12 |
$10,374,429 |
$3,798,869
$612,091 |
$5,963,469 |
| 13 |
$10,893,090 |
$3,990,774
$642,692 |
$6,259,624 |
| 14 |
$11,437,946 |
$4,192,370
$674,839 |
$6,570,737 |
| 15 |
$12,009,803 |
$4,403,957
$708,578 |
$6,897,268 |
| 16 |
$12,610,273 |
$4,626,131
$744,006 |
$7,240,136 |
| 17 |
$13,240,565 |
$4,859,339
$781,193 |
$7,600,033 |
| 18 |
$13,902,694 |
$5,104,327
$820,259 |
$7,978,108 |
| 19 |
$14,597,869 |
$5,361,542
$861,274 |
$8,375,053 |
| 20 |
$15,327,702 |
$5,631,580
$904,334 |
$8,791,788 |
| 21 |
$16,094,208 |
$5,915,187
$949,558 |
$9,229,463 |
| 22 |
$16,898,999 |
$6,212,960
$997,041 |
$9,688,998 |
| 23 |
$17,743,687 |
$6,525,495
$1,046,878 |
$10,171,314 |
| 24 |
$18,631,093 |
$6,853,835
$1,099,234 |
$10,678,024 |
| 25 |
$19,562,426 |
$7,198,428
$1,154,183 |
$11,209,815 |
| 26 |
$20,540,910 |
$7,560,467
$1,211,914 |
$11,768,529 |
| 27 |
$21,567,754 |
$7,940,399
$1,272,497 |
$12,354,858 |
| 28 |
$22,646,182 |
$8,339,418
$1,336,125 |
$12,970,639 |
| 29 |
$23,778,612 |
$8,758,417
$1,402,938 |
$13,617,257 |
| 30 |
$24,967,462 |
$9,198,291
$1,473,080 |
$14,296,091 |
|
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