The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 Jan 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(5.9%) | $1,563,500 | | Net Lumpsum Payment | $15,171,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$52,393 |
$546,722 |
| 2 |
$932,436 |
$305,332
$55,014 |
$572,090 |
| 3 |
$979,046 |
$322,577
$57,764 |
$598,705 |
| 4 |
$1,028,016 |
$340,696
$60,653 |
$626,667 |
| 5 |
$1,079,405 |
$359,710
$63,685 |
$656,010 |
| 6 |
$1,133,390 |
$379,685
$66,870 |
$686,835 |
| 7 |
$1,190,030 |
$400,641
$70,212 |
$719,177 |
| 8 |
$1,249,561 |
$422,668
$73,724 |
$753,169 |
| 9 |
$1,312,042 |
$445,786
$77,410 |
$788,846 |
| 10 |
$1,377,650 |
$470,061
$81,281 |
$826,308 |
| 11 |
$1,446,503 |
$495,536
$85,344 |
$865,623 |
| 12 |
$1,518,837 |
$522,300
$89,611 |
$906,926 |
| 13 |
$1,594,770 |
$550,395
$94,091 |
$950,284 |
| 14 |
$1,674,538 |
$579,909
$98,798 |
$995,831 |
| 15 |
$1,758,259 |
$610,886
$103,737 |
$1,043,636 |
| 16 |
$1,846,169 |
$643,413
$108,924 |
$1,093,832 |
| 17 |
$1,938,445 |
$677,555
$114,368 |
$1,146,522 |
| 18 |
$2,035,382 |
$713,422
$120,088 |
$1,201,872 |
| 19 |
$2,137,157 |
$751,078
$126,092 |
$1,259,987 |
| 20 |
$2,244,006 |
$790,613
$132,396 |
$1,320,997 |
| 21 |
$2,356,224 |
$832,133
$139,017 |
$1,385,074 |
| 22 |
$2,474,047 |
$875,728
$145,969 |
$1,452,350 |
| 23 |
$2,597,711 |
$921,483
$153,265 |
$1,522,963 |
| 24 |
$2,727,629 |
$969,553
$160,930 |
$1,597,146 |
| 25 |
$2,863,978 |
$1,020,002
$168,975 |
$1,675,001 |
| 26 |
$3,007,230 |
$1,073,005
$177,427 |
$1,756,798 |
| 27 |
$3,157,562 |
$1,128,628
$186,296 |
$1,842,638 |
| 28 |
$3,315,446 |
$1,187,045
$195,611 |
$1,932,790 |
| 29 |
$3,481,236 |
$1,248,388
$205,393 |
$2,027,455 |
| 30 |
$3,655,286 |
$1,312,786
$215,662 |
$2,126,838 |
|
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