The jackpot for the MEGA Millions draw on Tue Jul 2, 2024, is projected to be $137 Million, with an option for a cash payout of $64.5 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 Tue Jul 2, 2024 |
|---|
| Draw Date | Tue Jul 2, 2024 | | Projected Jackpot | $137,000,000 | | Cash Value | $64,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $64,500,000 | | Federal Tax(24%) | $15,480,000 | | Additional Federal Tax | $8,345,330 | | State Tax(5.9%) | $3,805,500 | | Net Lumpsum Payment | $36,869,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,061,987 |
$723,266
$121,657 |
$1,217,064 |
| 2 |
$2,165,148 |
$761,435
$127,744 |
$1,275,969 |
| 3 |
$2,273,378 |
$801,480
$134,129 |
$1,337,769 |
| 4 |
$2,387,088 |
$843,553
$140,838 |
$1,402,697 |
| 5 |
$2,506,415 |
$887,704
$147,878 |
$1,470,833 |
| 6 |
$2,631,770 |
$934,085
$155,274 |
$1,542,411 |
| 7 |
$2,763,290 |
$982,748
$163,034 |
$1,617,508 |
| 8 |
$2,901,523 |
$1,033,894
$171,190 |
$1,696,439 |
| 9 |
$3,046,606 |
$1,087,575
$179,750 |
$1,779,281 |
| 10 |
$3,198,950 |
$1,143,942
$188,738 |
$1,866,270 |
| 11 |
$3,358,829 |
$1,203,097
$198,171 |
$1,957,561 |
| 12 |
$3,526,791 |
$1,265,243
$208,081 |
$2,053,467 |
| 13 |
$3,703,110 |
$1,330,481
$218,483 |
$2,154,146 |
| 14 |
$3,888,334 |
$1,399,014
$229,412 |
$2,259,908 |
| 15 |
$4,082,737 |
$1,470,943
$240,881 |
$2,370,913 |
| 16 |
$4,286,867 |
$1,546,471
$252,925 |
$2,487,471 |
| 17 |
$4,501,135 |
$1,625,750
$265,567 |
$2,609,818 |
| 18 |
$4,726,226 |
$1,709,034
$278,847 |
$2,738,345 |
| 19 |
$4,962,551 |
$1,796,474
$292,791 |
$2,873,286 |
| 20 |
$5,210,658 |
$1,888,274
$307,429 |
$3,014,955 |
| 21 |
$5,471,232 |
$1,984,686
$322,803 |
$3,163,743 |
| 22 |
$5,744,821 |
$2,085,914
$338,944 |
$3,319,963 |
| 23 |
$6,031,973 |
$2,192,160
$355,886 |
$3,483,927 |
| 24 |
$6,333,647 |
$2,303,780
$373,685 |
$3,656,182 |
| 25 |
$6,650,254 |
$2,420,924
$392,365 |
$3,836,965 |
| 26 |
$6,982,890 |
$2,544,000
$411,991 |
$4,026,899 |
| 27 |
$7,331,966 |
$2,673,158
$432,586 |
$4,226,222 |
| 28 |
$7,698,578 |
$2,808,804
$454,216 |
$4,435,558 |
| 29 |
$8,083,548 |
$2,951,243
$476,929 |
$4,655,376 |
| 30 |
$8,487,698 |
$3,100,779
$500,774 |
$4,886,145 |
|
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