The jackpot for the MEGA Millions draw on Fri Feb 28, 2025, is projected to be $197 Million, with an option for a cash payout of $91.9 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 Feb 28, 2025 |
|---|
| Draw Date | Fri Feb 28, 2025 | | Projected Jackpot | $197,000,000 | | Cash Value | $91,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $91,900,000 | | Federal Tax(24%) | $22,056,000 | | Additional Federal Tax | $11,907,330 | | State Tax(5.9%) | $5,422,100 | | Net Lumpsum Payment | $52,514,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$174,938 |
$1,732,711 |
| 2 |
$3,113,388 |
$1,112,284
$183,690 |
$1,817,414 |
| 3 |
$3,269,018 |
$1,169,867
$192,872 |
$1,906,279 |
| 4 |
$3,432,528 |
$1,230,366
$202,519 |
$1,999,643 |
| 5 |
$3,604,115 |
$1,293,853
$212,643 |
$2,097,619 |
| 6 |
$3,784,370 |
$1,360,547
$223,278 |
$2,200,545 |
| 7 |
$3,973,490 |
$1,430,522
$234,436 |
$2,308,532 |
| 8 |
$4,172,263 |
$1,504,068
$246,164 |
$2,422,031 |
| 9 |
$4,380,886 |
$1,581,258
$258,472 |
$2,541,156 |
| 10 |
$4,599,950 |
$1,662,312
$271,397 |
$2,666,241 |
| 11 |
$4,829,849 |
$1,747,375
$284,961 |
$2,797,513 |
| 12 |
$5,071,371 |
$1,836,738
$299,211 |
$2,935,422 |
| 13 |
$5,324,910 |
$1,930,547
$314,170 |
$3,080,193 |
| 14 |
$5,591,254 |
$2,029,094
$329,884 |
$3,232,276 |
| 15 |
$5,870,797 |
$2,132,525
$346,377 |
$3,391,895 |
| 16 |
$6,164,327 |
$2,241,131
$363,695 |
$3,559,501 |
| 17 |
$6,472,435 |
$2,355,131
$381,874 |
$3,735,430 |
| 18 |
$6,796,106 |
$2,474,890
$400,970 |
$3,920,246 |
| 19 |
$7,135,931 |
$2,600,625
$421,020 |
$4,114,286 |
| 20 |
$7,492,698 |
$2,732,629
$442,069 |
$4,318,000 |
| 21 |
$7,867,392 |
$2,871,265
$464,176 |
$4,531,951 |
| 22 |
$8,260,801 |
$3,016,827
$487,387 |
$4,756,587 |
| 23 |
$8,673,713 |
$3,169,604
$511,749 |
$4,992,360 |
| 24 |
$9,107,507 |
$3,330,108
$537,343 |
$5,240,056 |
| 25 |
$9,562,774 |
$3,498,557
$564,204 |
$5,500,013 |
| 26 |
$10,041,090 |
$3,675,534
$592,424 |
$5,773,132 |
| 27 |
$10,543,046 |
$3,861,257
$622,040 |
$6,059,749 |
| 28 |
$11,070,218 |
$4,056,311
$653,143 |
$6,360,764 |
| 29 |
$11,623,788 |
$4,261,132
$685,803 |
$6,676,853 |
| 30 |
$12,204,938 |
$4,476,157
$720,091 |
$7,008,690 |
|
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