The jackpot for the MEGA Millions draw on Fri Jun 28, 2024, is projected to be $116 Million, with an option for a cash payout of $55.4 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 Jun 28, 2024 |
|---|
| Draw Date | Fri Jun 28, 2024 | | Projected Jackpot | $116,000,000 | | Cash Value | $55,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $55,400,000 | | Federal Tax(24%) | $13,296,000 | | Additional Federal Tax | $7,162,330 | | State Tax(5.9%) | $3,268,600 | | Net Lumpsum Payment | $31,673,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,745,916 |
$606,319
$103,009 |
$1,036,588 |
| 2 |
$1,833,264 |
$638,638
$108,163 |
$1,086,463 |
| 3 |
$1,924,904 |
$672,545
$113,569 |
$1,138,790 |
| 4 |
$2,021,184 |
$708,168
$119,250 |
$1,193,766 |
| 5 |
$2,122,220 |
$745,552
$125,211 |
$1,251,457 |
| 6 |
$2,228,360 |
$784,824
$131,473 |
$1,312,063 |
| 7 |
$2,339,720 |
$826,027
$138,043 |
$1,375,650 |
| 8 |
$2,456,764 |
$869,333
$144,949 |
$1,442,482 |
| 9 |
$2,579,608 |
$914,785
$152,197 |
$1,512,626 |
| 10 |
$2,708,600 |
$962,512
$159,807 |
$1,586,281 |
| 11 |
$2,843,972 |
$1,012,600
$167,794 |
$1,663,578 |
| 12 |
$2,986,188 |
$1,065,220
$176,185 |
$1,744,783 |
| 13 |
$3,135,480 |
$1,120,458
$184,993 |
$1,830,029 |
| 14 |
$3,292,312 |
$1,178,486
$194,246 |
$1,919,580 |
| 15 |
$3,456,916 |
$1,239,389
$203,958 |
$2,013,569 |
| 16 |
$3,629,756 |
$1,303,340
$214,156 |
$2,112,260 |
| 17 |
$3,811,180 |
$1,370,467
$224,860 |
$2,215,853 |
| 18 |
$4,001,768 |
$1,440,985
$236,104 |
$2,324,679 |
| 19 |
$4,201,868 |
$1,515,022
$247,910 |
$2,438,936 |
| 20 |
$4,411,944 |
$1,592,750
$260,305 |
$2,558,889 |
| 21 |
$4,632,576 |
$1,674,384
$273,322 |
$2,684,870 |
| 22 |
$4,864,228 |
$1,760,095
$286,989 |
$2,817,144 |
| 23 |
$5,107,364 |
$1,850,055
$301,334 |
$2,955,975 |
| 24 |
$5,362,796 |
$1,944,565
$316,405 |
$3,101,826 |
| 25 |
$5,630,872 |
$2,043,753
$332,221 |
$3,254,898 |
| 26 |
$5,912,520 |
$2,147,963
$348,839 |
$3,415,718 |
| 27 |
$6,208,088 |
$2,257,323
$366,277 |
$3,584,488 |
| 28 |
$6,518,504 |
$2,372,177
$384,592 |
$3,761,735 |
| 29 |
$6,844,464 |
$2,492,782
$403,823 |
$3,947,859 |
| 30 |
$7,186,664 |
$2,619,396
$424,013 |
$4,143,255 |
|
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