The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 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 May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(5.9%) | $10,708,500 | | Net Lumpsum Payment | $103,676,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$348,988 |
$3,417,159 |
| 2 |
$6,210,972 |
$2,258,390
$366,447 |
$3,586,135 |
| 3 |
$6,521,442 |
$2,373,264
$384,765 |
$3,763,413 |
| 4 |
$6,847,632 |
$2,493,954
$404,010 |
$3,949,668 |
| 5 |
$7,189,935 |
$2,620,606
$424,206 |
$4,145,123 |
| 6 |
$7,549,530 |
$2,753,656
$445,422 |
$4,350,452 |
| 7 |
$7,926,810 |
$2,893,250
$467,682 |
$4,565,878 |
| 8 |
$8,323,347 |
$3,039,969
$491,077 |
$4,792,301 |
| 9 |
$8,739,534 |
$3,193,958
$515,633 |
$5,029,943 |
| 10 |
$9,176,550 |
$3,355,654
$541,416 |
$5,279,480 |
| 11 |
$9,635,181 |
$3,525,347
$568,476 |
$5,541,358 |
| 12 |
$10,116,999 |
$3,703,620
$596,903 |
$5,816,476 |
| 13 |
$10,622,790 |
$3,890,763
$626,745 |
$6,105,282 |
| 14 |
$11,154,126 |
$4,087,357
$658,093 |
$6,408,676 |
| 15 |
$11,711,793 |
$4,293,694
$690,996 |
$6,727,103 |
| 16 |
$12,297,363 |
$4,510,355
$725,544 |
$7,061,464 |
| 17 |
$12,912,015 |
$4,737,776
$761,809 |
$7,412,430 |
| 18 |
$13,557,714 |
$4,976,685
$799,905 |
$7,781,124 |
| 19 |
$14,235,639 |
$5,227,517
$839,903 |
$8,168,219 |
| 20 |
$14,947,362 |
$5,490,854
$881,894 |
$8,574,614 |
| 21 |
$15,694,848 |
$5,767,424
$925,996 |
$9,001,428 |
| 22 |
$16,479,669 |
$6,057,808
$972,300 |
$9,449,561 |
| 23 |
$17,303,397 |
$6,362,587
$1,020,900 |
$9,919,910 |
| 24 |
$18,168,783 |
$6,682,780
$1,071,958 |
$10,414,045 |
| 25 |
$19,077,006 |
$7,018,823
$1,125,543 |
$10,932,640 |
| 26 |
$20,031,210 |
$7,371,878
$1,181,841 |
$11,477,491 |
| 27 |
$21,032,574 |
$7,742,383
$1,240,922 |
$12,049,269 |
| 28 |
$22,084,242 |
$8,131,500
$1,302,970 |
$12,649,772 |
| 29 |
$23,188,572 |
$8,540,102
$1,368,126 |
$13,280,344 |
| 30 |
$24,347,922 |
$8,969,062
$1,436,527 |
$13,942,333 |
|
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