The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Tue May 21, 2024 |
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Draw Date | Tue May 21, 2024 | Projected Jackpot | $421,000,000 | Cash Value | $195,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $195,900,000 | Federal Tax(24%) | $47,016,000 | Additional Federal Tax | $25,427,330 | State Tax(5.9%) | $11,558,100 | Net Lumpsum Payment | $111,898,570 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $373,852 |
$3,657,794 |
2 |
$6,653,484 |
$2,422,119 $392,556 |
$3,838,809 |
3 |
$6,986,074 |
$2,545,178 $412,178 |
$4,028,718 |
4 |
$7,335,504 |
$2,674,467 $432,795 |
$4,228,242 |
5 |
$7,702,195 |
$2,810,143 $454,430 |
$4,437,622 |
6 |
$8,087,410 |
$2,952,672 $477,157 |
$4,657,581 |
7 |
$8,491,570 |
$3,102,211 $501,003 |
$4,888,356 |
8 |
$8,916,359 |
$3,259,383 $526,065 |
$5,130,911 |
9 |
$9,362,198 |
$3,424,344 $552,370 |
$5,385,484 |
10 |
$9,830,350 |
$3,597,560 $579,991 |
$5,652,799 |
11 |
$10,321,657 |
$3,779,343 $608,978 |
$5,933,336 |
12 |
$10,837,803 |
$3,970,317 $639,430 |
$6,228,056 |
13 |
$11,379,630 |
$4,170,793 $671,398 |
$6,537,439 |
14 |
$11,948,822 |
$4,381,395 $704,980 |
$6,862,447 |
15 |
$12,546,221 |
$4,602,432 $740,227 |
$7,203,562 |
16 |
$13,173,511 |
$4,834,529 $777,237 |
$7,561,745 |
17 |
$13,831,955 |
$5,078,154 $816,085 |
$7,937,716 |
18 |
$14,523,658 |
$5,334,084 $856,896 |
$8,332,678 |
19 |
$15,249,883 |
$5,602,787 $899,743 |
$8,747,353 |
20 |
$16,012,314 |
$5,884,887 $944,727 |
$9,182,700 |
21 |
$16,813,056 |
$6,181,161 $991,970 |
$9,639,925 |
22 |
$17,653,793 |
$6,492,234 $1,041,574 |
$10,119,985 |
23 |
$18,536,209 |
$6,818,728 $1,093,636 |
$10,623,845 |
24 |
$19,463,251 |
$7,161,733 $1,148,332 |
$11,153,186 |
25 |
$20,436,182 |
$7,521,718 $1,205,735 |
$11,708,729 |
26 |
$21,458,370 |
$7,899,927 $1,266,044 |
$12,292,399 |
27 |
$22,531,078 |
$8,296,829 $1,329,334 |
$12,904,915 |
28 |
$23,657,674 |
$8,713,670 $1,395,803 |
$13,548,201 |
29 |
$24,840,684 |
$9,151,383 $1,465,600 |
$14,223,701 |
30 |
$26,082,634 |
$9,610,905 $1,538,875 |
$14,932,854 |
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