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Mega Millions Annuity Jackpot Analysis for New Mexico

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $224,000,000 would be for a resident of New Mexico, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

New Mexico

Drawing Date:  Fri, Feb 22, 2019
Jackpot:$224,000,000
Federal Tax:  24%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,371,521$809,165$202,291$2,360,065
2$3,540,098$849,623$212,406$2,478,068
3$3,717,102$892,105$223,026$2,601,972
4$3,902,958$936,710$234,177$2,732,070
5$4,098,105$983,545$245,886$2,868,674
6$4,303,011$1,032,723$258,181$3,012,107
7$4,518,161$1,084,359$271,090$3,162,713
8$4,744,069$1,138,577$284,644$3,320,849
9$4,981,273$1,195,505$298,876$3,486,891
10$5,230,336$1,255,281$313,820$3,661,235
11$5,491,853$1,318,045$329,511$3,844,297
12$5,766,446$1,383,947$345,987$4,036,512
13$6,054,768$1,453,144$363,286$4,238,338
14$6,357,507$1,525,802$381,450$4,450,255
15$6,675,382$1,602,092$400,523$4,672,767
16$7,009,151$1,682,196$420,549$4,906,406
17$7,359,608$1,766,306$441,577$5,151,726
18$7,727,589$1,854,621$463,655$5,409,312
19$8,113,968$1,947,352$486,838$5,679,778
20$8,519,667$2,044,720$511,180$5,963,767
21$8,945,650$2,146,956$536,739$6,261,955
22$9,392,933$2,254,304$563,576$6,575,053
23$9,862,579$2,367,019$591,755$6,903,806
24$10,355,708$2,485,370$621,342$7,248,996
25$10,873,494$2,609,638$652,410$7,611,445
26$11,417,168$2,740,120$685,030$7,992,018
27$11,988,027$2,877,126$719,282$8,391,619
28$12,587,428$3,020,983$755,246$8,811,200
29$13,216,799$3,172,032$793,008$9,251,760
30$13,877,640$3,330,633$832,658$9,714,348
Total$224,000,000$53,760,000$13,440,000$156,800,000
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