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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 $109,000,000 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:  Tue, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$98,436$1,148,424
2$1,722,637$413,433$103,358$1,205,846
3$1,808,769$434,104$108,526$1,266,138
4$1,899,207$455,810$113,952$1,329,445
5$1,994,167$478,600$119,650$1,395,917
6$2,093,876$502,530$125,633$1,465,713
7$2,198,570$527,657$131,914$1,538,999
8$2,308,498$554,040$138,510$1,615,949
9$2,423,923$581,742$145,435$1,696,746
10$2,545,119$610,829$152,707$1,781,583
11$2,672,375$641,370$160,343$1,870,663
12$2,805,994$673,439$168,360$1,964,196
13$2,946,293$707,110$176,778$2,062,405
14$3,093,608$742,466$185,616$2,165,526
15$3,248,289$779,589$194,897$2,273,802
16$3,410,703$818,569$204,642$2,387,492
17$3,581,238$859,497$214,874$2,506,867
18$3,760,300$902,472$225,618$2,632,210
19$3,948,315$947,596$236,899$2,763,820
20$4,145,731$994,975$248,744$2,902,012
21$4,353,017$1,044,724$261,181$3,047,112
22$4,570,668$1,096,960$274,240$3,199,468
23$4,799,202$1,151,808$287,952$3,359,441
24$5,039,162$1,209,399$302,350$3,527,413
25$5,291,120$1,269,869$317,467$3,703,784
26$5,555,676$1,333,362$333,341$3,888,973
27$5,833,459$1,400,030$350,008$4,083,422
28$6,125,132$1,470,032$367,508$4,287,593
29$6,431,389$1,543,533$385,883$4,501,972
30$6,752,959$1,620,710$405,178$4,727,071
Total$109,000,000$26,160,000$6,540,000$76,300,000
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