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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 $31,000,000 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, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$27,996$326,616
2$489,924$117,582$29,395$342,947
3$514,420$123,461$30,865$360,094
4$540,141$129,634$32,408$378,099
5$567,149$136,116$34,029$397,004
6$595,506$142,921$35,730$416,854
7$625,281$150,068$37,517$437,697
8$656,545$157,571$39,393$459,582
9$689,373$165,449$41,362$482,561
10$723,841$173,722$43,430$506,689
11$760,033$182,408$45,602$532,023
12$798,035$191,528$47,882$558,624
13$837,937$201,105$50,276$586,556
14$879,834$211,160$52,790$615,883
15$923,825$221,718$55,430$646,678
16$970,016$232,804$58,201$679,012
17$1,018,517$244,444$61,111$712,962
18$1,069,443$256,666$64,167$748,610
19$1,122,915$269,500$67,375$786,041
20$1,179,061$282,975$70,744$825,343
21$1,238,014$297,123$74,281$866,610
22$1,299,915$311,980$77,995$909,940
23$1,364,911$327,579$81,895$955,437
24$1,433,156$343,957$85,989$1,003,209
25$1,504,814$361,155$90,289$1,053,370
26$1,580,055$379,213$94,803$1,106,038
27$1,659,057$398,174$99,543$1,161,340
28$1,742,010$418,082$104,521$1,219,407
29$1,829,111$438,987$109,747$1,280,377
30$1,920,566$460,936$115,234$1,344,396
Total$31,000,000$7,440,000$1,860,000$21,700,000
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