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Mega Millions Annuity Jackpot Analysis for New Mexico (Jul. 31, 2020 Drawing)

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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 $22,000,000 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:  Jul. 31, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$19,868$231,792
2$347,688$83,445$20,861$243,382
3$365,073$87,617$21,904$255,551
4$383,326$91,998$23,000$268,328
5$402,492$96,598$24,150$281,745
6$422,617$101,428$25,357$295,832
7$443,748$106,500$26,625$310,624
8$465,935$111,824$27,956$326,155
9$489,232$117,416$29,354$342,463
10$513,694$123,287$30,822$359,586
11$539,378$129,451$32,363$377,565
12$566,347$135,923$33,981$396,443
13$594,665$142,720$35,680$416,265
14$624,398$149,856$37,464$437,079
15$655,618$157,348$39,337$458,933
16$688,399$165,216$41,304$481,879
17$722,819$173,476$43,369$505,973
18$758,960$182,150$45,538$531,272
19$796,908$191,258$47,814$557,835
20$836,753$200,821$50,205$585,727
21$878,591$210,862$52,715$615,013
22$922,520$221,405$55,351$645,764
23$968,646$232,475$58,119$678,052
24$1,017,078$244,099$61,025$711,955
25$1,067,932$256,304$64,076$747,553
26$1,121,329$269,119$67,280$784,930
27$1,177,395$282,575$70,644$824,177
28$1,236,265$296,704$74,176$865,386
29$1,298,079$311,539$77,885$908,655
30$1,362,982$327,116$81,779$954,088
Total$22,000,000$5,280,000$1,320,000$15,400,000
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