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New Mexico Mega Millions Jackpot Annuity Payout Schedule for Oct 6, 2023

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The tax information provided here is based on 2022 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $350,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

New Mexico

Drawing Date:Fri, Oct 6, 2023
Jackpot:$350,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,268,002$1,912,116$310,812$3,045,074
2$5,531,402$2,009,574$326,353$3,195,476
3$5,807,972$2,111,905$342,670$3,353,397
4$6,098,371$2,219,352$359,804$3,519,215
5$6,403,290$2,332,172$377,794$3,693,323
6$6,723,454$2,450,633$396,684$3,876,137
7$7,059,627$2,575,017$416,518$4,068,092
8$7,412,608$2,705,620$437,344$4,269,644
9$7,783,239$2,842,753$459,211$4,481,274
10$8,172,401$2,986,743$482,172$4,703,486
11$8,581,021$3,137,933$506,280$4,936,808
12$9,010,072$3,296,682$531,594$5,181,796
13$9,460,575$3,463,368$558,174$5,439,033
14$9,933,604$3,638,389$586,083$5,709,133
15$10,430,284$3,822,160$615,387$5,992,737
16$10,951,799$4,015,120$646,156$6,290,522
17$11,499,388$4,217,729$678,464$6,603,196
18$12,074,358$4,430,467$712,387$6,931,503
19$12,678,076$4,653,843$748,006$7,276,226
20$13,311,979$4,888,387$785,407$7,638,185
21$13,977,578$5,134,659$824,677$8,018,242
22$14,676,457$5,393,244$865,911$8,417,302
23$15,410,280$5,664,759$909,207$8,836,315
24$16,180,794$5,949,849$954,667$9,276,278
25$16,989,834$6,249,193$1,002,400$9,738,240
26$17,839,326$6,563,506$1,052,520$10,223,300
27$18,731,292$6,893,533$1,105,146$10,732,613
28$19,667,856$7,240,062$1,160,404$11,267,391
29$20,651,249$7,603,917$1,218,424$11,828,908
30$21,683,812$7,985,965$1,279,345$12,418,502
Total$350,000,001$128,388,650$20,650,001$200,961,348

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.