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New Mexico Mega Millions Jackpot Annuity Payout Schedule for Feb 23, 2024

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The tax information provided here is based on 2024 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 $525,000,000 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, Feb 23, 2024
Jackpot:$525,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,902,003$2,881,929$466,218$4,553,856
2$8,297,104$3,028,116$489,529$4,779,458
3$8,711,959$3,181,612$514,006$5,016,341
4$9,147,557$3,342,784$539,706$5,265,067
5$9,604,934$3,512,013$566,691$5,526,230
6$10,085,181$3,689,705$595,026$5,800,451
7$10,589,441$3,876,281$624,777$6,088,383
8$11,118,913$4,072,185$656,016$6,390,711
9$11,674,858$4,277,885$688,817$6,708,156
10$12,258,601$4,493,870$723,257$7,041,473
11$12,871,531$4,720,654$759,420$7,391,456
12$13,515,108$4,958,778$797,391$7,758,939
13$14,190,863$5,208,807$837,261$8,144,795
14$14,900,406$5,471,338$879,124$8,549,944
15$15,645,426$5,746,995$923,080$8,975,351
16$16,427,698$6,036,436$969,234$9,422,028
17$17,249,082$6,340,348$1,017,696$9,891,038
18$18,111,537$6,659,456$1,068,581$10,383,500
19$19,017,113$6,994,520$1,122,010$10,900,584
20$19,967,969$7,346,336$1,178,110$11,443,523
21$20,966,367$7,715,744$1,237,016$12,013,608
22$22,014,686$8,103,622$1,298,866$12,612,198
23$23,115,420$8,510,893$1,363,810$13,240,717
24$24,271,191$8,938,528$1,432,000$13,900,662
25$25,484,751$9,387,545$1,503,600$14,593,605
26$26,758,989$9,859,014$1,578,780$15,321,195
27$28,096,938$10,354,055$1,657,719$16,085,164
28$29,501,784$10,873,848$1,740,605$16,887,331
29$30,976,874$11,419,631$1,827,636$17,729,607
30$32,525,718$11,992,703$1,919,017$18,613,997
Total$525,000,001$192,995,631$30,974,999$301,029,368

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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.