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New Mexico Mega Millions Jackpot Annuity Payout Schedule for Jul 4, 2023

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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 $400,000,000 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:Tue, Jul 4, 2023
Jackpot:$400,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,020,574$2,185,800$355,214$3,479,560
2$6,321,603$2,297,181$372,975$3,651,447
3$6,637,683$2,414,130$391,623$3,831,929
4$6,969,567$2,536,928$411,204$4,021,435
5$7,318,045$2,665,864$431,765$4,220,416
6$7,683,948$2,801,248$453,353$4,429,346
7$8,068,145$2,943,401$476,021$4,648,723
8$8,471,552$3,092,662$499,822$4,879,069
9$8,895,130$3,249,386$524,813$5,120,931
10$9,339,886$3,413,946$551,053$5,374,887
11$9,806,881$3,586,734$578,606$5,641,541
12$10,297,225$3,768,161$607,536$5,921,528
13$10,812,086$3,958,660$637,913$6,215,513
14$11,352,690$4,158,683$669,809$6,524,198
15$11,920,325$4,368,708$703,299$6,848,318
16$12,516,341$4,589,234$738,464$7,188,643
17$13,142,158$4,820,786$775,387$7,545,984
18$13,799,266$5,063,916$814,157$7,921,193
19$14,489,229$5,319,203$854,865$8,315,162
20$15,213,691$5,587,253$897,608$8,728,830
21$15,974,375$5,868,707$942,488$9,163,180
22$16,773,094$6,164,233$989,613$9,619,249
23$17,611,749$6,474,535$1,039,093$10,098,121
24$18,492,336$6,800,352$1,091,048$10,600,936
25$19,416,953$7,142,460$1,145,600$11,128,892
26$20,387,801$7,501,674$1,202,880$11,683,247
27$21,407,191$7,878,848$1,263,024$12,265,318
28$22,477,550$8,274,881$1,326,175$12,876,493
29$23,601,428$8,690,716$1,392,484$13,518,227
30$24,781,499$9,127,342$1,462,108$14,192,048
Total$400,000,001$146,745,632$23,600,000$229,654,364

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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.