USA Mega

New Mexico Mega Millions Jackpot Annuity Payout Schedule for Jun 7, 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 $20,000,000 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, Jun 7, 2024
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$17,761$207,533
2$316,080$81,003$18,649$216,429
3$331,884$86,534$19,581$225,769
4$348,478$92,342$20,560$235,576
5$365,902$98,441$21,588$245,873
6$384,197$104,844$22,668$256,686
7$403,407$111,567$23,801$268,039
8$423,578$118,627$24,991$279,960
9$444,757$126,040$26,241$292,476
10$466,994$133,823$27,553$305,619
11$490,344$141,995$28,930$319,419
12$514,861$150,576$30,377$333,908
13$540,604$159,586$31,896$349,122
14$567,635$169,047$33,490$365,097
15$596,016$178,980$35,165$381,871
16$625,817$189,740$36,923$399,154
17$657,108$201,318$38,769$417,021
18$689,963$213,474$40,708$435,781
19$724,461$226,238$42,743$455,480
20$760,685$239,641$44,880$476,163
21$798,719$253,714$47,124$497,881
22$838,655$268,490$49,481$520,684
23$880,587$284,005$51,955$544,628
24$924,617$300,296$54,552$569,768
25$970,848$317,401$57,280$596,166
26$1,019,390$335,362$60,144$623,884
27$1,070,360$354,221$63,151$652,988
28$1,123,878$374,022$66,309$683,546
29$1,180,071$394,814$69,624$715,633
30$1,239,075$416,645$73,105$749,324
Total$20,000,000$6,198,521$1,179,999$12,621,478

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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.