New York Lottery

NYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of New York, your state will take 8.82% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New York MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(8.82%)	$13,503,420
Net Lumpsum Payment	$82,989,250

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$439,402	$2,738,853
2	$5,231,124	-$1,895,846 -$461,385	$2,873,893
3	$5,492,614	-$1,992,598 -$484,449	$3,015,567
4	$5,767,344	-$2,094,248 -$508,680	$3,164,416
5	$6,055,645	-$2,200,919 -$534,108	$3,320,618
6	$6,358,510	-$2,312,979 -$560,821	$3,484,710
7	$6,676,270	-$2,430,550 -$588,847	$3,656,873
8	$7,010,249	-$2,554,123 -$618,304	$3,837,822
9	$7,360,778	-$2,683,818 -$649,221	$4,027,739
10	$7,728,850	-$2,820,005 -$681,685	$4,227,160
11	$8,115,127	-$2,962,927 -$715,754	$4,436,446
12	$8,520,933	-$3,113,076 -$751,546	$4,656,311
13	$8,946,930	-$3,270,694 -$789,119	$4,887,117
14	$9,394,442	-$3,436,274 -$828,590	$5,129,578
15	$9,864,131	-$3,610,059 -$870,016	$5,384,056
16	$10,357,321	-$3,792,539 -$913,516	$5,651,266
17	$10,875,005	-$3,984,082 -$959,175	$5,931,748
18	$11,418,838	-$4,185,300 -$1,007,142	$6,226,396
19	$11,989,813	-$4,396,561 -$1,057,502	$6,535,750
20	$12,589,254	-$4,618,354 -$1,110,372	$6,860,528
21	$13,218,816	-$4,851,292 -$1,165,900	$7,201,624
22	$13,879,823	-$5,095,865 -$1,224,200	$7,559,758
23	$14,573,599	-$5,352,562 -$1,285,391	$7,935,646
24	$15,302,461	-$5,622,241 -$1,349,677	$8,330,543
25	$16,067,402	-$5,905,269 -$1,417,145	$8,744,988
26	$16,871,070	-$6,202,626 -$1,488,028	$9,180,416
27	$17,714,458	-$6,514,680 -$1,562,415	$9,637,363
28	$18,600,214	-$6,842,410 -$1,640,539	$10,117,265
29	$19,530,324	-$7,186,550 -$1,722,575	$10,621,199
30	$20,506,774	-$7,547,837 -$1,808,697	$11,150,240