New York Lottery

NYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New York MEGA Millions Jackpot/Cash Option for Tue Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(8.82%)	$37,873,080
Net Lumpsum Payment	$232,688,590

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$1,253,158	$7,737,642
2	$14,918,976	-$5,480,352 -$1,315,854	$8,122,770
3	$15,664,736	-$5,756,283 -$1,381,630	$8,526,823
4	$16,448,256	-$6,046,185 -$1,450,736	$8,951,335
5	$17,270,480	-$6,350,408 -$1,523,256	$9,396,816
6	$18,134,240	-$6,669,999 -$1,599,440	$9,864,801
7	$19,040,480	-$7,005,308 -$1,679,370	$10,355,802
8	$19,992,976	-$7,357,732 -$1,763,380	$10,871,864
9	$20,992,672	-$7,727,619 -$1,851,554	$11,413,499
10	$22,042,400	-$8,116,018 -$1,944,140	$11,982,242
11	$23,144,048	-$8,523,628 -$2,041,305	$12,579,115
12	$24,301,392	-$8,951,845 -$2,143,383	$13,206,164
13	$25,516,320	-$9,401,369 -$2,250,539	$13,864,412
14	$26,792,608	-$9,873,595 -$2,363,108	$14,555,905
15	$28,132,144	-$10,369,224 -$2,481,255	$15,281,665
16	$29,538,704	-$10,889,651 -$2,605,314	$16,043,739
17	$31,015,120	-$11,435,925 -$2,735,534	$16,843,661
18	$32,566,112	-$12,009,792 -$2,872,331	$17,683,989
19	$34,194,512	-$12,612,300 -$3,015,956	$18,566,256
20	$35,904,096	-$13,244,846 -$3,166,741	$19,492,509
21	$37,699,584	-$13,909,176 -$3,325,103	$20,465,305
22	$39,584,752	-$14,606,689 -$3,491,375	$21,486,688
23	$41,563,376	-$15,338,780 -$3,665,890	$22,558,706
24	$43,642,064	-$16,107,894 -$3,849,230	$23,684,940
25	$45,823,648	-$16,915,080 -$4,041,646	$24,866,922
26	$48,115,680	-$17,763,132 -$4,243,803	$26,108,745
27	$50,520,992	-$18,653,097 -$4,455,951	$27,411,944
28	$53,047,136	-$19,587,771 -$4,678,757	$28,780,608
29	$55,699,776	-$20,569,248 -$4,912,720	$30,217,808
30	$58,484,576	-$21,599,624 -$5,158,340	$31,726,612