New York Lottery

NYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(8.82%)	$784,980
Net Lumpsum Payment	$4,861,690

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$26,550	$202,762
2	$316,080	-$77,280 -$27,878	$210,922
3	$331,880	-$83,126 -$29,272	$219,482
4	$348,480	-$89,268 -$30,736	$228,476
5	$365,900	-$95,713 -$32,272	$237,915
6	$384,200	-$102,484 -$33,886	$247,830
7	$403,400	-$109,588 -$35,580	$258,232
8	$423,580	-$117,055 -$37,360	$269,165
9	$444,760	-$124,892 -$39,228	$280,640
10	$467,000	-$133,120 -$41,189	$292,691
11	$490,340	-$141,756 -$43,248	$305,336
12	$514,860	-$150,829 -$45,411	$318,620
13	$540,600	-$160,352 -$47,681	$332,567
14	$567,640	-$170,357 -$50,066	$347,217
15	$596,020	-$180,858 -$52,569	$362,593
16	$625,820	-$191,884 -$55,197	$378,739
17	$657,100	-$203,457 -$57,956	$395,687
18	$689,960	-$215,616 -$60,854	$413,490
19	$724,460	-$228,381 -$63,897	$432,182
20	$760,680	-$241,782 -$67,092	$451,806
21	$798,720	-$255,857 -$70,447	$472,416
22	$838,660	-$270,635 -$73,970	$494,055
23	$880,580	-$286,145 -$77,667	$516,768
24	$924,620	-$302,440 -$81,551	$540,629
25	$970,840	-$319,541 -$85,628	$565,671
26	$1,019,400	-$337,508 -$89,911	$591,981
27	$1,070,360	-$356,364 -$94,406	$619,590
28	$1,123,880	-$376,166 -$99,126	$648,588
29	$1,180,080	-$396,960 -$104,083	$679,037
30	$1,239,080	-$418,790 -$109,287	$711,003