New York Lottery

NYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Nov 12, 2024 is estimated to be $361 Million, with a cash option of 169.2 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 Nov 12, 2024

Draw Date	Jackpot	Cash Option
Tue Nov 12, 2024	$361,000,000	$169,200,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$169,200,000
Federal Tax(24%)	$40,608,000
Additional Federal Tax	$21,956,330
State Tax(8.82%)	$14,923,440
Net Lumpsum Payment	$91,712,230

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,433,411	-$1,970,692 -$479,227	$2,983,492
2	$5,705,244	-$2,071,271 -$503,203	$3,130,770
3	$5,990,434	-$2,176,791 -$528,356	$3,285,287
4	$6,290,064	-$2,287,654 -$554,784	$3,447,626
5	$6,604,495	-$2,403,994 -$582,516	$3,617,985
6	$6,934,810	-$2,526,210 -$611,650	$3,796,950
7	$7,281,370	-$2,654,437 -$642,217	$3,984,716
8	$7,645,619	-$2,789,209 -$674,344	$4,182,066
9	$8,027,918	-$2,930,660 -$708,062	$4,389,196
10	$8,429,350	-$3,079,190 -$743,469	$4,606,691
11	$8,850,637	-$3,235,066 -$780,626	$4,834,945
12	$9,293,223	-$3,398,823 -$819,662	$5,074,738
13	$9,757,830	-$3,570,727 -$860,641	$5,326,462
14	$10,245,902	-$3,751,314 -$903,689	$5,590,899
15	$10,758,161	-$3,940,850 -$948,870	$5,868,441
16	$11,296,051	-$4,139,869 -$996,312	$6,159,870
17	$11,860,655	-$4,348,773 -$1,046,110	$6,465,772
18	$12,453,778	-$4,568,228 -$1,098,423	$6,787,127
19	$13,076,503	-$4,798,636 -$1,153,348	$7,124,519
20	$13,730,274	-$5,040,532 -$1,211,010	$7,478,732
21	$14,416,896	-$5,294,582 -$1,271,570	$7,850,744
22	$15,137,813	-$5,561,321 -$1,335,155	$8,241,337
23	$15,894,469	-$5,841,284 -$1,401,892	$8,651,293
24	$16,689,391	-$6,135,405 -$1,472,004	$9,081,982
25	$17,523,662	-$6,444,085 -$1,545,587	$9,533,990
26	$18,400,170	-$6,768,393 -$1,622,895	$10,008,882
27	$19,319,998	-$7,108,730 -$1,704,024	$10,507,244
28	$20,286,034	-$7,466,163 -$1,789,228	$11,030,643
29	$21,300,444	-$7,841,495 -$1,878,699	$11,580,250
30	$22,365,394	-$8,235,526 -$1,972,628	$12,157,240