New York Lottery

NYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 16, 2025 is estimated to be $122 Million, with a cash option of 54.8 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 Fri May 16, 2025

Draw Date	Jackpot	Cash Option
Fri May 16, 2025	$122,000,000	$54,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$54,800,000
Federal Tax(24%)	$13,152,000
Additional Federal Tax	$7,084,330
State Tax(8.82%)	$4,833,360
Net Lumpsum Payment	$29,730,310

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,836,222	-$639,733 -$161,955	$1,034,534
2	$1,928,088	-$673,723 -$170,057	$1,084,308
3	$2,024,468	-$709,384 -$178,558	$1,136,526
4	$2,125,728	-$746,850 -$187,489	$1,191,389
5	$2,231,990	-$786,167 -$196,862	$1,248,961
6	$2,343,620	-$827,470 -$206,707	$1,309,443
7	$2,460,740	-$870,804 -$217,037	$1,372,899
8	$2,583,838	-$916,350 -$227,895	$1,439,593
9	$2,713,036	-$964,154 -$239,290	$1,509,592
10	$2,848,700	-$1,014,349 -$251,255	$1,583,096
11	$2,991,074	-$1,067,028 -$263,813	$1,660,233
12	$3,140,646	-$1,122,369 -$277,005	$1,741,272
13	$3,297,660	-$1,180,465 -$290,854	$1,826,341
14	$3,462,604	-$1,241,494 -$305,402	$1,915,708
15	$3,635,722	-$1,305,548 -$320,671	$2,009,503
16	$3,817,502	-$1,372,806 -$336,704	$2,107,992
17	$4,008,310	-$1,443,405 -$353,533	$2,211,372
18	$4,208,756	-$1,517,570 -$371,212	$2,319,974
19	$4,419,206	-$1,595,437 -$389,774	$2,433,995
20	$4,640,148	-$1,677,185 -$409,261	$2,553,702
21	$4,872,192	-$1,763,041 -$429,727	$2,679,424
22	$5,115,826	-$1,853,186 -$451,216	$2,811,424
23	$5,371,538	-$1,947,799 -$473,770	$2,949,969
24	$5,640,182	-$2,047,198 -$497,464	$3,095,520
25	$5,922,124	-$2,151,516 -$522,331	$3,248,277
26	$6,218,340	-$2,261,116 -$548,458	$3,408,766
27	$6,529,196	-$2,376,133 -$575,875	$3,577,188
28	$6,855,668	-$2,496,928 -$604,670	$3,754,070
29	$7,198,488	-$2,623,771 -$634,907	$3,939,810
30	$7,558,388	-$2,756,934 -$666,650	$4,134,804