New York Lottery

NYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 7, 2024 is estimated to be $306 Million, with a cash option of 140.1 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 Tue May 7, 2024

Draw Date	Jackpot	Cash Option
Tue May 7, 2024	$306,000,000	$140,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$140,100,000
Federal Tax(24%)	$33,624,000
Additional Federal Tax	$18,173,330
State Tax(8.82%)	$12,356,820
Net Lumpsum Payment	$75,945,850

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$406,214	$2,534,987
2	$4,836,024	-$1,749,659 -$426,537	$2,659,828
3	$5,077,764	-$1,839,103 -$447,859	$2,790,802
4	$5,331,744	-$1,933,076 -$470,260	$2,928,408
5	$5,598,270	-$2,031,690 -$493,767	$3,072,813
6	$5,878,260	-$2,135,287 -$518,463	$3,224,510
7	$6,172,020	-$2,243,978 -$544,372	$3,383,670
8	$6,480,774	-$2,358,217 -$571,604	$3,550,953
9	$6,804,828	-$2,478,117 -$600,186	$3,726,525
10	$7,145,100	-$2,604,017 -$630,198	$3,910,885
11	$7,502,202	-$2,736,145 -$661,694	$4,104,363
12	$7,877,358	-$2,874,953 -$694,783	$4,307,622
13	$8,271,180	-$3,020,667 -$729,518	$4,520,995
14	$8,684,892	-$3,173,740 -$766,007	$4,745,145
15	$9,119,106	-$3,334,400 -$804,305	$4,980,401
16	$9,575,046	-$3,503,097 -$844,519	$5,227,430
17	$10,053,630	-$3,680,173 -$886,730	$5,486,727
18	$10,556,388	-$3,866,194 -$931,073	$5,759,121
19	$11,084,238	-$4,061,498 -$977,630	$6,045,110
20	$11,638,404	-$4,266,540 -$1,026,507	$6,345,357
21	$12,220,416	-$4,481,884 -$1,077,841	$6,660,691
22	$12,831,498	-$4,707,985 -$1,131,738	$6,991,775
23	$13,472,874	-$4,945,294 -$1,188,307	$7,339,273
24	$14,146,686	-$5,194,604 -$1,247,738	$7,704,344
25	$14,853,852	-$5,456,256 -$1,310,110	$8,087,486
26	$15,596,820	-$5,731,154 -$1,375,640	$8,490,026
27	$16,376,508	-$6,019,638 -$1,444,408	$8,912,462
28	$17,195,364	-$6,322,615 -$1,516,631	$9,356,118
29	$18,055,224	-$6,640,763 -$1,592,471	$9,821,990
30	$18,957,924	-$6,974,762 -$1,672,089	$10,311,073