The jackpot for the MEGA Millions draw on Fri May 10, 2024, is projected to be $331 Million, with an option for a cash payout of $153.1 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New York residents, the state will deduct 8.82% from your lottery earnings.
| New York MEGA Millions Jackpot/Cash Option for Fri May 10, 2024 |
|---|
| Draw Date | Fri May 10, 2024 | | Projected Jackpot | $331,000,000 | | Cash Value | $153,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $153,100,000 | | Federal Tax(24%) | $36,744,000 | | Additional Federal Tax | $19,863,330 | | State Tax(8.82%) | $13,503,420 | | Net Lumpsum Payment | $82,989,250 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$439,402 |
$2,738,853 |
| 2 |
$5,231,124 |
$1,895,846
$461,385 |
$2,873,893 |
| 3 |
$5,492,614 |
$1,992,598
$484,449 |
$3,015,567 |
| 4 |
$5,767,344 |
$2,094,248
$508,680 |
$3,164,416 |
| 5 |
$6,055,645 |
$2,200,919
$534,108 |
$3,320,618 |
| 6 |
$6,358,510 |
$2,312,979
$560,821 |
$3,484,710 |
| 7 |
$6,676,270 |
$2,430,550
$588,847 |
$3,656,873 |
| 8 |
$7,010,249 |
$2,554,123
$618,304 |
$3,837,822 |
| 9 |
$7,360,778 |
$2,683,818
$649,221 |
$4,027,739 |
| 10 |
$7,728,850 |
$2,820,005
$681,685 |
$4,227,160 |
| 11 |
$8,115,127 |
$2,962,927
$715,754 |
$4,436,446 |
| 12 |
$8,520,933 |
$3,113,076
$751,546 |
$4,656,311 |
| 13 |
$8,946,930 |
$3,270,694
$789,119 |
$4,887,117 |
| 14 |
$9,394,442 |
$3,436,274
$828,590 |
$5,129,578 |
| 15 |
$9,864,131 |
$3,610,059
$870,016 |
$5,384,056 |
| 16 |
$10,357,321 |
$3,792,539
$913,516 |
$5,651,266 |
| 17 |
$10,875,005 |
$3,984,082
$959,175 |
$5,931,748 |
| 18 |
$11,418,838 |
$4,185,300
$1,007,142 |
$6,226,396 |
| 19 |
$11,989,813 |
$4,396,561
$1,057,502 |
$6,535,750 |
| 20 |
$12,589,254 |
$4,618,354
$1,110,372 |
$6,860,528 |
| 21 |
$13,218,816 |
$4,851,292
$1,165,900 |
$7,201,624 |
| 22 |
$13,879,823 |
$5,095,865
$1,224,200 |
$7,559,758 |
| 23 |
$14,573,599 |
$5,352,562
$1,285,391 |
$7,935,646 |
| 24 |
$15,302,461 |
$5,622,241
$1,349,677 |
$8,330,543 |
| 25 |
$16,067,402 |
$5,905,269
$1,417,145 |
$8,744,988 |
| 26 |
$16,871,070 |
$6,202,626
$1,488,028 |
$9,180,416 |
| 27 |
$17,714,458 |
$6,514,680
$1,562,415 |
$9,637,363 |
| 28 |
$18,600,214 |
$6,842,410
$1,640,539 |
$10,117,265 |
| 29 |
$19,530,324 |
$7,186,550
$1,722,575 |
$10,621,199 |
| 30 |
$20,506,774 |
$7,547,837
$1,808,697 |
$11,150,240 |
|
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