The jackpot for the MEGA Millions draw on Fri Jan 24, 2025, is projected to be $28 Million, with an option for a cash payout of $12.5 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 Jan 24, 2025 |
|---|
| Draw Date | Fri Jan 24, 2025 | | Projected Jackpot | $28,000,000 | | Cash Value | $12,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $12,500,000 | | Federal Tax(24%) | $3,000,000 | | Additional Federal Tax | $1,585,330 | | State Tax(8.82%) | $1,102,500 | | Net Lumpsum Payment | $6,812,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$37,170 |
$267,999 |
| 2 |
$442,512 |
$124,060
$39,030 |
$279,422 |
| 3 |
$464,632 |
$132,244
$40,981 |
$291,407 |
| 4 |
$487,872 |
$140,843
$43,030 |
$303,999 |
| 5 |
$512,260 |
$149,867
$45,181 |
$317,212 |
| 6 |
$537,880 |
$159,346
$47,441 |
$331,093 |
| 7 |
$564,760 |
$169,292
$49,812 |
$345,656 |
| 8 |
$593,012 |
$179,745
$52,304 |
$360,963 |
| 9 |
$622,664 |
$190,716
$54,919 |
$377,029 |
| 10 |
$653,800 |
$202,236
$57,665 |
$393,899 |
| 11 |
$686,476 |
$214,327
$60,547 |
$411,602 |
| 12 |
$720,804 |
$227,028
$63,575 |
$430,201 |
| 13 |
$756,840 |
$240,361
$66,753 |
$449,726 |
| 14 |
$794,696 |
$254,368
$70,092 |
$470,236 |
| 15 |
$834,428 |
$269,069
$73,597 |
$491,762 |
| 16 |
$876,148 |
$284,505
$77,276 |
$514,367 |
| 17 |
$919,940 |
$300,708
$81,139 |
$538,093 |
| 18 |
$965,944 |
$317,730
$85,196 |
$563,018 |
| 19 |
$1,014,244 |
$335,601
$89,456 |
$589,187 |
| 20 |
$1,064,952 |
$354,363
$93,929 |
$616,660 |
| 21 |
$1,118,208 |
$374,067
$98,626 |
$645,515 |
| 22 |
$1,174,124 |
$394,756
$103,558 |
$675,810 |
| 23 |
$1,232,812 |
$416,471
$108,734 |
$707,607 |
| 24 |
$1,294,468 |
$439,284
$114,172 |
$741,012 |
| 25 |
$1,359,176 |
$463,226
$119,879 |
$776,071 |
| 26 |
$1,427,160 |
$488,380
$125,876 |
$812,904 |
| 27 |
$1,498,504 |
$514,777
$132,168 |
$851,559 |
| 28 |
$1,573,432 |
$542,500
$138,777 |
$892,155 |
| 29 |
$1,652,112 |
$571,612
$145,716 |
$934,784 |
| 30 |
$1,734,712 |
$602,174
$153,002 |
$979,536 |
|
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