The jackpot for the MEGA Millions draw on Tue Apr 1, 2025, is projected to be $29 Million, with an option for a cash payout of $13.3 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 Tue Apr 1, 2025 |
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Draw Date | Tue Apr 1, 2025 | Projected Jackpot | $29,000,000 | Cash Value | $13,300,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $13,300,000 | Federal Tax(24%) | $3,192,000 | Additional Federal Tax | $1,689,330 | State Tax(8.82%) | $1,173,060 | Net Lumpsum Payment | $7,245,610 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$436,479 |
$121,828 $38,497 |
$276,154 |
2 |
$458,316 |
$129,907 $40,423 |
$287,986 |
3 |
$481,226 |
$138,384 $42,444 |
$300,398 |
4 |
$505,296 |
$147,290 $44,567 |
$313,439 |
5 |
$530,555 |
$156,636 $46,795 |
$327,124 |
6 |
$557,090 |
$166,454 $49,135 |
$341,501 |
7 |
$584,930 |
$176,754 $51,591 |
$356,585 |
8 |
$614,191 |
$187,581 $54,172 |
$372,438 |
9 |
$644,902 |
$198,944 $56,880 |
$389,078 |
10 |
$677,150 |
$210,876 $59,725 |
$406,549 |
11 |
$710,993 |
$223,398 $62,710 |
$424,885 |
12 |
$746,547 |
$236,553 $65,845 |
$444,149 |
13 |
$783,870 |
$250,362 $69,137 |
$464,371 |
14 |
$823,078 |
$264,869 $72,595 |
$485,614 |
15 |
$864,229 |
$280,095 $76,225 |
$507,909 |
16 |
$907,439 |
$296,083 $80,036 |
$531,320 |
17 |
$952,795 |
$312,865 $84,037 |
$555,893 |
18 |
$1,000,442 |
$330,494 $88,239 |
$581,709 |
19 |
$1,050,467 |
$349,003 $92,651 |
$608,813 |
20 |
$1,102,986 |
$368,435 $97,283 |
$637,268 |
21 |
$1,158,144 |
$388,844 $102,148 |
$667,152 |
22 |
$1,216,057 |
$410,271 $107,256 |
$698,530 |
23 |
$1,276,841 |
$432,762 $112,617 |
$731,462 |
24 |
$1,340,699 |
$456,389 $118,250 |
$766,060 |
25 |
$1,407,718 |
$481,186 $124,161 |
$802,371 |
26 |
$1,478,130 |
$507,238 $130,371 |
$840,521 |
27 |
$1,552,022 |
$534,579 $136,888 |
$880,555 |
28 |
$1,629,626 |
$563,292 $143,733 |
$922,601 |
29 |
$1,711,116 |
$593,443 $150,920 |
$966,753 |
30 |
$1,796,666 |
$625,097 $158,466 |
$1,013,103 |
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