Jackpot Analysis New York Mega Millions

Jackpot Analysis for New York Mega Millions
The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Nov 1, 2024
Draw DateFri Nov 1, 2024
Projected Jackpot$281,000,000
Cash Value$129,800,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$129,800,000
Federal Tax(24%)$31,152,000
Additional Federal Tax$16,834,330
State Tax(8.82%)$11,448,360
Net Lumpsum Payment$70,365,310
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $4,229,331 $1,525,183
$373,027
$2,331,121
2 $4,440,924 $1,603,472
$391,689
$2,445,763
3 $4,662,914 $1,685,609
$411,269
$2,566,036
4 $4,896,144 $1,771,904
$431,840
$2,692,400
5 $5,140,895 $1,862,462
$453,427
$2,825,006
6 $5,398,010 $1,957,594
$476,104
$2,964,312
7 $5,667,770 $2,057,405
$499,897
$3,110,468
8 $5,951,299 $2,162,311
$524,905
$3,264,083
9 $6,248,878 $2,272,415
$551,151
$3,425,312
10 $6,561,350 $2,388,030
$578,711
$3,594,609
11 $6,889,277 $2,509,363
$607,634
$3,772,280
12 $7,233,783 $2,636,830
$638,020
$3,958,933
13 $7,595,430 $2,770,639
$669,917
$4,154,874
14 $7,975,342 $2,911,207
$703,425
$4,360,710
15 $8,374,081 $3,058,740
$738,594
$4,576,747
16 $8,792,771 $3,213,656
$775,522
$4,803,593
17 $9,232,255 $3,376,265
$814,285
$5,041,705
18 $9,693,938 $3,547,087
$855,005
$5,291,846
19 $10,178,663 $3,726,436
$897,758
$5,554,469
20 $10,687,554 $3,914,725
$942,642
$5,830,187
21 $11,222,016 $4,112,476
$989,782
$6,119,758
22 $11,783,173 $4,320,104
$1,039,276
$6,423,793
23 $12,372,149 $4,538,026
$1,091,224
$6,742,899
24 $12,990,911 $4,766,967
$1,145,798
$7,078,146
25 $13,640,302 $5,007,242
$1,203,075
$7,429,985
26 $14,322,570 $5,259,681
$1,263,251
$7,799,638
27 $15,038,558 $5,524,597
$1,326,401
$8,187,560
28 $15,790,514 $5,802,821
$1,392,723
$8,594,970
29 $16,580,124 $6,094,976
$1,462,367
$9,022,781
30 $17,409,074 $6,401,688
$1,535,480
$9,471,906