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 Date | Fri 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 |
|
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