The jackpot for the MEGA Millions draw on Tue Dec 24, 2024, is projected to be $944 Million, with an option for a cash payout of $429.4 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 Dec 24, 2024 |
|---|
| Draw Date | Tue Dec 24, 2024 | | Projected Jackpot | $944,000,000 | | Cash Value | $429,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $429,400,000 | | Federal Tax(24%) | $103,056,000 | | Additional Federal Tax | $55,782,330 | | State Tax(8.82%) | $37,873,080 | | Net Lumpsum Payment | $232,688,590 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$1,253,158 |
$7,737,642 |
| 2 |
$14,918,976 |
$5,480,352
$1,315,854 |
$8,122,770 |
| 3 |
$15,664,736 |
$5,756,283
$1,381,630 |
$8,526,823 |
| 4 |
$16,448,256 |
$6,046,185
$1,450,736 |
$8,951,335 |
| 5 |
$17,270,480 |
$6,350,408
$1,523,256 |
$9,396,816 |
| 6 |
$18,134,240 |
$6,669,999
$1,599,440 |
$9,864,801 |
| 7 |
$19,040,480 |
$7,005,308
$1,679,370 |
$10,355,802 |
| 8 |
$19,992,976 |
$7,357,732
$1,763,380 |
$10,871,864 |
| 9 |
$20,992,672 |
$7,727,619
$1,851,554 |
$11,413,499 |
| 10 |
$22,042,400 |
$8,116,018
$1,944,140 |
$11,982,242 |
| 11 |
$23,144,048 |
$8,523,628
$2,041,305 |
$12,579,115 |
| 12 |
$24,301,392 |
$8,951,845
$2,143,383 |
$13,206,164 |
| 13 |
$25,516,320 |
$9,401,369
$2,250,539 |
$13,864,412 |
| 14 |
$26,792,608 |
$9,873,595
$2,363,108 |
$14,555,905 |
| 15 |
$28,132,144 |
$10,369,224
$2,481,255 |
$15,281,665 |
| 16 |
$29,538,704 |
$10,889,651
$2,605,314 |
$16,043,739 |
| 17 |
$31,015,120 |
$11,435,925
$2,735,534 |
$16,843,661 |
| 18 |
$32,566,112 |
$12,009,792
$2,872,331 |
$17,683,989 |
| 19 |
$34,194,512 |
$12,612,300
$3,015,956 |
$18,566,256 |
| 20 |
$35,904,096 |
$13,244,846
$3,166,741 |
$19,492,509 |
| 21 |
$37,699,584 |
$13,909,176
$3,325,103 |
$20,465,305 |
| 22 |
$39,584,752 |
$14,606,689
$3,491,375 |
$21,486,688 |
| 23 |
$41,563,376 |
$15,338,780
$3,665,890 |
$22,558,706 |
| 24 |
$43,642,064 |
$16,107,894
$3,849,230 |
$23,684,940 |
| 25 |
$45,823,648 |
$16,915,080
$4,041,646 |
$24,866,922 |
| 26 |
$48,115,680 |
$17,763,132
$4,243,803 |
$26,108,745 |
| 27 |
$50,520,992 |
$18,653,097
$4,455,951 |
$27,411,944 |
| 28 |
$53,047,136 |
$19,587,771
$4,678,757 |
$28,780,608 |
| 29 |
$55,699,776 |
$20,569,248
$4,912,720 |
$30,217,808 |
| 30 |
$58,484,576 |
$21,599,624
$5,158,340 |
$31,726,612 |
|
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