The jackpot for the MEGA Millions draw on Tue Feb 25, 2025, is projected to be $181 Million, with an option for a cash payout of $82.7 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 Feb 25, 2025 |
|---|
| Draw Date | Tue Feb 25, 2025 | | Projected Jackpot | $181,000,000 | | Cash Value | $82,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $82,700,000 | | Federal Tax(24%) | $19,848,000 | | Additional Federal Tax | $10,711,330 | | State Tax(8.82%) | $7,294,140 | | Net Lumpsum Payment | $44,846,530 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,724,231 |
$968,296
$240,277 |
$1,515,658 |
| 2 |
$2,860,524 |
$1,018,724
$252,298 |
$1,589,502 |
| 3 |
$3,003,514 |
$1,071,631
$264,910 |
$1,666,973 |
| 4 |
$3,153,744 |
$1,127,216
$278,160 |
$1,748,368 |
| 5 |
$3,311,395 |
$1,185,547
$292,065 |
$1,833,783 |
| 6 |
$3,477,010 |
$1,246,824
$306,672 |
$1,923,514 |
| 7 |
$3,650,770 |
$1,311,115
$321,998 |
$2,017,657 |
| 8 |
$3,833,399 |
$1,378,688
$338,106 |
$2,116,605 |
| 9 |
$4,025,078 |
$1,449,609
$355,012 |
$2,220,457 |
| 10 |
$4,226,350 |
$1,524,080
$372,764 |
$2,329,506 |
| 11 |
$4,437,577 |
$1,602,234
$391,394 |
$2,443,949 |
| 12 |
$4,659,483 |
$1,684,339
$410,966 |
$2,564,178 |
| 13 |
$4,892,430 |
$1,770,529
$431,512 |
$2,690,389 |
| 14 |
$5,137,142 |
$1,861,073
$453,096 |
$2,822,973 |
| 15 |
$5,393,981 |
$1,956,103
$475,749 |
$2,962,129 |
| 16 |
$5,663,671 |
$2,055,889
$499,536 |
$3,108,246 |
| 17 |
$5,946,755 |
$2,160,630
$524,504 |
$3,261,621 |
| 18 |
$6,244,138 |
$2,270,661
$550,733 |
$3,422,744 |
| 19 |
$6,556,363 |
$2,386,185
$578,271 |
$3,591,907 |
| 20 |
$6,884,154 |
$2,507,467
$607,182 |
$3,769,505 |
| 21 |
$7,228,416 |
$2,634,844
$637,546 |
$3,956,026 |
| 22 |
$7,589,873 |
$2,768,583
$669,427 |
$4,151,863 |
| 23 |
$7,969,249 |
$2,908,953
$702,888 |
$4,357,408 |
| 24 |
$8,367,811 |
$3,056,420
$738,041 |
$4,573,350 |
| 25 |
$8,786,102 |
$3,211,188
$774,934 |
$4,799,980 |
| 26 |
$9,225,570 |
$3,373,791
$813,695 |
$5,038,084 |
| 27 |
$9,686,758 |
$3,544,431
$854,372 |
$5,287,955 |
| 28 |
$10,171,114 |
$3,723,643
$897,092 |
$5,550,379 |
| 29 |
$10,679,724 |
$3,911,828
$941,952 |
$5,825,944 |
| 30 |
$11,213,674 |
$4,109,390
$989,046 |
$6,115,238 |
|
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