New York Lottery

NYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Mar 11, 2025 is estimated to be $256 Million, with a cash option of 119.5 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of New York, your state will take 8.82% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New York MEGA Millions Jackpot/Cash Option for Tue Mar 11, 2025

Draw Date	Jackpot	Cash Option
Tue Mar 11, 2025	$256,000,000	$119,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$119,500,000
Federal Tax(24%)	$28,680,000
Additional Federal Tax	$15,495,330
State Tax(8.82%)	$10,539,900
Net Lumpsum Payment	$64,784,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,853,056	-$1,385,961 -$339,840	$2,127,255
2	$4,045,824	-$1,457,285 -$356,842	$2,231,697
3	$4,248,064	-$1,532,114 -$374,679	$2,341,271
4	$4,460,544	-$1,610,732 -$393,420	$2,456,392
5	$4,683,520	-$1,693,233 -$413,086	$2,577,201
6	$4,917,760	-$1,779,902 -$433,746	$2,704,112
7	$5,163,520	-$1,870,833 -$455,422	$2,837,265
8	$5,421,824	-$1,966,405 -$478,205	$2,977,214
9	$5,692,928	-$2,066,714 -$502,116	$3,124,098
10	$5,977,600	-$2,172,042 -$527,224	$3,278,334
11	$6,276,352	-$2,282,581 -$553,574	$3,440,197
12	$6,590,208	-$2,398,707 -$581,256	$3,610,245
13	$6,919,680	-$2,520,612 -$610,316	$3,788,752
14	$7,265,792	-$2,648,673 -$640,843	$3,976,276
15	$7,629,056	-$2,783,081 -$672,883	$4,173,092
16	$8,010,496	-$2,924,214 -$706,526	$4,379,756
17	$8,410,880	-$3,072,356 -$741,840	$4,596,684
18	$8,831,488	-$3,227,981 -$778,937	$4,824,570
19	$9,273,088	-$3,391,373 -$817,886	$5,063,829
20	$9,736,704	-$3,562,911 -$858,777	$5,315,016
21	$10,223,616	-$3,743,068 -$901,723	$5,578,825
22	$10,734,848	-$3,932,224 -$946,814	$5,855,810
23	$11,271,424	-$4,130,757 -$994,140	$6,146,527
24	$11,835,136	-$4,339,331 -$1,043,859	$6,451,946
25	$12,426,752	-$4,558,229 -$1,096,040	$6,772,483
26	$13,048,320	-$4,788,209 -$1,150,862	$7,109,249
27	$13,700,608	-$5,029,555 -$1,208,394	$7,462,659
28	$14,385,664	-$5,283,026 -$1,268,816	$7,833,822
29	$15,105,024	-$5,549,189 -$1,332,263	$8,223,572
30	$15,860,224	-$5,828,613 -$1,398,872	$8,632,739