New York Lottery

NYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 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 Fri Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(8.82%)	$3,007,620
Net Lumpsum Payment	$18,515,050

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$102,217	$667,577
2	$1,216,908	-$410,586 -$107,331	$698,991
3	$1,277,738	-$433,093 -$112,696	$731,949
4	$1,341,648	-$456,740 -$118,333	$766,575
5	$1,408,715	-$481,555 -$124,249	$802,911
6	$1,479,170	-$507,623 -$130,463	$841,084
7	$1,553,090	-$534,974 -$136,983	$881,133
8	$1,630,783	-$563,720 -$143,835	$923,228
9	$1,712,326	-$593,891 -$151,027	$967,408
10	$1,797,950	-$625,572 -$158,579	$1,013,799
11	$1,887,809	-$658,820 -$166,505	$1,062,484
12	$1,982,211	-$693,748 -$174,831	$1,113,632
13	$2,081,310	-$730,415 -$183,572	$1,167,323
14	$2,185,414	-$768,934 -$192,754	$1,223,726
15	$2,294,677	-$809,361 -$202,391	$1,282,925
16	$2,409,407	-$851,811 -$212,510	$1,345,086
17	$2,529,835	-$896,369 -$223,131	$1,410,335
18	$2,656,346	-$943,178 -$234,290	$1,478,878
19	$2,789,171	-$992,324 -$246,005	$1,550,842
20	$2,928,618	-$1,043,919 -$258,304	$1,626,395
21	$3,075,072	-$1,098,107 -$271,221	$1,705,744
22	$3,228,841	-$1,155,002 -$284,784	$1,789,055
23	$3,390,233	-$1,214,717 -$299,019	$1,876,497
24	$3,559,787	-$1,277,452 -$313,973	$1,968,362
25	$3,737,734	-$1,343,292 -$329,668	$2,064,774
26	$3,924,690	-$1,412,466 -$346,158	$2,166,066
27	$4,120,886	-$1,485,058 -$363,462	$2,272,366
28	$4,326,938	-$1,561,297 -$381,636	$2,384,005
29	$4,543,308	-$1,641,354 -$400,720	$2,501,234
30	$4,770,458	-$1,725,400 -$420,754	$2,624,304