New York Lottery

NYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 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 Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(8.82%)	$2,107,980
Net Lumpsum Payment	$12,988,690

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$62,392	$422,938
2	$742,788	-$235,162 -$65,514	$442,112
3	$779,918	-$248,900 -$68,789	$462,229
4	$818,928	-$263,334 -$72,229	$483,365
5	$859,865	-$278,480 -$75,840	$505,545
6	$902,870	-$294,392 -$79,633	$528,845
7	$947,990	-$311,087 -$83,613	$553,290
8	$995,413	-$328,633 -$87,795	$578,985
9	$1,045,186	-$347,049 -$92,185	$605,952
10	$1,097,450	-$366,387 -$96,795	$634,268
11	$1,152,299	-$386,681 -$101,633	$663,985
12	$1,209,921	-$408,001 -$106,715	$695,205
13	$1,270,410	-$430,382 -$112,050	$727,978
14	$1,333,954	-$453,893 -$117,655	$762,406
15	$1,400,647	-$478,570 -$123,537	$798,540
16	$1,470,677	-$504,481 -$129,714	$836,482
17	$1,544,185	-$531,679 -$136,197	$876,309
18	$1,621,406	-$560,251 -$143,008	$918,147
19	$1,702,481	-$590,248 -$150,159	$962,074
20	$1,787,598	-$621,742 -$157,666	$1,008,190
21	$1,876,992	-$654,817 -$165,551	$1,056,624
22	$1,970,851	-$689,545 -$173,829	$1,107,477
23	$2,069,363	-$725,995 -$182,518	$1,160,850
24	$2,172,857	-$764,287 -$191,646	$1,216,924
25	$2,281,474	-$804,476 -$201,226	$1,275,772
26	$2,395,590	-$846,699 -$211,291	$1,337,600
27	$2,515,346	-$891,008 -$221,854	$1,402,484
28	$2,641,118	-$937,544 -$232,947	$1,470,627
29	$2,773,188	-$986,410 -$244,595	$1,542,183
30	$2,911,838	-$1,037,710 -$256,824	$1,617,304