The jackpot for the MEGA Millions draw on Fri Feb 28, 2025, is projected to be $197 Million, with an option for a cash payout of $91.9 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 Fri Feb 28, 2025 |
|---|
| Draw Date | Fri Feb 28, 2025 | | Projected Jackpot | $197,000,000 | | Cash Value | $91,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $91,900,000 | | Federal Tax(24%) | $22,056,000 | | Additional Federal Tax | $11,907,330 | | State Tax(8.82%) | $8,105,580 | | Net Lumpsum Payment | $49,831,090 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$261,517 |
$1,646,132 |
| 2 |
$3,113,388 |
$1,112,284
$274,601 |
$1,726,503 |
| 3 |
$3,269,018 |
$1,169,867
$288,327 |
$1,810,824 |
| 4 |
$3,432,528 |
$1,230,366
$302,749 |
$1,899,413 |
| 5 |
$3,604,115 |
$1,293,853
$317,883 |
$1,992,379 |
| 6 |
$3,784,370 |
$1,360,547
$333,781 |
$2,090,042 |
| 7 |
$3,973,490 |
$1,430,522
$350,462 |
$2,192,506 |
| 8 |
$4,172,263 |
$1,504,068
$367,994 |
$2,300,201 |
| 9 |
$4,380,886 |
$1,581,258
$386,394 |
$2,413,234 |
| 10 |
$4,599,950 |
$1,662,312
$405,716 |
$2,531,922 |
| 11 |
$4,829,849 |
$1,747,375
$425,993 |
$2,656,481 |
| 12 |
$5,071,371 |
$1,836,738
$447,295 |
$2,787,338 |
| 13 |
$5,324,910 |
$1,930,547
$469,657 |
$2,924,706 |
| 14 |
$5,591,254 |
$2,029,094
$493,149 |
$3,069,011 |
| 15 |
$5,870,797 |
$2,132,525
$517,804 |
$3,220,468 |
| 16 |
$6,164,327 |
$2,241,131
$543,694 |
$3,379,502 |
| 17 |
$6,472,435 |
$2,355,131
$570,869 |
$3,546,435 |
| 18 |
$6,796,106 |
$2,474,890
$599,417 |
$3,721,799 |
| 19 |
$7,135,931 |
$2,600,625
$629,389 |
$3,905,917 |
| 20 |
$7,492,698 |
$2,732,629
$660,856 |
$4,099,213 |
| 21 |
$7,867,392 |
$2,871,265
$693,904 |
$4,302,223 |
| 22 |
$8,260,801 |
$3,016,827
$728,603 |
$4,515,371 |
| 23 |
$8,673,713 |
$3,169,604
$765,021 |
$4,739,088 |
| 24 |
$9,107,507 |
$3,330,108
$803,282 |
$4,974,117 |
| 25 |
$9,562,774 |
$3,498,557
$843,437 |
$5,220,780 |
| 26 |
$10,041,090 |
$3,675,534
$885,624 |
$5,479,932 |
| 27 |
$10,543,046 |
$3,861,257
$929,897 |
$5,751,892 |
| 28 |
$11,070,218 |
$4,056,311
$976,393 |
$6,037,514 |
| 29 |
$11,623,788 |
$4,261,132
$1,025,218 |
$6,337,438 |
| 30 |
$12,204,938 |
$4,476,157
$1,076,476 |
$6,652,305 |
|
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