The jackpot for the MEGA Millions draw on Fri Jun 28, 2024, is projected to be $116 Million, with an option for a cash payout of $55.4 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 Jun 28, 2024 |
|---|
| Draw Date | Fri Jun 28, 2024 | | Projected Jackpot | $116,000,000 | | Cash Value | $55,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $55,400,000 | | Federal Tax(24%) | $13,296,000 | | Additional Federal Tax | $7,162,330 | | State Tax(8.82%) | $4,886,280 | | Net Lumpsum Payment | $30,055,390 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,745,916 |
$606,319
$153,990 |
$985,607 |
| 2 |
$1,833,264 |
$638,638
$161,694 |
$1,032,932 |
| 3 |
$1,924,904 |
$672,545
$169,777 |
$1,082,582 |
| 4 |
$2,021,184 |
$708,168
$178,268 |
$1,134,748 |
| 5 |
$2,122,220 |
$745,552
$187,180 |
$1,189,488 |
| 6 |
$2,228,360 |
$784,824
$196,541 |
$1,246,995 |
| 7 |
$2,339,720 |
$826,027
$206,363 |
$1,307,330 |
| 8 |
$2,456,764 |
$869,333
$216,687 |
$1,370,744 |
| 9 |
$2,579,608 |
$914,785
$227,521 |
$1,437,302 |
| 10 |
$2,708,600 |
$962,512
$238,899 |
$1,507,189 |
| 11 |
$2,843,972 |
$1,012,600
$250,838 |
$1,580,534 |
| 12 |
$2,986,188 |
$1,065,220
$263,382 |
$1,657,586 |
| 13 |
$3,135,480 |
$1,120,458
$276,549 |
$1,738,473 |
| 14 |
$3,292,312 |
$1,178,486
$290,382 |
$1,823,444 |
| 15 |
$3,456,916 |
$1,239,389
$304,900 |
$1,912,627 |
| 16 |
$3,629,756 |
$1,303,340
$320,144 |
$2,006,272 |
| 17 |
$3,811,180 |
$1,370,467
$336,146 |
$2,104,567 |
| 18 |
$4,001,768 |
$1,440,985
$352,956 |
$2,207,827 |
| 19 |
$4,201,868 |
$1,515,022
$370,605 |
$2,316,241 |
| 20 |
$4,411,944 |
$1,592,750
$389,133 |
$2,430,061 |
| 21 |
$4,632,576 |
$1,674,384
$408,593 |
$2,549,599 |
| 22 |
$4,864,228 |
$1,760,095
$429,025 |
$2,675,108 |
| 23 |
$5,107,364 |
$1,850,055
$450,470 |
$2,806,839 |
| 24 |
$5,362,796 |
$1,944,565
$472,999 |
$2,945,232 |
| 25 |
$5,630,872 |
$2,043,753
$496,643 |
$3,090,476 |
| 26 |
$5,912,520 |
$2,147,963
$521,484 |
$3,243,073 |
| 27 |
$6,208,088 |
$2,257,323
$547,553 |
$3,403,212 |
| 28 |
$6,518,504 |
$2,372,177
$574,932 |
$3,571,395 |
| 29 |
$6,844,464 |
$2,492,782
$603,682 |
$3,748,000 |
| 30 |
$7,186,664 |
$2,619,396
$633,864 |
$3,933,404 |
|
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