The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 Jan 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(8.82%) | $2,337,300 | | Net Lumpsum Payment | $14,397,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$78,322 |
$520,793 |
| 2 |
$932,436 |
$305,332
$82,241 |
$544,863 |
| 3 |
$979,046 |
$322,577
$86,352 |
$570,117 |
| 4 |
$1,028,016 |
$340,696
$90,671 |
$596,649 |
| 5 |
$1,079,405 |
$359,710
$95,204 |
$624,491 |
| 6 |
$1,133,390 |
$379,685
$99,965 |
$653,740 |
| 7 |
$1,190,030 |
$400,641
$104,961 |
$684,428 |
| 8 |
$1,249,561 |
$422,668
$110,211 |
$716,682 |
| 9 |
$1,312,042 |
$445,786
$115,722 |
$750,534 |
| 10 |
$1,377,650 |
$470,061
$121,509 |
$786,080 |
| 11 |
$1,446,503 |
$495,536
$127,582 |
$823,385 |
| 12 |
$1,518,837 |
$522,300
$133,961 |
$862,576 |
| 13 |
$1,594,770 |
$550,395
$140,659 |
$903,716 |
| 14 |
$1,674,538 |
$579,909
$147,694 |
$946,935 |
| 15 |
$1,758,259 |
$610,886
$155,078 |
$992,295 |
| 16 |
$1,846,169 |
$643,413
$162,832 |
$1,039,924 |
| 17 |
$1,938,445 |
$677,555
$170,971 |
$1,089,919 |
| 18 |
$2,035,382 |
$713,422
$179,521 |
$1,142,439 |
| 19 |
$2,137,157 |
$751,078
$188,497 |
$1,197,582 |
| 20 |
$2,244,006 |
$790,613
$197,921 |
$1,255,472 |
| 21 |
$2,356,224 |
$832,133
$207,819 |
$1,316,272 |
| 22 |
$2,474,047 |
$875,728
$218,211 |
$1,380,108 |
| 23 |
$2,597,711 |
$921,483
$229,118 |
$1,447,110 |
| 24 |
$2,727,629 |
$969,553
$240,577 |
$1,517,499 |
| 25 |
$2,863,978 |
$1,020,002
$252,603 |
$1,591,373 |
| 26 |
$3,007,230 |
$1,073,005
$265,238 |
$1,668,987 |
| 27 |
$3,157,562 |
$1,128,628
$278,497 |
$1,750,437 |
| 28 |
$3,315,446 |
$1,187,045
$292,422 |
$1,835,979 |
| 29 |
$3,481,236 |
$1,248,388
$307,045 |
$1,925,803 |
| 30 |
$3,655,286 |
$1,312,786
$322,396 |
$2,020,104 |
|
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