The jackpot for the MEGA Millions draw on Fri Jan 17, 2025, is projected to be $113 Million, with an option for a cash payout of $49.2 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 17, 2025 |
|---|
| Draw Date | Fri Jan 17, 2025 | | Projected Jackpot | $113,000,000 | | Cash Value | $49,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $49,200,000 | | Federal Tax(24%) | $11,808,000 | | Additional Federal Tax | $6,356,330 | | State Tax(8.82%) | $4,339,440 | | Net Lumpsum Payment | $26,696,230 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$150,007 |
$961,143 |
| 2 |
$1,785,852 |
$621,096
$157,512 |
$1,007,244 |
| 3 |
$1,875,122 |
$654,126
$165,386 |
$1,055,610 |
| 4 |
$1,968,912 |
$688,828
$173,658 |
$1,106,426 |
| 5 |
$2,067,335 |
$725,244
$182,339 |
$1,159,752 |
| 6 |
$2,170,730 |
$763,500
$191,458 |
$1,215,772 |
| 7 |
$2,279,210 |
$803,638
$201,026 |
$1,274,546 |
| 8 |
$2,393,227 |
$845,824
$211,083 |
$1,336,320 |
| 9 |
$2,512,894 |
$890,101
$221,637 |
$1,401,156 |
| 10 |
$2,638,550 |
$936,594
$232,720 |
$1,469,236 |
| 11 |
$2,770,421 |
$985,386
$244,351 |
$1,540,684 |
| 12 |
$2,908,959 |
$1,036,645
$256,570 |
$1,615,744 |
| 13 |
$3,054,390 |
$1,090,455
$269,397 |
$1,694,538 |
| 14 |
$3,207,166 |
$1,146,982
$282,872 |
$1,777,312 |
| 15 |
$3,367,513 |
$1,206,310
$297,015 |
$1,864,188 |
| 16 |
$3,535,883 |
$1,268,607
$311,865 |
$1,955,411 |
| 17 |
$3,712,615 |
$1,333,998
$327,453 |
$2,051,164 |
| 18 |
$3,898,274 |
$1,402,692
$343,828 |
$2,151,754 |
| 19 |
$4,093,199 |
$1,474,814
$361,020 |
$2,257,365 |
| 20 |
$4,297,842 |
$1,550,532
$379,070 |
$2,368,240 |
| 21 |
$4,512,768 |
$1,630,055
$398,026 |
$2,484,687 |
| 22 |
$4,738,429 |
$1,713,549
$417,929 |
$2,606,951 |
| 23 |
$4,975,277 |
$1,801,183
$438,819 |
$2,735,275 |
| 24 |
$5,224,103 |
$1,893,248
$460,766 |
$2,870,089 |
| 25 |
$5,485,246 |
$1,989,871
$483,799 |
$3,011,576 |
| 26 |
$5,759,610 |
$2,091,386
$507,998 |
$3,160,226 |
| 27 |
$6,047,534 |
$2,197,918
$533,392 |
$3,316,224 |
| 28 |
$6,349,922 |
$2,309,802
$560,063 |
$3,480,057 |
| 29 |
$6,667,452 |
$2,427,288
$588,069 |
$3,652,095 |
| 30 |
$7,000,802 |
$2,550,627
$617,471 |
$3,832,704 |
|
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