The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Tue May 21, 2024 |
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Draw Date | Tue May 21, 2024 | Projected Jackpot | $421,000,000 | Cash Value | $195,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $195,900,000 | Federal Tax(24%) | $47,016,000 | Additional Federal Tax | $25,427,330 | State Tax(8.82%) | $17,278,380 | Net Lumpsum Payment | $106,178,290 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $558,877 |
$3,472,769 |
2 |
$6,653,484 |
$2,422,119 $586,837 |
$3,644,528 |
3 |
$6,986,074 |
$2,545,178 $616,172 |
$3,824,724 |
4 |
$7,335,504 |
$2,674,467 $646,991 |
$4,014,046 |
5 |
$7,702,195 |
$2,810,143 $679,334 |
$4,212,718 |
6 |
$8,087,410 |
$2,952,672 $713,310 |
$4,421,428 |
7 |
$8,491,570 |
$3,102,211 $748,956 |
$4,640,403 |
8 |
$8,916,359 |
$3,259,383 $786,423 |
$4,870,553 |
9 |
$9,362,198 |
$3,424,344 $825,746 |
$5,112,108 |
10 |
$9,830,350 |
$3,597,560 $867,037 |
$5,365,753 |
11 |
$10,321,657 |
$3,779,343 $910,370 |
$5,631,944 |
12 |
$10,837,803 |
$3,970,317 $955,894 |
$5,911,592 |
13 |
$11,379,630 |
$4,170,793 $1,003,683 |
$6,205,154 |
14 |
$11,948,822 |
$4,381,395 $1,053,886 |
$6,513,541 |
15 |
$12,546,221 |
$4,602,432 $1,106,577 |
$6,837,212 |
16 |
$13,173,511 |
$4,834,529 $1,161,904 |
$7,177,078 |
17 |
$13,831,955 |
$5,078,154 $1,219,978 |
$7,533,823 |
18 |
$14,523,658 |
$5,334,084 $1,280,987 |
$7,908,587 |
19 |
$15,249,883 |
$5,602,787 $1,345,040 |
$8,302,056 |
20 |
$16,012,314 |
$5,884,887 $1,412,286 |
$8,715,141 |
21 |
$16,813,056 |
$6,181,161 $1,482,912 |
$9,148,983 |
22 |
$17,653,793 |
$6,492,234 $1,557,065 |
$9,604,494 |
23 |
$18,536,209 |
$6,818,728 $1,634,894 |
$10,082,587 |
24 |
$19,463,251 |
$7,161,733 $1,716,659 |
$10,584,859 |
25 |
$20,436,182 |
$7,521,718 $1,802,471 |
$11,111,993 |
26 |
$21,458,370 |
$7,899,927 $1,892,628 |
$11,665,815 |
27 |
$22,531,078 |
$8,296,829 $1,987,241 |
$12,247,008 |
28 |
$23,657,674 |
$8,713,670 $2,086,607 |
$12,857,397 |
29 |
$24,840,684 |
$9,151,383 $2,190,948 |
$13,498,353 |
30 |
$26,082,634 |
$9,610,905 $2,300,488 |
$14,171,241 |
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