The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 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 14, 2024 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $166,900,000 | | Federal Tax(24%) | $40,056,000 | | Additional Federal Tax | $21,657,330 | | State Tax(8.82%) | $14,720,580 | | Net Lumpsum Payment | $90,466,090 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$481,882 |
$2,999,801 |
| 2 |
$5,736,852 |
$2,082,966
$505,990 |
$3,147,896 |
| 3 |
$6,023,622 |
$2,189,071
$531,283 |
$3,303,268 |
| 4 |
$6,324,912 |
$2,300,548
$557,857 |
$3,466,507 |
| 5 |
$6,641,085 |
$2,417,532
$585,744 |
$3,637,809 |
| 6 |
$6,973,230 |
$2,540,425
$615,039 |
$3,817,766 |
| 7 |
$7,321,710 |
$2,669,363
$645,775 |
$4,006,572 |
| 8 |
$7,687,977 |
$2,804,882
$678,080 |
$4,205,015 |
| 9 |
$8,072,394 |
$2,947,116
$711,985 |
$4,413,293 |
| 10 |
$8,476,050 |
$3,096,469
$747,588 |
$4,631,993 |
| 11 |
$8,899,671 |
$3,253,209
$784,951 |
$4,861,511 |
| 12 |
$9,344,709 |
$3,417,873
$824,203 |
$5,102,633 |
| 13 |
$9,811,890 |
$3,590,730
$865,409 |
$5,355,751 |
| 14 |
$10,302,666 |
$3,772,317
$908,695 |
$5,621,654 |
| 15 |
$10,817,763 |
$3,962,903
$954,127 |
$5,900,733 |
| 16 |
$11,358,633 |
$4,163,025
$1,001,831 |
$6,193,777 |
| 17 |
$11,926,365 |
$4,373,085
$1,051,905 |
$6,501,375 |
| 18 |
$12,522,774 |
$4,593,757
$1,104,509 |
$6,824,508 |
| 19 |
$13,148,949 |
$4,825,442
$1,159,737 |
$7,163,770 |
| 20 |
$13,806,342 |
$5,068,677
$1,217,719 |
$7,519,946 |
| 21 |
$14,496,768 |
$5,324,135
$1,278,615 |
$7,894,018 |
| 22 |
$15,221,679 |
$5,592,352
$1,342,552 |
$8,286,775 |
| 23 |
$15,982,527 |
$5,873,865
$1,409,659 |
$8,699,003 |
| 24 |
$16,781,853 |
$6,169,616
$1,480,159 |
$9,132,078 |
| 25 |
$17,620,746 |
$6,480,006
$1,554,150 |
$9,586,590 |
| 26 |
$18,502,110 |
$6,806,111
$1,631,886 |
$10,064,113 |
| 27 |
$19,427,034 |
$7,148,333
$1,713,464 |
$10,565,237 |
| 28 |
$20,398,422 |
$7,507,747
$1,799,141 |
$11,091,534 |
| 29 |
$21,418,452 |
$7,885,158
$1,889,107 |
$11,644,187 |
| 30 |
$22,489,302 |
$8,281,372
$1,983,556 |
$12,224,374 |
|
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