The jackpot for the MEGA Millions draw on Tue May 5, 2026, is projected to be $195 Million, with an option for a cash payout of $86.3 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 5, 2026 |
|---|
| Draw Date | Tue May 5, 2026 | | Projected Jackpot | $195,000,000 | | Cash Value | $86,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $86,300,000 | | Federal Tax(24%) | $20,712,000 | | Additional Federal Tax | $11,179,330 | | State Tax(8.82%) | $7,611,660 | | Net Lumpsum Payment | $46,797,010 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,934,945 |
$1,046,260
$258,862 |
$1,629,823 |
| 2 |
$3,081,780 |
$1,100,589
$271,813 |
$1,709,378 |
| 3 |
$3,235,830 |
$1,157,587
$285,400 |
$1,792,843 |
| 4 |
$3,397,680 |
$1,217,472
$299,675 |
$1,880,533 |
| 5 |
$3,567,525 |
$1,280,315
$314,656 |
$1,972,554 |
| 6 |
$3,745,950 |
$1,346,332
$330,393 |
$2,069,225 |
| 7 |
$3,933,150 |
$1,415,596
$346,904 |
$2,170,650 |
| 8 |
$4,129,905 |
$1,488,395
$364,258 |
$2,277,252 |
| 9 |
$4,336,410 |
$1,564,802
$382,471 |
$2,389,137 |
| 10 |
$4,553,250 |
$1,645,033
$401,597 |
$2,506,620 |
| 11 |
$4,780,815 |
$1,729,232
$421,668 |
$2,629,915 |
| 12 |
$5,019,885 |
$1,817,688
$442,754 |
$2,759,443 |
| 13 |
$5,270,850 |
$1,910,545
$464,889 |
$2,895,416 |
| 14 |
$5,534,490 |
$2,008,092
$488,142 |
$3,038,256 |
| 15 |
$5,811,195 |
$2,110,473
$512,547 |
$3,188,175 |
| 16 |
$6,101,745 |
$2,217,976
$538,174 |
$3,345,595 |
| 17 |
$6,406,725 |
$2,330,819
$565,073 |
$3,510,833 |
| 18 |
$6,727,110 |
$2,449,361
$593,331 |
$3,684,418 |
| 19 |
$7,063,485 |
$2,573,820
$622,999 |
$3,866,666 |
| 20 |
$7,416,630 |
$2,704,483
$654,147 |
$4,058,000 |
| 21 |
$7,787,520 |
$2,841,713
$686,859 |
$4,258,948 |
| 22 |
$8,176,935 |
$2,985,796
$721,206 |
$4,469,933 |
| 23 |
$8,585,655 |
$3,137,023
$757,255 |
$4,691,377 |
| 24 |
$9,015,045 |
$3,295,897
$795,127 |
$4,924,021 |
| 25 |
$9,465,690 |
$3,462,636
$834,874 |
$5,168,180 |
| 26 |
$9,939,150 |
$3,637,816
$876,633 |
$5,424,701 |
| 27 |
$10,436,010 |
$3,821,654
$920,456 |
$5,693,900 |
| 28 |
$10,957,830 |
$4,014,727
$966,481 |
$5,976,622 |
| 29 |
$11,505,780 |
$4,217,469
$1,014,810 |
$6,273,501 |
| 30 |
$12,081,030 |
$4,430,311
$1,065,547 |
$6,585,172 |
|
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