The jackpot for the MEGA Millions draw on Tue May 6, 2025, is projected to be $90 Million, with an option for a cash payout of $40.8 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 6, 2025 |
|---|
| Draw Date | Tue May 6, 2025 | | Projected Jackpot | $90,000,000 | | Cash Value | $40,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $40,800,000 | | Federal Tax(24%) | $9,792,000 | | Additional Federal Tax | $5,264,330 | | State Tax(8.82%) | $3,598,560 | | Net Lumpsum Payment | $22,145,110 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,354,590 |
$461,529
$119,475 |
$773,586 |
| 2 |
$1,422,360 |
$486,604
$125,452 |
$810,304 |
| 3 |
$1,493,460 |
$512,911
$131,723 |
$848,826 |
| 4 |
$1,568,160 |
$540,550
$138,312 |
$889,298 |
| 5 |
$1,646,550 |
$569,554
$145,226 |
$931,770 |
| 6 |
$1,728,900 |
$600,023
$152,489 |
$976,388 |
| 7 |
$1,815,300 |
$631,991
$160,109 |
$1,023,200 |
| 8 |
$1,906,110 |
$665,591
$168,119 |
$1,072,400 |
| 9 |
$2,001,420 |
$700,856
$176,525 |
$1,124,039 |
| 10 |
$2,101,500 |
$737,885
$185,352 |
$1,178,263 |
| 11 |
$2,206,530 |
$776,746
$194,616 |
$1,235,168 |
| 12 |
$2,316,870 |
$817,572
$204,348 |
$1,294,950 |
| 13 |
$2,432,700 |
$860,429
$214,564 |
$1,357,707 |
| 14 |
$2,554,380 |
$905,451
$225,296 |
$1,423,633 |
| 15 |
$2,682,090 |
$952,704
$236,560 |
$1,492,826 |
| 16 |
$2,816,190 |
$1,002,321
$248,388 |
$1,565,481 |
| 17 |
$2,956,950 |
$1,054,402
$260,803 |
$1,641,745 |
| 18 |
$3,104,820 |
$1,109,114
$273,845 |
$1,721,861 |
| 19 |
$3,260,070 |
$1,166,556
$287,538 |
$1,805,976 |
| 20 |
$3,423,060 |
$1,226,863
$301,914 |
$1,894,283 |
| 21 |
$3,594,240 |
$1,290,199
$317,012 |
$1,987,029 |
| 22 |
$3,773,970 |
$1,356,699
$332,864 |
$2,084,407 |
| 23 |
$3,962,610 |
$1,426,496
$349,502 |
$2,186,612 |
| 24 |
$4,160,790 |
$1,499,823
$366,982 |
$2,293,985 |
| 25 |
$4,368,780 |
$1,576,779
$385,326 |
$2,406,675 |
| 26 |
$4,587,300 |
$1,657,631
$404,600 |
$2,525,069 |
| 27 |
$4,816,620 |
$1,742,480
$424,826 |
$2,649,314 |
| 28 |
$5,057,460 |
$1,831,591
$446,068 |
$2,779,801 |
| 29 |
$5,310,360 |
$1,925,164
$468,374 |
$2,916,822 |
| 30 |
$5,575,860 |
$2,023,399
$491,791 |
$3,060,670 |
|
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