The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 Nov 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(8.82%) | $21,256,200 | | Net Lumpsum Payment | $130,613,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$682,334 |
$4,231,150 |
| 2 |
$8,123,256 |
$2,965,935
$716,471 |
$4,440,850 |
| 3 |
$8,529,316 |
$3,116,177
$752,286 |
$4,660,853 |
| 4 |
$8,955,936 |
$3,274,027
$789,914 |
$4,891,995 |
| 5 |
$9,403,630 |
$3,439,673
$829,400 |
$5,134,557 |
| 6 |
$9,873,940 |
$3,613,688
$870,882 |
$5,389,370 |
| 7 |
$10,367,380 |
$3,796,261
$914,403 |
$5,656,716 |
| 8 |
$10,886,006 |
$3,988,153
$960,146 |
$5,937,707 |
| 9 |
$11,430,332 |
$4,189,553
$1,008,155 |
$6,232,624 |
| 10 |
$12,001,900 |
$4,401,033
$1,058,568 |
$6,542,299 |
| 11 |
$12,601,738 |
$4,622,973
$1,111,473 |
$6,867,292 |
| 12 |
$13,231,902 |
$4,856,134
$1,167,054 |
$7,208,714 |
| 13 |
$13,893,420 |
$5,100,896
$1,225,400 |
$7,567,124 |
| 14 |
$14,588,348 |
$5,358,019
$1,286,692 |
$7,943,637 |
| 15 |
$15,317,714 |
$5,627,885
$1,351,022 |
$8,338,807 |
| 16 |
$16,083,574 |
$5,911,253
$1,418,571 |
$8,753,750 |
| 17 |
$16,887,470 |
$6,208,694
$1,489,475 |
$9,189,301 |
| 18 |
$17,731,972 |
$6,521,160
$1,563,960 |
$9,646,852 |
| 19 |
$18,618,622 |
$6,849,221
$1,642,162 |
$10,127,239 |
| 20 |
$19,549,476 |
$7,193,637
$1,724,264 |
$10,631,575 |
| 21 |
$20,527,104 |
$7,555,359
$1,810,491 |
$11,161,254 |
| 22 |
$21,553,562 |
$7,935,148
$1,901,024 |
$11,717,390 |
| 23 |
$22,630,906 |
$8,333,766
$1,996,046 |
$12,301,094 |
| 24 |
$23,762,734 |
$8,752,542
$2,095,873 |
$12,914,319 |
| 25 |
$24,950,588 |
$9,192,048
$2,200,642 |
$13,557,898 |
| 26 |
$26,198,580 |
$9,653,805
$2,310,715 |
$14,234,060 |
| 27 |
$27,508,252 |
$10,138,384
$2,426,228 |
$14,943,640 |
| 28 |
$28,883,716 |
$10,647,305
$2,547,544 |
$15,688,867 |
| 29 |
$30,328,056 |
$11,181,711
$2,674,935 |
$16,471,410 |
| 30 |
$31,844,356 |
$11,742,742
$2,808,672 |
$17,292,942 |
|
|
