The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Fri Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(8.82%) | $3,730,860 | | Net Lumpsum Payment | $22,957,810 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$124,785 |
$806,205 |
| 2 |
$1,485,576 |
$509,994
$131,028 |
$844,554 |
| 3 |
$1,559,836 |
$537,470
$137,578 |
$884,788 |
| 4 |
$1,637,856 |
$566,337
$144,459 |
$927,060 |
| 5 |
$1,719,730 |
$596,630
$151,680 |
$971,420 |
| 6 |
$1,805,740 |
$628,454
$159,266 |
$1,018,020 |
| 7 |
$1,895,980 |
$661,843
$167,225 |
$1,066,912 |
| 8 |
$1,990,826 |
$696,936
$175,591 |
$1,118,299 |
| 9 |
$2,090,372 |
$733,768
$184,371 |
$1,172,233 |
| 10 |
$2,194,900 |
$772,443
$193,590 |
$1,228,867 |
| 11 |
$2,304,598 |
$813,032
$203,266 |
$1,288,300 |
| 12 |
$2,419,842 |
$855,672
$213,430 |
$1,350,740 |
| 13 |
$2,540,820 |
$900,434
$224,100 |
$1,416,286 |
| 14 |
$2,667,908 |
$947,456
$235,309 |
$1,485,143 |
| 15 |
$2,801,294 |
$996,809
$247,074 |
$1,557,411 |
| 16 |
$2,941,354 |
$1,048,631
$259,427 |
$1,633,296 |
| 17 |
$3,088,370 |
$1,103,027
$272,394 |
$1,712,949 |
| 18 |
$3,242,812 |
$1,160,171
$286,016 |
$1,796,625 |
| 19 |
$3,404,962 |
$1,220,166
$300,318 |
$1,884,478 |
| 20 |
$3,575,196 |
$1,283,153
$315,332 |
$1,976,711 |
| 21 |
$3,753,984 |
$1,349,304
$331,101 |
$2,073,579 |
| 22 |
$3,941,702 |
$1,418,760
$347,658 |
$2,175,284 |
| 23 |
$4,138,726 |
$1,491,659
$365,036 |
$2,282,031 |
| 24 |
$4,345,714 |
$1,568,245
$383,292 |
$2,394,177 |
| 25 |
$4,562,948 |
$1,648,621
$402,452 |
$2,511,875 |
| 26 |
$4,791,180 |
$1,733,067
$422,582 |
$2,635,531 |
| 27 |
$5,030,692 |
$1,821,686
$443,707 |
$2,765,299 |
| 28 |
$5,282,236 |
$1,914,758
$465,893 |
$2,901,585 |
| 29 |
$5,546,376 |
$2,012,490
$489,190 |
$3,044,696 |
| 30 |
$5,823,676 |
$2,115,091
$513,648 |
$3,194,937 |
|
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