The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 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 May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(8.82%) | $16,008,300 | | Net Lumpsum Payment | $98,376,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$521,707 |
$3,244,440 |
| 2 |
$6,210,972 |
$2,258,390
$547,808 |
$3,404,774 |
| 3 |
$6,521,442 |
$2,373,264
$575,191 |
$3,572,987 |
| 4 |
$6,847,632 |
$2,493,954
$603,961 |
$3,749,717 |
| 5 |
$7,189,935 |
$2,620,606
$634,152 |
$3,935,177 |
| 6 |
$7,549,530 |
$2,753,656
$665,869 |
$4,130,005 |
| 7 |
$7,926,810 |
$2,893,250
$699,145 |
$4,334,415 |
| 8 |
$8,323,347 |
$3,039,969
$734,119 |
$4,549,259 |
| 9 |
$8,739,534 |
$3,193,958
$770,827 |
$4,774,749 |
| 10 |
$9,176,550 |
$3,355,654
$809,372 |
$5,011,524 |
| 11 |
$9,635,181 |
$3,525,347
$849,823 |
$5,260,011 |
| 12 |
$10,116,999 |
$3,703,620
$892,319 |
$5,521,060 |
| 13 |
$10,622,790 |
$3,890,763
$936,930 |
$5,795,097 |
| 14 |
$11,154,126 |
$4,087,357
$983,794 |
$6,082,975 |
| 15 |
$11,711,793 |
$4,293,694
$1,032,980 |
$6,385,119 |
| 16 |
$12,297,363 |
$4,510,355
$1,084,627 |
$6,702,381 |
| 17 |
$12,912,015 |
$4,737,776
$1,138,840 |
$7,035,399 |
| 18 |
$13,557,714 |
$4,976,685
$1,195,790 |
$7,385,239 |
| 19 |
$14,235,639 |
$5,227,517
$1,255,583 |
$7,752,539 |
| 20 |
$14,947,362 |
$5,490,854
$1,318,357 |
$8,138,151 |
| 21 |
$15,694,848 |
$5,767,424
$1,384,286 |
$8,543,138 |
| 22 |
$16,479,669 |
$6,057,808
$1,453,507 |
$8,968,354 |
| 23 |
$17,303,397 |
$6,362,587
$1,526,160 |
$9,414,650 |
| 24 |
$18,168,783 |
$6,682,780
$1,602,487 |
$9,883,516 |
| 25 |
$19,077,006 |
$7,018,823
$1,682,592 |
$10,375,591 |
| 26 |
$20,031,210 |
$7,371,878
$1,766,753 |
$10,892,579 |
| 27 |
$21,032,574 |
$7,742,383
$1,855,073 |
$11,435,118 |
| 28 |
$22,084,242 |
$8,131,500
$1,947,830 |
$12,004,912 |
| 29 |
$23,188,572 |
$8,540,102
$2,045,232 |
$12,603,238 |
| 30 |
$24,347,922 |
$8,969,062
$2,147,487 |
$13,231,373 |
|
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