The jackpot for the MEGA Millions draw on Fri Jul 26, 2024, is projected to be $306 Million, with an option for a cash payout of $143.8 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 Fri Jul 26, 2024 |
|---|
| Draw Date | Fri Jul 26, 2024 | | Projected Jackpot | $306,000,000 | | Cash Value | $143,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $143,800,000 | | Federal Tax(24%) | $34,512,000 | | Additional Federal Tax | $18,654,330 | | State Tax(8.82%) | $12,683,160 | | Net Lumpsum Payment | $77,950,510 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,605,606 |
$1,664,405
$406,214 |
$2,534,987 |
| 2 |
$4,836,024 |
$1,749,659
$426,537 |
$2,659,828 |
| 3 |
$5,077,764 |
$1,839,103
$447,859 |
$2,790,802 |
| 4 |
$5,331,744 |
$1,933,076
$470,260 |
$2,928,408 |
| 5 |
$5,598,270 |
$2,031,690
$493,767 |
$3,072,813 |
| 6 |
$5,878,260 |
$2,135,287
$518,463 |
$3,224,510 |
| 7 |
$6,172,020 |
$2,243,978
$544,372 |
$3,383,670 |
| 8 |
$6,480,774 |
$2,358,217
$571,604 |
$3,550,953 |
| 9 |
$6,804,828 |
$2,478,117
$600,186 |
$3,726,525 |
| 10 |
$7,145,100 |
$2,604,017
$630,198 |
$3,910,885 |
| 11 |
$7,502,202 |
$2,736,145
$661,694 |
$4,104,363 |
| 12 |
$7,877,358 |
$2,874,953
$694,783 |
$4,307,622 |
| 13 |
$8,271,180 |
$3,020,667
$729,518 |
$4,520,995 |
| 14 |
$8,684,892 |
$3,173,740
$766,007 |
$4,745,145 |
| 15 |
$9,119,106 |
$3,334,400
$804,305 |
$4,980,401 |
| 16 |
$9,575,046 |
$3,503,097
$844,519 |
$5,227,430 |
| 17 |
$10,053,630 |
$3,680,173
$886,730 |
$5,486,727 |
| 18 |
$10,556,388 |
$3,866,194
$931,073 |
$5,759,121 |
| 19 |
$11,084,238 |
$4,061,498
$977,630 |
$6,045,110 |
| 20 |
$11,638,404 |
$4,266,540
$1,026,507 |
$6,345,357 |
| 21 |
$12,220,416 |
$4,481,884
$1,077,841 |
$6,660,691 |
| 22 |
$12,831,498 |
$4,707,985
$1,131,738 |
$6,991,775 |
| 23 |
$13,472,874 |
$4,945,294
$1,188,307 |
$7,339,273 |
| 24 |
$14,146,686 |
$5,194,604
$1,247,738 |
$7,704,344 |
| 25 |
$14,853,852 |
$5,456,256
$1,310,110 |
$8,087,486 |
| 26 |
$15,596,820 |
$5,731,154
$1,375,640 |
$8,490,026 |
| 27 |
$16,376,508 |
$6,019,638
$1,444,408 |
$8,912,462 |
| 28 |
$17,195,364 |
$6,322,615
$1,516,631 |
$9,356,118 |
| 29 |
$18,055,224 |
$6,640,763
$1,592,471 |
$9,821,990 |
| 30 |
$18,957,924 |
$6,974,762
$1,672,089 |
$10,311,073 |
|
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