The jackpot for the MEGA Millions draw on Fri May 2, 2025, is projected to be $80 Million, with an option for a cash payout of $36.4 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 2, 2025 |
|---|
| Draw Date | Fri May 2, 2025 | | Projected Jackpot | $80,000,000 | | Cash Value | $36,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,400,000 | | Federal Tax(24%) | $8,736,000 | | Additional Federal Tax | $4,692,330 | | State Tax(8.82%) | $3,210,480 | | Net Lumpsum Payment | $19,761,190 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,204,080 |
$405,840
$106,200 |
$692,040 |
| 2 |
$1,264,320 |
$428,129
$111,513 |
$724,678 |
| 3 |
$1,327,520 |
$451,513
$117,087 |
$758,920 |
| 4 |
$1,393,920 |
$476,081
$122,944 |
$794,895 |
| 5 |
$1,463,600 |
$501,862
$129,090 |
$832,648 |
| 6 |
$1,536,800 |
$528,946
$135,546 |
$872,308 |
| 7 |
$1,613,600 |
$557,362
$142,320 |
$913,918 |
| 8 |
$1,694,320 |
$587,229
$149,439 |
$957,652 |
| 9 |
$1,779,040 |
$618,575
$156,911 |
$1,003,554 |
| 10 |
$1,868,000 |
$651,490
$164,758 |
$1,051,752 |
| 11 |
$1,961,360 |
$686,034
$172,992 |
$1,102,334 |
| 12 |
$2,059,440 |
$722,323
$181,643 |
$1,155,474 |
| 13 |
$2,162,400 |
$760,418
$190,724 |
$1,211,258 |
| 14 |
$2,270,560 |
$800,438
$200,263 |
$1,269,859 |
| 15 |
$2,384,080 |
$842,440
$210,276 |
$1,331,364 |
| 16 |
$2,503,280 |
$886,544
$220,789 |
$1,395,947 |
| 17 |
$2,628,400 |
$932,838
$231,825 |
$1,463,737 |
| 18 |
$2,759,840 |
$981,471
$243,418 |
$1,534,951 |
| 19 |
$2,897,840 |
$1,032,531
$255,589 |
$1,609,720 |
| 20 |
$3,042,720 |
$1,086,137
$268,368 |
$1,688,215 |
| 21 |
$3,194,880 |
$1,142,436
$281,788 |
$1,770,656 |
| 22 |
$3,354,640 |
$1,201,547
$295,879 |
$1,857,214 |
| 23 |
$3,522,320 |
$1,263,589
$310,669 |
$1,948,062 |
| 24 |
$3,698,480 |
$1,328,768
$326,206 |
$2,043,506 |
| 25 |
$3,883,360 |
$1,397,174
$342,512 |
$2,143,674 |
| 26 |
$4,077,600 |
$1,469,042
$359,644 |
$2,248,914 |
| 27 |
$4,281,440 |
$1,544,463
$377,623 |
$2,359,354 |
| 28 |
$4,495,520 |
$1,623,673
$396,505 |
$2,475,342 |
| 29 |
$4,720,320 |
$1,706,849
$416,332 |
$2,597,139 |
| 30 |
$4,956,320 |
$1,794,169
$437,147 |
$2,725,004 |
|
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