New York(NY) Lotto Prize Analysis for Sat Dec 28, 2024

Updated: Wednesday, December 25th, 2024 10:16 PM

The estimated jackpot for Lotto on Wed Jan 1, 2025 is 2,800,000. The Lotto prize analysis tells you how much you would get after state, local and federal tax withholdings.

As legally required by the state of New York, taxes are withheld on lottery winnings of 600USD or more. For prizes greater than 5,000USD, US citizens and resident aliens having a social security number have their prizes reduced with 25%, which represents the federal taxes. The New York state tax rate for lottery winning sits at 8.82%, with New York City withholding 3.876% and Yonkers withholding 1.323%. For more information on taxes for lottery winnings in the state of New York, click here.

For the Annuity in the amount of 2,800,000, the winner will get paid in 26 annual payments in the amount of $107,692.31 per year. The federal tax liability is $26,923.08 per year. The state tax liability would be $9,498.46 per year. The net lump-sum payment after tax withholding is going to be $71,270.77 per year.
If you choose Cash Option, official New York lottery will release the exact amount of cash value after the jackpot won. Please enter a value below between $5,000 to $1000,000,000 to see the detailed prize analysis.

5,000 ~ 1000,000,000
York City and Yonkers residents must also pay extra local taxes on their lottery winnings.

For detailed information on Lotto Lottery Winning Taxes and Prizes Analysis, see the data listed below.

New York(NY) Lotto Prize Analysis for Sat Dec 28, 2024
Wed Jan 1, 2025	Jackpot: 2,800,000	Cash: Amount To Be Announced Until Won

Annuity - 2,800,000 in 26 Annual Payments
Gross Annual Payment	25% Federal Annual Withholding	8.82% State Annual Withholding	Net Annual Payment
$107,692.31	-$26,923.08	-$9,498.46	$71,270.77
Total Gross Payment	25% Federal Total Withholding	8.82% State Total Withholding	Total Net Payment
$2,800,000.00	-$700,000.00	-$246,960.00	$1,853,040.00
New York City Resident 3.876% Local Tax Annual Withholding -$4,174.15 Net Annual Payment $67,096.62 3.876% Local Tax Total Withholding -$108,528.00 Total Net Payment $1,744,512.00		Yonkers Resident 1.323% Local Tax Annual Withholding -$1,424.77 Net Annual Payment $69,846.00 1.323% Local Tax Total Withholding -$37,044.00 Total Net Payment $1,815,996.00

Past Prize Analysis for Lotto

More Prize Analysis for New York(NY) Lotto

New York Lotto

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Sat Dec 28, 2024	Last 10 \| Calendar \| Search
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Next Draw: Wed Jan 1, 2025
$2,800,000
Change: +$100,000