New York(NY) MEGA Millions Prize Analysis for Fri Oct 25, 2024

Updated: Wednesday, October 23rd, 2024 12:26 AM

The estimated jackpot for MEGA Millions on Fri Oct 25, 2024 is $229 million. The cash option is $107.4 million. The MEGA Millions 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 Cash Option in the amount of $107.4 million, the federal tax that must be withheld is $26,850,000.00, while the state tax is $9,472,680.00. After all the taxes are paid, the winner gets a net lump-sum payment of $71,077,320.00.
For the $229 million annuity, the winner gets paid in 30 annual installments amounting to $7,633,333.33 yearly. The federal tax amounts to $1,908,333.33 yearly, while the state tax amounts to $673,260.00 yearly. The winner will receive, after paying all the taxes, $5,051,740.00 yearly.
York City and Yonkers residents must also pay extra local taxes on their lottery winnings.

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

New York(NY) MEGA Millions Prize Analysis for Fri Oct 25, 2024
Fri Oct 25, 2024	Jackpot: $229 Million	Cash: $107.4 Million

Cash Option - $107.4 Million
Gross Cash Payment	25% Federal Withholding	8.82% State Withholding	Lump-Sum Net Payment
$107,400,000.00	-$26,850,000.00	-$9,472,680.00	$71,077,320.00
New York City Resident 3.876% Local Tax Withholding -$4,162,824.00 Lump-Sum Net Payment $66,914,496.00		Yonkers Resident 1.323% Local Tax Withholding -$1,420,902.00 Lump-Sum Net Payment $69,656,418.00

Annuity - $229 Million in 30 Annual Payments
Gross Annual Payment	25% Federal Annual Withholding	8.82% State Annual Withholding	Net Annual Payment
$7,633,333.33	-$1,908,333.33	-$673,260.00	$5,051,740.00
Total Gross Payment	25% Federal Total Withholding	8.82% State Total Withholding	Total Net Payment
$229,000,000.00	-$57,250,000.00	-$20,197,800.00	$151,552,200.00
New York City Resident 3.876% Local Tax Annual Withholding -$295,868.00 Net Annual Payment $4,755,872.00 3.876% Local Tax Total Withholding -$8,876,040.00 Total Net Payment $142,676,160.00		Yonkers Resident 1.323% Local Tax Annual Withholding -$100,989.00 Net Annual Payment $4,950,751.00 1.323% Local Tax Total Withholding -$3,029,670.00 Total Net Payment $148,522,530.00

Other Prizes With More Than $5,000.00
5 White Ball	25% Federal Withholding	8.82% State Withholding	Net Payment
$250,000.00	-$62,500.00	-$22,050.00	$165,450.00
5 White Ball X2, X3 or X4	25% Federal Withholding	8.82% State Withholding	Net Payment
$1,000,000.00	-$250,000.00	-$88,200.00	$661,800.00
4 White Ball Mega Ball	25% Federal Withholding	8.82% State Withholding	Net Payment
$10,000.00	-$2,500.00	-$882.00	$6,618.00
4 White Ball Mega Ball X2	25% Federal Withholding	8.82% State Withholding	Net Payment
$20,000.00	-$5,000.00	-$1,764.00	$13,236.00
4 White Ball Mega Ball X3	25% Federal Withholding	8.82% State Withholding	Net Payment
$30,000.00	-$7,500.00	-$2,646.00	$19,854.00
4 White Ball Mega Ball X4	25% Federal Withholding	8.82% State Withholding	Net Payment
$40,000.00	-$10,000.00	-$3,528.00	$26,472.00

Past Prize Analysis for MEGA-Millions

More Prize Analysis for New York(NY) MEGA Millions

New York MEGA Millions

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