New York(NY) MEGA Millions Prize Analysis for Tue Dec 17, 2024

New York(NY) MEGA Millions Prize Analysis for Tue Dec 17, 2024
Updated: Saturday, December 14th, 2024 12:33 AM

The estimated jackpot for MEGA Millions on Tue Dec 17, 2024 is $740 million. The cash option is $342.9 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 $342.9 million, the federal tax that must be withheld is $85,725,000.00, while the state tax is $30,243,780.00. After all the taxes are paid, the winner gets a net lump-sum payment of $226,931,220.00.
  • For the $740 million annuity, the winner gets paid in 30 annual installments amounting to $24,666,666.67 yearly. The federal tax amounts to $6,166,666.67 yearly, while the state tax amounts to $2,175,600.00 yearly. The winner will receive, after paying all the taxes, $16,324,400.00 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 Tue Dec 17, 2024
Tue Dec 17, 2024  Jackpot: $740 Million  Cash: $342.9 Million
Cash Option - $342.9 Million
Gross Cash Payment25% Federal Withholding8.82% State WithholdingLump-Sum Net Payment
$342,900,000.00-$85,725,000.00-$30,243,780.00$226,931,220.00
New York City Resident
3.876% Local Tax Withholding
-$13,290,804.00
Lump-Sum Net Payment
$213,640,416.00
Yonkers Resident
1.323% Local Tax Withholding
-$4,536,567.00
Lump-Sum Net Payment
$222,394,653.00


Annuity - $740 Million in 30 Annual Payments
Gross Annual Payment25% Federal
Annual Withholding
8.82% State
Annual Withholding
Net Annual Payment
$24,666,666.67-$6,166,666.67-$2,175,600.00$16,324,400.00
Total Gross Payment25% Federal
Total Withholding
8.82% State
Total Withholding
Total Net Payment
$740,000,000.00-$185,000,000.00-$65,268,000.00$489,732,000.00
New York City Resident
3.876% Local Tax Annual Withholding
-$956,080.00
Net Annual Payment
$15,368,320.00

3.876% Local Tax Total Withholding
-$28,682,400.00
Total Net Payment
$461,049,600.00
Yonkers Resident
1.323% Local Tax Annual Withholding
-$326,340.00
Net Annual Payment
$15,998,060.00

1.323% Local Tax Total Withholding
-$9,790,200.00
Total Net Payment
$479,941,800.00

Other Prizes With More Than $5,000.00
5 White Ball25% Federal Withholding8.82% State WithholdingNet Payment
$250,000.00-$62,500.00-$22,050.00$165,450.00
5 White Ball
X2, X3 or X4
25% Federal Withholding8.82% State WithholdingNet Payment
$1,000,000.00-$250,000.00-$88,200.00$661,800.00
4 White Ball
Mega Ball
25% Federal Withholding8.82% State WithholdingNet Payment
$10,000.00-$2,500.00-$882.00$6,618.00
4 White Ball
Mega Ball
X2
25% Federal Withholding8.82% State WithholdingNet Payment
$20,000.00-$5,000.00-$1,764.00$13,236.00
4 White Ball
Mega Ball
X3
25% Federal Withholding8.82% State WithholdingNet Payment
$30,000.00-$7,500.00-$2,646.00$19,854.00
4 White Ball
Mega Ball
X4
25% Federal Withholding8.82% State WithholdingNet 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

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New York(NY) Mega Millions Latest Drawing Results
Next Draw: Tue Dec 17, 2024
$740,000,000 
Change: +$45,000,000







 
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