Mega Millions after taxes in New York
Mega Millions jackpot $300 million, winner living in New York. Cash option $124.1 million.
You keep about
$64.7 million in cash, single filer
Sixty-four million seven hundred six thousand one hundred and 00/100 dollars
Jackpot data as of Sep 26, 2026, for the Tuesday, Sep 29 drawing.
| Item | Amount | Share of jackpot |
|---|---|---|
| Advertised jackpotSum of 30 annuity payments | $300,000,000 | |
| Cash optionOfficial cash value | $124,100,000 | |
| Federal tax withheld at claim24% of the prize | −$29,784,000 | |
| Federal tax still owed at filingTop bracket is 37% | −$16,083,000 | |
| New York state tax10.9% of the prize; $13.5 million withheld at claim | −$13,526,900 | |
| You keep21.6% of the advertised jackpot | $64,706,100 |
New York taxes lottery winnings at up to 10.9%. Because of its tax-benefit recapture, a very large jackpot is in effect taxed at 10.9% on the whole amount. The lottery withholds 10.9% state tax from prizes over $5,000, plus 3.876% for NYC residents or 1.82575% for Yonkers residents. Nonresidents who win more than $5,000 on a ticket bought in New York also owe New York tax.
Lump sum or annuity in New York
| Cash option | Annuity (30 payments) | |
|---|---|---|
| Before tax | $124,100,000 | $300,000,000 |
| Total tax | −$59,393,900 | −$142,200,008 |
| You keep | $64,706,100 | $157,799,993 |
| In today's dollarsannuity discounted at 3% a year | $64,706,100 | $95,581,559 |
| When you get it | All at once | $2.4 million now, then yearly up to $9.7 million |
The annuity keeps $93.1 million more after tax in total but pays it over 29 years; the cash would need to earn 5.73% a year after tax to fund the same payments. How to think about the choice.
The 30 annuity payments
30 payments from $2.4 million to $9.7 million after tax
| Payment | Year | Before tax | Federal | State | After tax |
|---|---|---|---|---|---|
| 1 | 2026 | $4,515,431 | −$1,620,710 | −$492,182 | $2,402,539 |
| 2 | 2027 | $4,741,202 | −$1,704,245 | −$516,791 | $2,520,166 |
| 3 | 2028 | $4,978,262 | −$1,791,957 | −$542,631 | $2,643,674 |
| 4 | 2029 | $5,227,175 | −$1,884,055 | −$569,762 | $2,773,358 |
| 5 | 2030 | $5,488,534 | −$1,980,758 | −$598,250 | $2,909,526 |
| 6 | 2031 | $5,762,961 | −$2,082,296 | −$628,163 | $3,052,502 |
| 7 | 2032 | $6,051,109 | −$2,188,910 | −$659,571 | $3,202,627 |
| 8 | 2033 | $6,353,664 | −$2,300,856 | −$692,549 | $3,360,259 |
| 9 | 2034 | $6,671,347 | −$2,418,399 | −$727,177 | $3,525,772 |
| 10 | 2035 | $7,004,915 | −$2,541,819 | −$763,536 | $3,699,560 |
| 11 | 2036 | $7,355,161 | −$2,671,410 | −$801,712 | $3,882,038 |
| 12 | 2037 | $7,722,919 | −$2,807,480 | −$841,798 | $4,073,640 |
| 13 | 2038 | $8,109,064 | −$2,950,354 | −$883,888 | $4,274,822 |
| 14 | 2039 | $8,514,518 | −$3,100,372 | −$928,082 | $4,486,063 |
| 15 | 2040 | $8,940,244 | −$3,257,890 | −$974,487 | $4,707,867 |
| 16 | 2041 | $9,387,256 | −$3,423,285 | −$1,023,211 | $4,940,760 |
| 17 | 2042 | $9,856,619 | −$3,596,949 | −$1,074,371 | $5,185,298 |
| 18 | 2043 | $10,349,449 | −$3,779,297 | −$1,128,090 | $5,442,063 |
| 19 | 2044 | $10,866,922 | −$3,970,761 | −$1,184,494 | $5,711,666 |
| 20 | 2045 | $11,410,268 | −$4,171,799 | −$1,243,719 | $5,994,749 |
| 21 | 2046 | $11,980,781 | −$4,382,889 | −$1,305,905 | $6,291,987 |
| 22 | 2047 | $12,579,821 | −$4,604,534 | −$1,371,200 | $6,604,086 |
| 23 | 2048 | $13,208,812 | −$4,837,261 | −$1,439,760 | $6,931,791 |
| 24 | 2049 | $13,869,252 | −$5,081,624 | −$1,511,748 | $7,275,880 |
| 25 | 2050 | $14,562,715 | −$5,338,205 | −$1,587,336 | $7,637,174 |
| 26 | 2051 | $15,290,850 | −$5,607,615 | −$1,666,703 | $8,016,533 |
| 27 | 2052 | $16,055,393 | −$5,890,496 | −$1,750,038 | $8,414,859 |
| 28 | 2053 | $16,858,163 | −$6,187,520 | −$1,837,540 | $8,833,102 |
| 29 | 2054 | $17,701,071 | −$6,499,396 | −$1,929,417 | $9,272,258 |
| 30 | 2055 | $18,586,124 | −$6,826,866 | −$2,025,888 | $9,733,371 |
| Total | $300,000,000 | −$109,500,008 | −$32,700,000 | $157,799,993 | |
Full-page version with every state: Mega Millions annuity schedule for New York.
How New York compares
New York ranks 50th of 51 for what a single winner keeps from this jackpot in cash ($64.7 million). Living in New York City or Yonkers lowers that to $59.9 million and $62.4 million.
| State | State tax | Cash kept |
|---|---|---|
| New York | 10.9% | $64.7 million |
| Connecticut | 6.99% | $69.6 million |
| Massachusetts | 9% | $67.1 million |
| New Jersey | 10.75% | $64.9 million |
| Pennsylvania | 3.07% | $74.4 million |
| Vermont | 8.75% | $67.4 million |
All 50 states and DC for this jackpot
Best states to win the lottery
Questions
How much is a $300 million Mega Millions jackpot after taxes in New York?
About $64.7 million if you take the cash option ($124.1 million before taxes), or about $157.8 million in total over 30 annual payments if you take the annuity. New York taxes the prize at 10.9%.
How much tax is taken out of lottery winnings in New York?
At claim the lottery withholds 24% for federal tax on prizes over $5,000. New York withholds 10.9% at claim. On a jackpot this size the final federal bill is closer to 37% of the prize because most of it falls in the 37% bracket, so about $16.1 million more is owed when you file.
What is the New York tax rate on lottery winnings?
10.9%. New York taxes lottery prizes as income; a jackpot is taxed almost entirely at the top rate of 10.9%, which is about $13.5 million on the cash option. NYC resident income tax, top rate 3.876% on taxable income over $50,000 (single). Applies to people who lived in NYC when they won. Yonkers resident income tax surcharge: 16.75% of net New York State tax (1.82575% of the prize at the 10.9% state rate).
Is it better to take the lump sum or annuity in New York?
The annuity pays about $93.1 million more after taxes in total, spread over 29 years. The cash option comes out ahead only if you can earn more than 5.7% a year after tax on it. Many winners take the cash; the annuity protects against spending it too fast.
Which states do not tax lottery winnings?
Alaska, California, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming do not tax lottery prizes (California only exempts prizes from tickets bought there). Among the 50 states and DC, New York ranks 50th of 51 for what you keep from this jackpot.
These figures describe the taxes on a prize that has already been won; they are not a reason to buy a ticket. Jackpot odds are hundreds of millions to one. If gambling is causing problems for you or someone close to you, call or text 1-800-GAMBLER (National Problem Gambling Helpline, 24/7).
Sources for this page
- Mega Millions official site (current jackpot and cash value) (checked Sep 26, 2026)
- Report of the official jackpot estimate used here (checked Sep 26, 2026)
- IRS: 2026 inflation adjustments (Rev. Proc. 2025-32) (checked Sep 26, 2026)
- IRS Publication 505: withholding on gambling winnings (checked Sep 26, 2026)
- New York: NY DTF - Publication 140-W, FAQs for New York State Lottery Winners (checked Sep 26, 2026)
- New York: NY DTF - NYS-50-T-NYS (1/26) Withholding Tax Tables and Methods (checked Sep 26, 2026)
- New York: NY DTF - New York source income of nonresident individuals (checked Sep 26, 2026)
- New Mega Millions arrives in April (megamillions.com) (checked Sep 26, 2026)
- Mega Millions To Get MEGA Enhancements in April 2025 (megamillions.com) (checked Sep 26, 2026)
- Mega Millions Game Change FAQ (Illinois Lottery) (checked Sep 26, 2026)
Figures are estimates for planning, not tax or legal advice. How they are calculated: methodology. Read the disclaimer.