mega millions lottery analysis

New York(NY) MEGA Millions Prize Analysis for Tue Jan 26, 2021

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 $14.7 million , the federal tax that must be withheld is $3,675,000.00, while the state tax is $1,296,540.00. After all the taxes are paid, the winner gets a net lump-sum payment of $9,728,460.00.
  • For the $20 millionannuity, the winner gets paid in 30 annual installments amounting to $666,666.67 yearly. The federal tax amounts to $166,666.67 yearly, while the state tax amounts to $58,800.00 yearly. The winner will receive, after paying all the taxes, $441,200.00 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.

The New York(NY) MEGA Millions prize analysis tells you how much you would get after state, local and federal tax withholdings.