New Jersey Lottery

NJLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of New Jersey, your state will take 8% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New Jersey MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(8%)	$12,248,000
Net Lumpsum Payment	$84,244,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$398,550	$2,779,705
2	$5,231,124	-$1,895,846 -$418,490	$2,916,788
3	$5,492,614	-$1,992,598 -$439,409	$3,060,607
4	$5,767,344	-$2,094,248 -$461,388	$3,211,708
5	$6,055,645	-$2,200,919 -$484,452	$3,370,274
6	$6,358,510	-$2,312,979 -$508,681	$3,536,850
7	$6,676,270	-$2,430,550 -$534,102	$3,711,618
8	$7,010,249	-$2,554,123 -$560,820	$3,895,306
9	$7,360,778	-$2,683,818 -$588,862	$4,088,098
10	$7,728,850	-$2,820,005 -$618,308	$4,290,537
11	$8,115,127	-$2,962,927 -$649,210	$4,502,990
12	$8,520,933	-$3,113,076 -$681,675	$4,726,182
13	$8,946,930	-$3,270,694 -$715,754	$4,960,482
14	$9,394,442	-$3,436,274 -$751,555	$5,206,613
15	$9,864,131	-$3,610,059 -$789,130	$5,464,942
16	$10,357,321	-$3,792,539 -$828,586	$5,736,196
17	$10,875,005	-$3,984,082 -$870,000	$6,020,923
18	$11,418,838	-$4,185,300 -$913,507	$6,320,031
19	$11,989,813	-$4,396,561 -$959,185	$6,634,067
20	$12,589,254	-$4,618,354 -$1,007,140	$6,963,760
21	$13,218,816	-$4,851,292 -$1,057,505	$7,310,019
22	$13,879,823	-$5,095,865 -$1,110,386	$7,673,572
23	$14,573,599	-$5,352,562 -$1,165,888	$8,055,149
24	$15,302,461	-$5,622,241 -$1,224,197	$8,456,023
25	$16,067,402	-$5,905,269 -$1,285,392	$8,876,741
26	$16,871,070	-$6,202,626 -$1,349,686	$9,318,758
27	$17,714,458	-$6,514,680 -$1,417,157	$9,782,621
28	$18,600,214	-$6,842,410 -$1,488,017	$10,269,787
29	$19,530,324	-$7,186,550 -$1,562,426	$10,781,348
30	$20,506,774	-$7,547,837 -$1,640,542	$11,318,395