New Jersey Lottery

NJLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Apr 1, 2025 is estimated to be $29 Million, with a cash option of 13.3 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New Jersey MEGA Millions Jackpot/Cash Option for Tue Apr 1, 2025

Draw Date	Jackpot	Cash Option
Tue Apr 1, 2025	$29,000,000	$13,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,300,000
Federal Tax(24%)	$3,192,000
Additional Federal Tax	$1,689,330
State Tax(8%)	$1,064,000
Net Lumpsum Payment	$7,354,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$436,479	-$121,828 -$34,918	$279,733
2	$458,316	-$129,907 -$36,665	$291,744
3	$481,226	-$138,384 -$38,498	$304,344
4	$505,296	-$147,290 -$40,424	$317,582
5	$530,555	-$156,636 -$42,444	$331,475
6	$557,090	-$166,454 -$44,567	$346,069
7	$584,930	-$176,754 -$46,794	$361,382
8	$614,191	-$187,581 -$49,135	$377,475
9	$644,902	-$198,944 -$51,592	$394,366
10	$677,150	-$210,876 -$54,172	$412,102
11	$710,993	-$223,398 -$56,879	$430,716
12	$746,547	-$236,553 -$59,724	$450,270
13	$783,870	-$250,362 -$62,710	$470,798
14	$823,078	-$264,869 -$65,846	$492,363
15	$864,229	-$280,095 -$69,138	$514,996
16	$907,439	-$296,083 -$72,595	$538,761
17	$952,795	-$312,865 -$76,224	$563,706
18	$1,000,442	-$330,494 -$80,035	$589,913
19	$1,050,467	-$349,003 -$84,037	$617,427
20	$1,102,986	-$368,435 -$88,239	$646,312
21	$1,158,144	-$388,844 -$92,652	$676,648
22	$1,216,057	-$410,271 -$97,285	$708,501
23	$1,276,841	-$432,762 -$102,147	$741,932
24	$1,340,699	-$456,389 -$107,256	$777,054
25	$1,407,718	-$481,186 -$112,617	$813,915
26	$1,478,130	-$507,238 -$118,250	$852,642
27	$1,552,022	-$534,579 -$124,162	$893,281
28	$1,629,626	-$563,292 -$130,370	$935,964
29	$1,711,116	-$593,443 -$136,889	$980,784
30	$1,796,666	-$625,097 -$143,733	$1,027,836