New Jersey Lottery

NJLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(8%)	$34,352,000
Net Lumpsum Payment	$236,209,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$1,136,652	$7,854,148
2	$14,918,976	-$5,480,352 -$1,193,518	$8,245,106
3	$15,664,736	-$5,756,283 -$1,253,179	$8,655,274
4	$16,448,256	-$6,046,185 -$1,315,860	$9,086,211
5	$17,270,480	-$6,350,408 -$1,381,638	$9,538,434
6	$18,134,240	-$6,669,999 -$1,450,739	$10,013,502
7	$19,040,480	-$7,005,308 -$1,523,238	$10,511,934
8	$19,992,976	-$7,357,732 -$1,599,438	$11,035,806
9	$20,992,672	-$7,727,619 -$1,679,414	$11,585,639
10	$22,042,400	-$8,116,018 -$1,763,392	$12,162,990
11	$23,144,048	-$8,523,628 -$1,851,524	$12,768,896
12	$24,301,392	-$8,951,845 -$1,944,111	$13,405,436
13	$25,516,320	-$9,401,369 -$2,041,306	$14,073,645
14	$26,792,608	-$9,873,595 -$2,143,409	$14,775,604
15	$28,132,144	-$10,369,224 -$2,250,572	$15,512,348
16	$29,538,704	-$10,889,651 -$2,363,096	$16,285,957
17	$31,015,120	-$11,435,925 -$2,481,210	$17,097,985
18	$32,566,112	-$12,009,792 -$2,605,289	$17,951,031
19	$34,194,512	-$12,612,300 -$2,735,561	$18,846,651
20	$35,904,096	-$13,244,846 -$2,872,328	$19,786,922
21	$37,699,584	-$13,909,176 -$3,015,967	$20,774,441
22	$39,584,752	-$14,606,689 -$3,166,780	$21,811,283
23	$41,563,376	-$15,338,780 -$3,325,070	$22,899,526
24	$43,642,064	-$16,107,894 -$3,491,365	$24,042,805
25	$45,823,648	-$16,915,080 -$3,665,892	$25,242,676
26	$48,115,680	-$17,763,132 -$3,849,254	$26,503,294
27	$50,520,992	-$18,653,097 -$4,041,679	$27,826,216
28	$53,047,136	-$19,587,771 -$4,243,771	$29,215,594
29	$55,699,776	-$20,569,248 -$4,455,982	$30,674,546
30	$58,484,576	-$21,599,624 -$4,678,766	$32,206,186