New Jersey Lottery

NJLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(8%)	$712,000
Net Lumpsum Payment	$4,934,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$24,082	$205,230
2	$316,080	-$77,280 -$25,286	$213,514
3	$331,880	-$83,126 -$26,550	$222,204
4	$348,480	-$89,268 -$27,878	$231,334
5	$365,900	-$95,713 -$29,272	$240,915
6	$384,200	-$102,484 -$30,736	$250,980
7	$403,400	-$109,588 -$32,272	$261,540
8	$423,580	-$117,055 -$33,886	$272,639
9	$444,760	-$124,892 -$35,581	$284,287
10	$467,000	-$133,120 -$37,360	$296,520
11	$490,340	-$141,756 -$39,227	$309,357
12	$514,860	-$150,829 -$41,189	$322,842
13	$540,600	-$160,352 -$43,248	$337,000
14	$567,640	-$170,357 -$45,411	$351,872
15	$596,020	-$180,858 -$47,682	$367,480
16	$625,820	-$191,884 -$50,066	$383,870
17	$657,100	-$203,457 -$52,568	$401,075
18	$689,960	-$215,616 -$55,197	$419,147
19	$724,460	-$228,381 -$57,957	$438,122
20	$760,680	-$241,782 -$60,854	$458,044
21	$798,720	-$255,857 -$63,898	$478,965
22	$838,660	-$270,635 -$67,093	$500,932
23	$880,580	-$286,145 -$70,446	$523,989
24	$924,620	-$302,440 -$73,970	$548,210
25	$970,840	-$319,541 -$77,667	$573,632
26	$1,019,400	-$337,508 -$81,552	$600,340
27	$1,070,360	-$356,364 -$85,629	$628,367
28	$1,123,880	-$376,166 -$89,910	$657,804
29	$1,180,080	-$396,960 -$94,406	$688,714
30	$1,239,080	-$418,790 -$99,126	$721,164