New Jersey Lottery

NJLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Feb 25, 2025 is estimated to be $181 Million, with a cash option of 82.7 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 Feb 25, 2025

Draw Date	Jackpot	Cash Option
Tue Feb 25, 2025	$181,000,000	$82,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$82,700,000
Federal Tax(24%)	$19,848,000
Additional Federal Tax	$10,711,330
State Tax(8%)	$6,616,000
Net Lumpsum Payment	$45,524,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,724,231	-$968,296 -$217,938	$1,537,997
2	$2,860,524	-$1,018,724 -$228,842	$1,612,958
3	$3,003,514	-$1,071,631 -$240,281	$1,691,602
4	$3,153,744	-$1,127,216 -$252,300	$1,774,228
5	$3,311,395	-$1,185,547 -$264,912	$1,860,936
6	$3,477,010	-$1,246,824 -$278,161	$1,952,025
7	$3,650,770	-$1,311,115 -$292,062	$2,047,593
8	$3,833,399	-$1,378,688 -$306,672	$2,148,039
9	$4,025,078	-$1,449,609 -$322,006	$2,253,463
10	$4,226,350	-$1,524,080 -$338,108	$2,364,162
11	$4,437,577	-$1,602,234 -$355,006	$2,480,337
12	$4,659,483	-$1,684,339 -$372,759	$2,602,385
13	$4,892,430	-$1,770,529 -$391,394	$2,730,507
14	$5,137,142	-$1,861,073 -$410,971	$2,865,098
15	$5,393,981	-$1,956,103 -$431,518	$3,006,360
16	$5,663,671	-$2,055,889 -$453,094	$3,154,688
17	$5,946,755	-$2,160,630 -$475,740	$3,310,385
18	$6,244,138	-$2,270,661 -$499,531	$3,473,946
19	$6,556,363	-$2,386,185 -$524,509	$3,645,669
20	$6,884,154	-$2,507,467 -$550,732	$3,825,955
21	$7,228,416	-$2,634,844 -$578,273	$4,015,299
22	$7,589,873	-$2,768,583 -$607,190	$4,214,100
23	$7,969,249	-$2,908,953 -$637,540	$4,422,756
24	$8,367,811	-$3,056,420 -$669,425	$4,641,966
25	$8,786,102	-$3,211,188 -$702,888	$4,872,026
26	$9,225,570	-$3,373,791 -$738,046	$5,113,733
27	$9,686,758	-$3,544,431 -$774,941	$5,367,386
28	$10,171,114	-$3,723,643 -$813,689	$5,633,782
29	$10,679,724	-$3,911,828 -$854,378	$5,913,518
30	$11,213,674	-$4,109,390 -$897,094	$6,207,190