New Jersey Lottery

NJLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 20, 2025 is estimated to be $139 Million, with a cash option of 62.3 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 May 20, 2025

Draw Date	Jackpot	Cash Option
Tue May 20, 2025	$139,000,000	$62,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$62,300,000
Federal Tax(24%)	$14,952,000
Additional Federal Tax	$8,059,330
State Tax(8%)	$4,984,000
Net Lumpsum Payment	$34,304,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,092,089	-$734,403 -$167,367	$1,190,319
2	$2,196,756	-$773,130 -$175,740	$1,247,886
3	$2,306,566	-$813,760 -$184,525	$1,308,281
4	$2,421,936	-$856,447 -$193,755	$1,371,734
5	$2,543,005	-$901,242 -$203,440	$1,438,323
6	$2,670,190	-$948,301 -$213,615	$1,508,274
7	$2,803,630	-$997,673 -$224,290	$1,581,667
8	$2,943,881	-$1,049,566 -$235,510	$1,658,805
9	$3,091,082	-$1,104,031 -$247,287	$1,739,764
10	$3,245,650	-$1,161,221 -$259,652	$1,824,777
11	$3,407,863	-$1,221,240 -$272,629	$1,913,994
12	$3,578,277	-$1,284,293 -$286,262	$2,007,722
13	$3,757,170	-$1,350,483 -$300,574	$2,106,113
14	$3,945,098	-$1,420,017 -$315,608	$2,209,473
15	$4,142,339	-$1,492,996 -$331,387	$2,317,956
16	$4,349,449	-$1,569,627 -$347,956	$2,431,866
17	$4,566,845	-$1,650,063 -$365,348	$2,551,434
18	$4,795,222	-$1,734,563 -$383,618	$2,677,041
19	$5,034,997	-$1,823,279 -$402,800	$2,808,918
20	$5,286,726	-$1,916,419 -$422,938	$2,947,369
21	$5,551,104	-$2,014,239 -$444,088	$3,092,777
22	$5,828,687	-$2,116,945 -$466,295	$3,245,447
23	$6,120,031	-$2,224,742 -$489,602	$3,405,687
24	$6,426,109	-$2,337,991 -$514,089	$3,574,029
25	$6,747,338	-$2,456,845 -$539,787	$3,750,706
26	$7,084,830	-$2,581,717 -$566,786	$3,936,327
27	$7,439,002	-$2,712,761 -$595,120	$4,131,121
28	$7,810,966	-$2,850,388 -$624,877	$4,335,701
29	$8,201,556	-$2,994,906 -$656,124	$4,550,526
30	$8,611,606	-$3,146,625 -$688,928	$4,776,053