New Jersey Lottery

NJLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jul 1, 2025 is estimated to be $50 Million, with a cash option of 22.4 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 Jul 1, 2025

Draw Date	Jackpot	Cash Option
Tue Jul 1, 2025	$50,000,000	$22,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$22,400,000
Federal Tax(24%)	$5,376,000
Additional Federal Tax	$2,872,330
State Tax(8%)	$1,792,000
Net Lumpsum Payment	$12,359,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$752,550	-$238,774 -$60,204	$453,572
2	$790,200	-$252,704 -$63,216	$474,280
3	$829,700	-$267,319 -$66,376	$496,005
4	$871,200	-$282,674 -$69,696	$518,830
5	$914,750	-$298,788 -$73,180	$542,782
6	$960,500	-$315,715 -$76,840	$567,945
7	$1,008,500	-$333,475 -$80,680	$594,345
8	$1,058,950	-$352,142 -$84,716	$622,092
9	$1,111,900	-$371,733 -$88,952	$651,215
10	$1,167,500	-$392,305 -$93,400	$681,795
11	$1,225,850	-$413,895 -$98,068	$713,887
12	$1,287,150	-$436,576 -$102,972	$747,602
13	$1,351,500	-$460,385 -$108,120	$782,995
14	$1,419,100	-$485,397 -$113,528	$820,175
15	$1,490,050	-$511,649 -$119,204	$859,197
16	$1,564,550	-$539,214 -$125,164	$900,172
17	$1,642,750	-$568,148 -$131,420	$943,182
18	$1,724,900	-$598,543 -$137,992	$988,365
19	$1,811,150	-$630,456 -$144,892	$1,035,802
20	$1,901,700	-$663,959 -$152,136	$1,085,605
21	$1,996,800	-$699,146 -$159,744	$1,137,910
22	$2,096,650	-$736,091 -$167,732	$1,192,827
23	$2,201,450	-$774,867 -$176,116	$1,250,467
24	$2,311,550	-$815,604 -$184,924	$1,311,022
25	$2,427,100	-$858,357 -$194,168	$1,374,575
26	$2,548,500	-$903,275 -$203,880	$1,441,345
27	$2,675,900	-$950,413 -$214,072	$1,511,415
28	$2,809,700	-$999,919 -$224,776	$1,585,005
29	$2,950,200	-$1,051,904 -$236,016	$1,662,280
30	$3,097,700	-$1,106,479 -$247,816	$1,743,405