The jackpot for the MEGA Millions draw on Tue May 5, 2026, is projected to be $195 Million, with an option for a cash payout of $86.3 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New Jersey residents, the state will deduct 8% from your lottery earnings.
| New Jersey MEGA Millions Jackpot/Cash Option for Tue May 5, 2026 |
|---|
| Draw Date | Tue May 5, 2026 | | Projected Jackpot | $195,000,000 | | Cash Value | $86,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $86,300,000 | | Federal Tax(24%) | $20,712,000 | | Additional Federal Tax | $11,179,330 | | State Tax(8%) | $6,904,000 | | Net Lumpsum Payment | $47,504,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,934,945 |
$1,046,260
$234,796 |
$1,653,889 |
| 2 |
$3,081,780 |
$1,100,589
$246,542 |
$1,734,649 |
| 3 |
$3,235,830 |
$1,157,587
$258,866 |
$1,819,377 |
| 4 |
$3,397,680 |
$1,217,472
$271,814 |
$1,908,394 |
| 5 |
$3,567,525 |
$1,280,315
$285,402 |
$2,001,808 |
| 6 |
$3,745,950 |
$1,346,332
$299,676 |
$2,099,942 |
| 7 |
$3,933,150 |
$1,415,596
$314,652 |
$2,202,902 |
| 8 |
$4,129,905 |
$1,488,395
$330,392 |
$2,311,118 |
| 9 |
$4,336,410 |
$1,564,802
$346,913 |
$2,424,695 |
| 10 |
$4,553,250 |
$1,645,033
$364,260 |
$2,543,957 |
| 11 |
$4,780,815 |
$1,729,232
$382,465 |
$2,669,118 |
| 12 |
$5,019,885 |
$1,817,688
$401,591 |
$2,800,606 |
| 13 |
$5,270,850 |
$1,910,545
$421,668 |
$2,938,637 |
| 14 |
$5,534,490 |
$2,008,092
$442,759 |
$3,083,639 |
| 15 |
$5,811,195 |
$2,110,473
$464,896 |
$3,235,826 |
| 16 |
$6,101,745 |
$2,217,976
$488,140 |
$3,395,629 |
| 17 |
$6,406,725 |
$2,330,819
$512,538 |
$3,563,368 |
| 18 |
$6,727,110 |
$2,449,361
$538,169 |
$3,739,580 |
| 19 |
$7,063,485 |
$2,573,820
$565,079 |
$3,924,586 |
| 20 |
$7,416,630 |
$2,704,483
$593,330 |
$4,118,817 |
| 21 |
$7,787,520 |
$2,841,713
$623,002 |
$4,322,805 |
| 22 |
$8,176,935 |
$2,985,796
$654,155 |
$4,536,984 |
| 23 |
$8,585,655 |
$3,137,023
$686,852 |
$4,761,780 |
| 24 |
$9,015,045 |
$3,295,897
$721,204 |
$4,997,944 |
| 25 |
$9,465,690 |
$3,462,636
$757,255 |
$5,245,799 |
| 26 |
$9,939,150 |
$3,637,816
$795,132 |
$5,506,202 |
| 27 |
$10,436,010 |
$3,821,654
$834,881 |
$5,779,475 |
| 28 |
$10,957,830 |
$4,014,727
$876,626 |
$6,066,477 |
| 29 |
$11,505,780 |
$4,217,469
$920,462 |
$6,367,849 |
| 30 |
$12,081,030 |
$4,430,311
$966,482 |
$6,684,237 |
|
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