The jackpot for the MEGA Millions draw on Fri Jan 24, 2025, is projected to be $28 Million, with an option for a cash payout of $12.5 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 Fri Jan 24, 2025 |
|---|
| Draw Date | Fri Jan 24, 2025 | | Projected Jackpot | $28,000,000 | | Cash Value | $12,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $12,500,000 | | Federal Tax(24%) | $3,000,000 | | Additional Federal Tax | $1,585,330 | | State Tax(8%) | $1,000,000 | | Net Lumpsum Payment | $6,914,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$33,714 |
$271,455 |
| 2 |
$442,512 |
$124,060
$35,401 |
$283,051 |
| 3 |
$464,632 |
$132,244
$37,171 |
$295,217 |
| 4 |
$487,872 |
$140,843
$39,030 |
$307,999 |
| 5 |
$512,260 |
$149,867
$40,981 |
$321,412 |
| 6 |
$537,880 |
$159,346
$43,030 |
$335,504 |
| 7 |
$564,760 |
$169,292
$45,181 |
$350,287 |
| 8 |
$593,012 |
$179,745
$47,441 |
$365,826 |
| 9 |
$622,664 |
$190,716
$49,813 |
$382,135 |
| 10 |
$653,800 |
$202,236
$52,304 |
$399,260 |
| 11 |
$686,476 |
$214,327
$54,918 |
$417,231 |
| 12 |
$720,804 |
$227,028
$57,664 |
$436,112 |
| 13 |
$756,840 |
$240,361
$60,547 |
$455,932 |
| 14 |
$794,696 |
$254,368
$63,576 |
$476,752 |
| 15 |
$834,428 |
$269,069
$66,754 |
$498,605 |
| 16 |
$876,148 |
$284,505
$70,092 |
$521,551 |
| 17 |
$919,940 |
$300,708
$73,595 |
$545,637 |
| 18 |
$965,944 |
$317,730
$77,276 |
$570,938 |
| 19 |
$1,014,244 |
$335,601
$81,140 |
$597,503 |
| 20 |
$1,064,952 |
$354,363
$85,196 |
$625,393 |
| 21 |
$1,118,208 |
$374,067
$89,457 |
$654,684 |
| 22 |
$1,174,124 |
$394,756
$93,930 |
$685,438 |
| 23 |
$1,232,812 |
$416,471
$98,625 |
$717,716 |
| 24 |
$1,294,468 |
$439,284
$103,557 |
$751,627 |
| 25 |
$1,359,176 |
$463,226
$108,734 |
$787,216 |
| 26 |
$1,427,160 |
$488,380
$114,173 |
$824,607 |
| 27 |
$1,498,504 |
$514,777
$119,880 |
$863,847 |
| 28 |
$1,573,432 |
$542,500
$125,875 |
$905,057 |
| 29 |
$1,652,112 |
$571,612
$132,169 |
$948,331 |
| 30 |
$1,734,712 |
$602,174
$138,777 |
$993,761 |
|
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