The jackpot for the MEGA Millions draw on Tue Feb 25, 2025, is projected to be $181 Million, with an option for a cash payout of $82.7 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 Feb 25, 2025 |
|---|
| Draw Date | Tue Feb 25, 2025 | | Projected Jackpot | $181,000,000 | | Cash Value | $82,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| 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 |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
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 |
|
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