The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Nov 1, 2024 |
|---|
| Draw Date | Fri Nov 1, 2024 | | Projected Jackpot | $281,000,000 | | Cash Value | $129,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $129,800,000 | | Federal Tax(24%) | $31,152,000 | | Additional Federal Tax | $16,834,330 | | State Tax(8%) | $10,384,000 | | Net Lumpsum Payment | $71,429,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$338,346 |
$2,365,802 |
| 2 |
$4,440,924 |
$1,603,472
$355,274 |
$2,482,178 |
| 3 |
$4,662,914 |
$1,685,609
$373,033 |
$2,604,272 |
| 4 |
$4,896,144 |
$1,771,904
$391,692 |
$2,732,548 |
| 5 |
$5,140,895 |
$1,862,462
$411,272 |
$2,867,161 |
| 6 |
$5,398,010 |
$1,957,594
$431,841 |
$3,008,575 |
| 7 |
$5,667,770 |
$2,057,405
$453,422 |
$3,156,943 |
| 8 |
$5,951,299 |
$2,162,311
$476,104 |
$3,312,884 |
| 9 |
$6,248,878 |
$2,272,415
$499,910 |
$3,476,553 |
| 10 |
$6,561,350 |
$2,388,030
$524,908 |
$3,648,412 |
| 11 |
$6,889,277 |
$2,509,363
$551,142 |
$3,828,772 |
| 12 |
$7,233,783 |
$2,636,830
$578,703 |
$4,018,250 |
| 13 |
$7,595,430 |
$2,770,639
$607,634 |
$4,217,157 |
| 14 |
$7,975,342 |
$2,911,207
$638,027 |
$4,426,108 |
| 15 |
$8,374,081 |
$3,058,740
$669,926 |
$4,645,415 |
| 16 |
$8,792,771 |
$3,213,656
$703,422 |
$4,875,693 |
| 17 |
$9,232,255 |
$3,376,265
$738,580 |
$5,117,410 |
| 18 |
$9,693,938 |
$3,547,087
$775,515 |
$5,371,336 |
| 19 |
$10,178,663 |
$3,726,436
$814,293 |
$5,637,934 |
| 20 |
$10,687,554 |
$3,914,725
$855,004 |
$5,917,825 |
| 21 |
$11,222,016 |
$4,112,476
$897,761 |
$6,211,779 |
| 22 |
$11,783,173 |
$4,320,104
$942,654 |
$6,520,415 |
| 23 |
$12,372,149 |
$4,538,026
$989,772 |
$6,844,351 |
| 24 |
$12,990,911 |
$4,766,967
$1,039,273 |
$7,184,671 |
| 25 |
$13,640,302 |
$5,007,242
$1,091,224 |
$7,541,836 |
| 26 |
$14,322,570 |
$5,259,681
$1,145,806 |
$7,917,083 |
| 27 |
$15,038,558 |
$5,524,597
$1,203,085 |
$8,310,876 |
| 28 |
$15,790,514 |
$5,802,821
$1,263,241 |
$8,724,452 |
| 29 |
$16,580,124 |
$6,094,976
$1,326,410 |
$9,158,738 |
| 30 |
$17,409,074 |
$6,401,688
$1,392,726 |
$9,614,660 |
|
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