The jackpot for the MEGA Millions draw on Tue Dec 24, 2024, is projected to be $944 Million, with an option for a cash payout of $429.4 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 Dec 24, 2024 |
|---|
| Draw Date | Tue Dec 24, 2024 | | Projected Jackpot | $944,000,000 | | Cash Value | $429,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $429,400,000 | | Federal Tax(24%) | $103,056,000 | | Additional Federal Tax | $55,782,330 | | State Tax(8%) | $34,352,000 | | Net Lumpsum Payment | $236,209,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$1,136,652 |
$7,854,148 |
| 2 |
$14,918,976 |
$5,480,352
$1,193,518 |
$8,245,106 |
| 3 |
$15,664,736 |
$5,756,283
$1,253,179 |
$8,655,274 |
| 4 |
$16,448,256 |
$6,046,185
$1,315,860 |
$9,086,211 |
| 5 |
$17,270,480 |
$6,350,408
$1,381,638 |
$9,538,434 |
| 6 |
$18,134,240 |
$6,669,999
$1,450,739 |
$10,013,502 |
| 7 |
$19,040,480 |
$7,005,308
$1,523,238 |
$10,511,934 |
| 8 |
$19,992,976 |
$7,357,732
$1,599,438 |
$11,035,806 |
| 9 |
$20,992,672 |
$7,727,619
$1,679,414 |
$11,585,639 |
| 10 |
$22,042,400 |
$8,116,018
$1,763,392 |
$12,162,990 |
| 11 |
$23,144,048 |
$8,523,628
$1,851,524 |
$12,768,896 |
| 12 |
$24,301,392 |
$8,951,845
$1,944,111 |
$13,405,436 |
| 13 |
$25,516,320 |
$9,401,369
$2,041,306 |
$14,073,645 |
| 14 |
$26,792,608 |
$9,873,595
$2,143,409 |
$14,775,604 |
| 15 |
$28,132,144 |
$10,369,224
$2,250,572 |
$15,512,348 |
| 16 |
$29,538,704 |
$10,889,651
$2,363,096 |
$16,285,957 |
| 17 |
$31,015,120 |
$11,435,925
$2,481,210 |
$17,097,985 |
| 18 |
$32,566,112 |
$12,009,792
$2,605,289 |
$17,951,031 |
| 19 |
$34,194,512 |
$12,612,300
$2,735,561 |
$18,846,651 |
| 20 |
$35,904,096 |
$13,244,846
$2,872,328 |
$19,786,922 |
| 21 |
$37,699,584 |
$13,909,176
$3,015,967 |
$20,774,441 |
| 22 |
$39,584,752 |
$14,606,689
$3,166,780 |
$21,811,283 |
| 23 |
$41,563,376 |
$15,338,780
$3,325,070 |
$22,899,526 |
| 24 |
$43,642,064 |
$16,107,894
$3,491,365 |
$24,042,805 |
| 25 |
$45,823,648 |
$16,915,080
$3,665,892 |
$25,242,676 |
| 26 |
$48,115,680 |
$17,763,132
$3,849,254 |
$26,503,294 |
| 27 |
$50,520,992 |
$18,653,097
$4,041,679 |
$27,826,216 |
| 28 |
$53,047,136 |
$19,587,771
$4,243,771 |
$29,215,594 |
| 29 |
$55,699,776 |
$20,569,248
$4,455,982 |
$30,674,546 |
| 30 |
$58,484,576 |
$21,599,624
$4,678,766 |
$32,206,186 |
|
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