The jackpot for the MEGA Millions draw on Fri Aug 8, 2025, is projected to be $166 Million, with an option for a cash payout of $75.2 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 Aug 8, 2025 |
---|
Draw Date | Fri Aug 8, 2025 | Projected Jackpot | $166,000,000 | Cash Value | $75,200,000 |
Lumpsum Option Taxes and Payment |
---|
Cash Gross Payment | $75,200,000 | Federal Tax(24%) | $18,048,000 | Additional Federal Tax | $9,736,330 | State Tax(8%) | $6,016,000 | Net Lumpsum Payment | $41,399,670 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$2,498,466 |
$884,763 $199,877 |
$1,413,826 |
2 |
$2,623,464 |
$931,012 $209,877 |
$1,482,575 |
3 |
$2,754,604 |
$979,534 $220,368 |
$1,554,702 |
4 |
$2,892,384 |
$1,030,512 $231,391 |
$1,630,481 |
5 |
$3,036,970 |
$1,084,009 $242,958 |
$1,710,003 |
6 |
$3,188,860 |
$1,140,209 $255,109 |
$1,793,542 |
7 |
$3,348,220 |
$1,199,172 $267,858 |
$1,881,190 |
8 |
$3,515,714 |
$1,261,145 $281,257 |
$1,973,312 |
9 |
$3,691,508 |
$1,326,188 $295,321 |
$2,069,999 |
10 |
$3,876,100 |
$1,394,487 $310,088 |
$2,171,525 |
11 |
$4,069,822 |
$1,466,165 $325,586 |
$2,278,071 |
12 |
$4,273,338 |
$1,541,465 $341,867 |
$2,390,006 |
13 |
$4,486,980 |
$1,620,513 $358,958 |
$2,507,509 |
14 |
$4,711,412 |
$1,703,553 $376,913 |
$2,630,946 |
15 |
$4,946,966 |
$1,790,708 $395,757 |
$2,760,501 |
16 |
$5,194,306 |
$1,882,224 $415,544 |
$2,896,538 |
17 |
$5,453,930 |
$1,978,284 $436,314 |
$3,039,332 |
18 |
$5,726,668 |
$2,079,198 $458,133 |
$3,189,337 |
19 |
$6,013,018 |
$2,185,147 $481,041 |
$3,346,830 |
20 |
$6,313,644 |
$2,296,379 $505,092 |
$3,512,173 |
21 |
$6,629,376 |
$2,413,200 $530,350 |
$3,685,826 |
22 |
$6,960,878 |
$2,535,855 $556,870 |
$3,868,153 |
23 |
$7,308,814 |
$2,664,592 $584,705 |
$4,059,517 |
24 |
$7,674,346 |
$2,799,838 $613,948 |
$4,260,560 |
25 |
$8,057,972 |
$2,941,780 $644,638 |
$4,471,554 |
26 |
$8,461,020 |
$3,090,908 $676,882 |
$4,693,230 |
27 |
$8,883,988 |
$3,247,406 $710,719 |
$4,925,863 |
28 |
$9,328,204 |
$3,411,766 $746,256 |
$5,170,182 |
29 |
$9,794,664 |
$3,584,356 $783,573 |
$5,426,735 |
30 |
$10,284,364 |
$3,765,545 $822,749 |
$5,696,070 |
|
|