The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(8%) | $2,120,000 | | Net Lumpsum Payment | $14,614,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$71,041 |
$528,074 |
| 2 |
$932,436 |
$305,332
$74,595 |
$552,509 |
| 3 |
$979,046 |
$322,577
$78,324 |
$578,145 |
| 4 |
$1,028,016 |
$340,696
$82,241 |
$605,079 |
| 5 |
$1,079,405 |
$359,710
$86,352 |
$633,343 |
| 6 |
$1,133,390 |
$379,685
$90,671 |
$663,034 |
| 7 |
$1,190,030 |
$400,641
$95,202 |
$694,187 |
| 8 |
$1,249,561 |
$422,668
$99,965 |
$726,928 |
| 9 |
$1,312,042 |
$445,786
$104,963 |
$761,293 |
| 10 |
$1,377,650 |
$470,061
$110,212 |
$797,377 |
| 11 |
$1,446,503 |
$495,536
$115,720 |
$835,247 |
| 12 |
$1,518,837 |
$522,300
$121,507 |
$875,030 |
| 13 |
$1,594,770 |
$550,395
$127,582 |
$916,793 |
| 14 |
$1,674,538 |
$579,909
$133,963 |
$960,666 |
| 15 |
$1,758,259 |
$610,886
$140,661 |
$1,006,712 |
| 16 |
$1,846,169 |
$643,413
$147,694 |
$1,055,062 |
| 17 |
$1,938,445 |
$677,555
$155,076 |
$1,105,814 |
| 18 |
$2,035,382 |
$713,422
$162,831 |
$1,159,129 |
| 19 |
$2,137,157 |
$751,078
$170,973 |
$1,215,106 |
| 20 |
$2,244,006 |
$790,613
$179,520 |
$1,273,873 |
| 21 |
$2,356,224 |
$832,133
$188,498 |
$1,335,593 |
| 22 |
$2,474,047 |
$875,728
$197,924 |
$1,400,395 |
| 23 |
$2,597,711 |
$921,483
$207,817 |
$1,468,411 |
| 24 |
$2,727,629 |
$969,553
$218,210 |
$1,539,866 |
| 25 |
$2,863,978 |
$1,020,002
$229,118 |
$1,614,858 |
| 26 |
$3,007,230 |
$1,073,005
$240,578 |
$1,693,647 |
| 27 |
$3,157,562 |
$1,128,628
$252,605 |
$1,776,329 |
| 28 |
$3,315,446 |
$1,187,045
$265,236 |
$1,863,165 |
| 29 |
$3,481,236 |
$1,248,388
$278,499 |
$1,954,349 |
| 30 |
$3,655,286 |
$1,312,786
$292,423 |
$2,050,077 |
|
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