The jackpot for the MEGA Millions draw on Fri Dec 27, 2024, is projected to be $1.15 Billion, with an option for a cash payout of $516.1 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 Dec 27, 2024 |
|---|
| Draw Date | Fri Dec 27, 2024 | | Projected Jackpot | $1,150,000,000 | | Cash Value | $516,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $516,100,000 | | Federal Tax(24%) | $123,864,000 | | Additional Federal Tax | $67,053,330 | | State Tax(8%) | $41,288,000 | | Net Lumpsum Payment | $283,894,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$1,384,692 |
$9,559,427 |
| 2 |
$18,174,600 |
$6,684,932
$1,453,968 |
$10,035,700 |
| 3 |
$19,083,100 |
$7,021,077
$1,526,648 |
$10,535,375 |
| 4 |
$20,037,600 |
$7,374,242
$1,603,008 |
$11,060,350 |
| 5 |
$21,039,250 |
$7,744,853
$1,683,140 |
$11,611,257 |
| 6 |
$22,091,500 |
$8,134,185
$1,767,320 |
$12,189,995 |
| 7 |
$23,195,500 |
$8,542,665
$1,855,640 |
$12,797,195 |
| 8 |
$24,355,850 |
$8,971,995
$1,948,468 |
$13,435,387 |
| 9 |
$25,573,700 |
$9,422,599
$2,045,896 |
$14,105,205 |
| 10 |
$26,852,500 |
$9,895,755
$2,148,200 |
$14,808,545 |
| 11 |
$28,194,550 |
$10,392,314
$2,255,564 |
$15,546,672 |
| 12 |
$29,604,450 |
$10,913,977
$2,368,356 |
$16,322,117 |
| 13 |
$31,084,500 |
$11,461,595
$2,486,760 |
$17,136,145 |
| 14 |
$32,639,300 |
$12,036,871
$2,611,144 |
$17,991,285 |
| 15 |
$34,271,150 |
$12,640,656
$2,741,692 |
$18,888,802 |
| 16 |
$35,984,650 |
$13,274,651
$2,878,772 |
$19,831,227 |
| 17 |
$37,783,250 |
$13,940,133
$3,022,660 |
$20,820,457 |
| 18 |
$39,672,700 |
$14,639,229
$3,173,816 |
$21,859,655 |
| 19 |
$41,656,450 |
$15,373,217
$3,332,516 |
$22,950,717 |
| 20 |
$43,739,100 |
$16,143,797
$3,499,128 |
$24,096,175 |
| 21 |
$45,926,400 |
$16,953,098
$3,674,112 |
$25,299,190 |
| 22 |
$48,222,950 |
$17,802,822
$3,857,836 |
$26,562,292 |
| 23 |
$50,633,350 |
$18,694,670
$4,050,668 |
$27,888,012 |
| 24 |
$53,165,650 |
$19,631,621
$4,253,252 |
$29,280,777 |
| 25 |
$55,823,300 |
$20,614,951
$4,465,864 |
$30,742,485 |
| 26 |
$58,615,500 |
$21,648,065
$4,689,240 |
$32,278,195 |
| 27 |
$61,545,700 |
$22,732,239
$4,923,656 |
$33,889,805 |
| 28 |
$64,623,100 |
$23,870,877
$5,169,848 |
$35,582,375 |
| 29 |
$67,854,600 |
$25,066,532
$5,428,368 |
$37,359,700 |
| 30 |
$71,247,100 |
$26,321,757
$5,699,768 |
$39,225,575 |
|
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