The jackpot for the MEGA Millions draw on Fri Feb 28, 2025, is projected to be $197 Million, with an option for a cash payout of $91.9 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 Feb 28, 2025 |
|---|
| Draw Date | Fri Feb 28, 2025 | | Projected Jackpot | $197,000,000 | | Cash Value | $91,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $91,900,000 | | Federal Tax(24%) | $22,056,000 | | Additional Federal Tax | $11,907,330 | | State Tax(8%) | $7,352,000 | | Net Lumpsum Payment | $50,584,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$237,204 |
$1,670,445 |
| 2 |
$3,113,388 |
$1,112,284
$249,071 |
$1,752,033 |
| 3 |
$3,269,018 |
$1,169,867
$261,521 |
$1,837,630 |
| 4 |
$3,432,528 |
$1,230,366
$274,602 |
$1,927,560 |
| 5 |
$3,604,115 |
$1,293,853
$288,329 |
$2,021,933 |
| 6 |
$3,784,370 |
$1,360,547
$302,750 |
$2,121,073 |
| 7 |
$3,973,490 |
$1,430,522
$317,879 |
$2,225,089 |
| 8 |
$4,172,263 |
$1,504,068
$333,781 |
$2,334,414 |
| 9 |
$4,380,886 |
$1,581,258
$350,471 |
$2,449,157 |
| 10 |
$4,599,950 |
$1,662,312
$367,996 |
$2,569,642 |
| 11 |
$4,829,849 |
$1,747,375
$386,388 |
$2,696,086 |
| 12 |
$5,071,371 |
$1,836,738
$405,710 |
$2,828,923 |
| 13 |
$5,324,910 |
$1,930,547
$425,993 |
$2,968,370 |
| 14 |
$5,591,254 |
$2,029,094
$447,300 |
$3,114,860 |
| 15 |
$5,870,797 |
$2,132,525
$469,664 |
$3,268,608 |
| 16 |
$6,164,327 |
$2,241,131
$493,146 |
$3,430,050 |
| 17 |
$6,472,435 |
$2,355,131
$517,795 |
$3,599,509 |
| 18 |
$6,796,106 |
$2,474,890
$543,688 |
$3,777,528 |
| 19 |
$7,135,931 |
$2,600,625
$570,874 |
$3,964,432 |
| 20 |
$7,492,698 |
$2,732,629
$599,416 |
$4,160,653 |
| 21 |
$7,867,392 |
$2,871,265
$629,391 |
$4,366,736 |
| 22 |
$8,260,801 |
$3,016,827
$660,864 |
$4,583,110 |
| 23 |
$8,673,713 |
$3,169,604
$693,897 |
$4,810,212 |
| 24 |
$9,107,507 |
$3,330,108
$728,601 |
$5,048,798 |
| 25 |
$9,562,774 |
$3,498,557
$765,022 |
$5,299,195 |
| 26 |
$10,041,090 |
$3,675,534
$803,287 |
$5,562,269 |
| 27 |
$10,543,046 |
$3,861,257
$843,444 |
$5,838,345 |
| 28 |
$11,070,218 |
$4,056,311
$885,617 |
$6,128,290 |
| 29 |
$11,623,788 |
$4,261,132
$929,903 |
$6,432,753 |
| 30 |
$12,204,938 |
$4,476,157
$976,395 |
$6,752,386 |
|
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