Jackpot Analysis New Jersey Mega Millions

Jackpot Analysis for New Jersey Mega Millions
The jackpot for the MEGA Millions draw on Fri Apr 4, 2025, is projected to be $43 Million, with an option for a cash payout of $20 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 Apr 4, 2025
Draw DateFri Apr 4, 2025
Projected Jackpot$43,000,000
Cash Value$20,000,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$20,000,000
Federal Tax(24%)$4,800,000
Additional Federal Tax$2,560,330
State Tax(8%)$1,600,000
Net Lumpsum Payment$11,039,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $647,193 $199,792
$51,775
$395,626
2 $679,572 $211,772
$54,366
$413,434
3 $713,542 $224,341
$57,083
$432,118
4 $749,232 $237,546
$59,939
$451,747
5 $786,685 $251,404
$62,935
$472,346
6 $826,030 $265,961
$66,082
$493,987
7 $867,310 $281,235
$69,385
$516,690
8 $910,697 $297,288
$72,856
$540,553
9 $956,234 $314,137
$76,499
$565,598
10 $1,004,050 $331,829
$80,324
$591,897
11 $1,054,231 $350,396
$84,338
$619,497
12 $1,106,949 $369,902
$88,556
$648,491
13 $1,162,290 $390,378
$92,983
$678,929
14 $1,220,426 $411,888
$97,634
$710,904
15 $1,281,443 $434,464
$102,515
$744,464
16 $1,345,513 $458,170
$107,641
$779,702
17 $1,412,765 $483,053
$113,021
$816,691
18 $1,483,414 $509,194
$118,673
$855,547
19 $1,557,589 $536,638
$124,607
$896,344
20 $1,635,462 $565,451
$130,837
$939,174
21 $1,717,248 $595,712
$137,380
$984,156
22 $1,803,119 $627,484
$144,250
$1,031,385
23 $1,893,247 $660,832
$151,460
$1,080,955
24 $1,987,933 $695,866
$159,035
$1,133,032
25 $2,087,306 $732,634
$166,984
$1,187,688
26 $2,191,710 $771,263
$175,337
$1,245,110
27 $2,301,274 $811,802
$184,102
$1,305,370
28 $2,416,342 $854,377
$193,307
$1,368,658
29 $2,537,172 $899,084
$202,974
$1,435,114
30 $2,664,022 $946,019
$213,122
$1,504,881