The jackpot for the MEGA Millions draw on Tue May 20, 2025, is projected to be $139 Million, with an option for a cash payout of $62.3 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 Tue May 20, 2025 |
|---|
| Draw Date | Tue May 20, 2025 | | Projected Jackpot | $139,000,000 | | Cash Value | $62,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $62,300,000 | | Federal Tax(24%) | $14,952,000 | | Additional Federal Tax | $8,059,330 | | State Tax(8%) | $4,984,000 | | Net Lumpsum Payment | $34,304,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,092,089 |
$734,403
$167,367 |
$1,190,319 |
| 2 |
$2,196,756 |
$773,130
$175,740 |
$1,247,886 |
| 3 |
$2,306,566 |
$813,760
$184,525 |
$1,308,281 |
| 4 |
$2,421,936 |
$856,447
$193,755 |
$1,371,734 |
| 5 |
$2,543,005 |
$901,242
$203,440 |
$1,438,323 |
| 6 |
$2,670,190 |
$948,301
$213,615 |
$1,508,274 |
| 7 |
$2,803,630 |
$997,673
$224,290 |
$1,581,667 |
| 8 |
$2,943,881 |
$1,049,566
$235,510 |
$1,658,805 |
| 9 |
$3,091,082 |
$1,104,031
$247,287 |
$1,739,764 |
| 10 |
$3,245,650 |
$1,161,221
$259,652 |
$1,824,777 |
| 11 |
$3,407,863 |
$1,221,240
$272,629 |
$1,913,994 |
| 12 |
$3,578,277 |
$1,284,293
$286,262 |
$2,007,722 |
| 13 |
$3,757,170 |
$1,350,483
$300,574 |
$2,106,113 |
| 14 |
$3,945,098 |
$1,420,017
$315,608 |
$2,209,473 |
| 15 |
$4,142,339 |
$1,492,996
$331,387 |
$2,317,956 |
| 16 |
$4,349,449 |
$1,569,627
$347,956 |
$2,431,866 |
| 17 |
$4,566,845 |
$1,650,063
$365,348 |
$2,551,434 |
| 18 |
$4,795,222 |
$1,734,563
$383,618 |
$2,677,041 |
| 19 |
$5,034,997 |
$1,823,279
$402,800 |
$2,808,918 |
| 20 |
$5,286,726 |
$1,916,419
$422,938 |
$2,947,369 |
| 21 |
$5,551,104 |
$2,014,239
$444,088 |
$3,092,777 |
| 22 |
$5,828,687 |
$2,116,945
$466,295 |
$3,245,447 |
| 23 |
$6,120,031 |
$2,224,742
$489,602 |
$3,405,687 |
| 24 |
$6,426,109 |
$2,337,991
$514,089 |
$3,574,029 |
| 25 |
$6,747,338 |
$2,456,845
$539,787 |
$3,750,706 |
| 26 |
$7,084,830 |
$2,581,717
$566,786 |
$3,936,327 |
| 27 |
$7,439,002 |
$2,712,761
$595,120 |
$4,131,121 |
| 28 |
$7,810,966 |
$2,850,388
$624,877 |
$4,335,701 |
| 29 |
$8,201,556 |
$2,994,906
$656,124 |
$4,550,526 |
| 30 |
$8,611,606 |
$3,146,625
$688,928 |
$4,776,053 |
|
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