The jackpot for the MEGA Millions draw on Fri May 2, 2025, is projected to be $80 Million, with an option for a cash payout of $36.4 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 May 2, 2025 |
|---|
| Draw Date | Fri May 2, 2025 | | Projected Jackpot | $80,000,000 | | Cash Value | $36,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,400,000 | | Federal Tax(24%) | $8,736,000 | | Additional Federal Tax | $4,692,330 | | State Tax(8%) | $2,912,000 | | Net Lumpsum Payment | $20,059,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,204,080 |
$405,840
$96,326 |
$701,914 |
| 2 |
$1,264,320 |
$428,129
$101,146 |
$735,045 |
| 3 |
$1,327,520 |
$451,513
$106,202 |
$769,805 |
| 4 |
$1,393,920 |
$476,081
$111,514 |
$806,325 |
| 5 |
$1,463,600 |
$501,862
$117,088 |
$844,650 |
| 6 |
$1,536,800 |
$528,946
$122,944 |
$884,910 |
| 7 |
$1,613,600 |
$557,362
$129,088 |
$927,150 |
| 8 |
$1,694,320 |
$587,229
$135,546 |
$971,545 |
| 9 |
$1,779,040 |
$618,575
$142,323 |
$1,018,142 |
| 10 |
$1,868,000 |
$651,490
$149,440 |
$1,067,070 |
| 11 |
$1,961,360 |
$686,034
$156,909 |
$1,118,417 |
| 12 |
$2,059,440 |
$722,323
$164,755 |
$1,172,362 |
| 13 |
$2,162,400 |
$760,418
$172,992 |
$1,228,990 |
| 14 |
$2,270,560 |
$800,438
$181,645 |
$1,288,477 |
| 15 |
$2,384,080 |
$842,440
$190,726 |
$1,350,914 |
| 16 |
$2,503,280 |
$886,544
$200,262 |
$1,416,474 |
| 17 |
$2,628,400 |
$932,838
$210,272 |
$1,485,290 |
| 18 |
$2,759,840 |
$981,471
$220,787 |
$1,557,582 |
| 19 |
$2,897,840 |
$1,032,531
$231,827 |
$1,633,482 |
| 20 |
$3,042,720 |
$1,086,137
$243,418 |
$1,713,165 |
| 21 |
$3,194,880 |
$1,142,436
$255,590 |
$1,796,854 |
| 22 |
$3,354,640 |
$1,201,547
$268,371 |
$1,884,722 |
| 23 |
$3,522,320 |
$1,263,589
$281,786 |
$1,976,945 |
| 24 |
$3,698,480 |
$1,328,768
$295,878 |
$2,073,834 |
| 25 |
$3,883,360 |
$1,397,174
$310,669 |
$2,175,517 |
| 26 |
$4,077,600 |
$1,469,042
$326,208 |
$2,282,350 |
| 27 |
$4,281,440 |
$1,544,463
$342,515 |
$2,394,462 |
| 28 |
$4,495,520 |
$1,623,673
$359,642 |
$2,512,205 |
| 29 |
$4,720,320 |
$1,706,849
$377,626 |
$2,635,845 |
| 30 |
$4,956,320 |
$1,794,169
$396,506 |
$2,765,645 |
|
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