Jackpot Analysis New Jersey Mega Millions

Jackpot Analysis for New Jersey Mega Millions
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 DateTue 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