Jackpot Analysis New Jersey Mega Millions

Jackpot Analysis for New Jersey Mega Millions
The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 Nov 29, 2024
Draw DateFri Nov 29, 2024
Projected Jackpot$514,000,000
Cash Value$241,000,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$241,000,000
Federal Tax(24%)$57,840,000
Additional Federal Tax$31,290,330
State Tax(8%)$19,280,000
Net Lumpsum Payment$132,589,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $7,736,214 $2,822,730
$618,897
$4,294,587
2 $8,123,256 $2,965,935
$649,860
$4,507,461
3 $8,529,316 $3,116,177
$682,345
$4,730,794
4 $8,955,936 $3,274,027
$716,475
$4,965,434
5 $9,403,630 $3,439,673
$752,290
$5,211,667
6 $9,873,940 $3,613,688
$789,915
$5,470,337
7 $10,367,380 $3,796,261
$829,390
$5,741,729
8 $10,886,006 $3,988,153
$870,880
$6,026,973
9 $11,430,332 $4,189,553
$914,427
$6,326,352
10 $12,001,900 $4,401,033
$960,152
$6,640,715
11 $12,601,738 $4,622,973
$1,008,139
$6,970,626
12 $13,231,902 $4,856,134
$1,058,552
$7,317,216
13 $13,893,420 $5,100,896
$1,111,474
$7,681,050
14 $14,588,348 $5,358,019
$1,167,068
$8,063,261
15 $15,317,714 $5,627,885
$1,225,417
$8,464,412
16 $16,083,574 $5,911,253
$1,286,686
$8,885,635
17 $16,887,470 $6,208,694
$1,350,998
$9,327,778
18 $17,731,972 $6,521,160
$1,418,558
$9,792,254
19 $18,618,622 $6,849,221
$1,489,490
$10,279,911
20 $19,549,476 $7,193,637
$1,563,958
$10,791,881
21 $20,527,104 $7,555,359
$1,642,168
$11,329,577
22 $21,553,562 $7,935,148
$1,724,285
$11,894,129
23 $22,630,906 $8,333,766
$1,810,472
$12,486,668
24 $23,762,734 $8,752,542
$1,901,019
$13,109,173
25 $24,950,588 $9,192,048
$1,996,047
$13,762,493
26 $26,198,580 $9,653,805
$2,095,886
$14,448,889
27 $27,508,252 $10,138,384
$2,200,660
$15,169,208
28 $28,883,716 $10,647,305
$2,310,697
$15,925,714
29 $30,328,056 $11,181,711
$2,426,244
$16,720,101
30 $31,844,356 $11,742,742
$2,547,548
$17,554,066