The jackpot for the MEGA Millions draw on Fri Aug 29, 2025, is projected to be $277 Million, with an option for a cash payout of $124.6 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 Aug 29, 2025 |
|---|
| Draw Date | Fri Aug 29, 2025 | | Projected Jackpot | $277,000,000 | | Cash Value | $124,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $124,600,000 | | Federal Tax(24%) | $29,904,000 | | Additional Federal Tax | $16,158,330 | | State Tax(8%) | $9,968,000 | | Net Lumpsum Payment | $68,569,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,169,127 |
$1,502,907
$333,530 |
$2,332,690 |
| 2 |
$4,377,708 |
$1,580,082
$350,217 |
$2,447,409 |
| 3 |
$4,596,538 |
$1,661,049
$367,723 |
$2,567,766 |
| 4 |
$4,826,448 |
$1,746,116
$386,116 |
$2,694,216 |
| 5 |
$5,067,715 |
$1,835,385
$405,417 |
$2,826,913 |
| 6 |
$5,321,170 |
$1,929,163
$425,694 |
$2,966,313 |
| 7 |
$5,587,090 |
$2,027,554
$446,967 |
$3,112,569 |
| 8 |
$5,866,583 |
$2,130,966
$469,327 |
$3,266,290 |
| 9 |
$6,159,926 |
$2,239,503
$492,794 |
$3,427,629 |
| 10 |
$6,467,950 |
$2,353,472
$517,436 |
$3,597,042 |
| 11 |
$6,791,209 |
$2,473,078
$543,297 |
$3,774,834 |
| 12 |
$7,130,811 |
$2,598,730
$570,465 |
$3,961,616 |
| 13 |
$7,487,310 |
$2,730,635
$598,985 |
$4,157,690 |
| 14 |
$7,861,814 |
$2,869,202
$628,945 |
$4,363,667 |
| 15 |
$8,254,877 |
$3,014,635
$660,390 |
$4,579,852 |
| 16 |
$8,667,607 |
$3,167,345
$693,409 |
$4,806,853 |
| 17 |
$9,100,835 |
$3,327,639
$728,067 |
$5,045,129 |
| 18 |
$9,555,946 |
$3,496,030
$764,476 |
$5,295,440 |
| 19 |
$10,033,771 |
$3,672,826
$802,702 |
$5,558,243 |
| 20 |
$10,535,418 |
$3,858,435
$842,833 |
$5,834,150 |
| 21 |
$11,062,272 |
$4,053,371
$884,982 |
$6,123,919 |
| 22 |
$11,615,441 |
$4,258,044
$929,235 |
$6,428,162 |
| 23 |
$12,196,033 |
$4,472,863
$975,683 |
$6,747,487 |
| 24 |
$12,805,987 |
$4,698,546
$1,024,479 |
$7,082,962 |
| 25 |
$13,446,134 |
$4,935,400
$1,075,691 |
$7,435,043 |
| 26 |
$14,118,690 |
$5,184,246
$1,129,495 |
$7,804,949 |
| 27 |
$14,824,486 |
$5,445,390
$1,185,959 |
$8,193,137 |
| 28 |
$15,565,738 |
$5,719,653
$1,245,259 |
$8,600,826 |
| 29 |
$16,344,108 |
$6,007,650
$1,307,529 |
$9,028,929 |
| 30 |
$17,161,258 |
$6,309,996
$1,372,901 |
$9,478,361 |
|
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