The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Fri Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(8%) | $3,384,000 | | Net Lumpsum Payment | $23,304,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$113,184 |
$817,806 |
| 2 |
$1,485,576 |
$509,994
$118,846 |
$856,736 |
| 3 |
$1,559,836 |
$537,470
$124,787 |
$897,579 |
| 4 |
$1,637,856 |
$566,337
$131,028 |
$940,491 |
| 5 |
$1,719,730 |
$596,630
$137,578 |
$985,522 |
| 6 |
$1,805,740 |
$628,454
$144,459 |
$1,032,827 |
| 7 |
$1,895,980 |
$661,843
$151,678 |
$1,082,459 |
| 8 |
$1,990,826 |
$696,936
$159,266 |
$1,134,624 |
| 9 |
$2,090,372 |
$733,768
$167,230 |
$1,189,374 |
| 10 |
$2,194,900 |
$772,443
$175,592 |
$1,246,865 |
| 11 |
$2,304,598 |
$813,032
$184,368 |
$1,307,198 |
| 12 |
$2,419,842 |
$855,672
$193,587 |
$1,370,583 |
| 13 |
$2,540,820 |
$900,434
$203,266 |
$1,437,120 |
| 14 |
$2,667,908 |
$947,456
$213,433 |
$1,507,019 |
| 15 |
$2,801,294 |
$996,809
$224,104 |
$1,580,381 |
| 16 |
$2,941,354 |
$1,048,631
$235,308 |
$1,657,415 |
| 17 |
$3,088,370 |
$1,103,027
$247,070 |
$1,738,273 |
| 18 |
$3,242,812 |
$1,160,171
$259,425 |
$1,823,216 |
| 19 |
$3,404,962 |
$1,220,166
$272,397 |
$1,912,399 |
| 20 |
$3,575,196 |
$1,283,153
$286,016 |
$2,006,027 |
| 21 |
$3,753,984 |
$1,349,304
$300,319 |
$2,104,361 |
| 22 |
$3,941,702 |
$1,418,760
$315,336 |
$2,207,606 |
| 23 |
$4,138,726 |
$1,491,659
$331,098 |
$2,315,969 |
| 24 |
$4,345,714 |
$1,568,245
$347,657 |
$2,429,812 |
| 25 |
$4,562,948 |
$1,648,621
$365,036 |
$2,549,291 |
| 26 |
$4,791,180 |
$1,733,067
$383,294 |
$2,674,819 |
| 27 |
$5,030,692 |
$1,821,686
$402,455 |
$2,806,551 |
| 28 |
$5,282,236 |
$1,914,758
$422,579 |
$2,944,899 |
| 29 |
$5,546,376 |
$2,012,490
$443,710 |
$3,090,176 |
| 30 |
$5,823,676 |
$2,115,091
$465,894 |
$3,242,691 |
|
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