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 |
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Draw Date | Fri Nov 29, 2024 | Projected Jackpot | $514,000,000 | Cash Value | $241,000,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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 |
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