The jackpot for the MEGA Millions draw on Tue Jul 1, 2025, is projected to be $50 Million, with an option for a cash payout of $22.4 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 Jul 1, 2025 |
|---|
| Draw Date | Tue Jul 1, 2025 | | Projected Jackpot | $50,000,000 | | Cash Value | $22,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $22,400,000 | | Federal Tax(24%) | $5,376,000 | | Additional Federal Tax | $2,872,330 | | State Tax(8%) | $1,792,000 | | Net Lumpsum Payment | $12,359,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$752,550 |
$238,774
$60,204 |
$453,572 |
| 2 |
$790,200 |
$252,704
$63,216 |
$474,280 |
| 3 |
$829,700 |
$267,319
$66,376 |
$496,005 |
| 4 |
$871,200 |
$282,674
$69,696 |
$518,830 |
| 5 |
$914,750 |
$298,788
$73,180 |
$542,782 |
| 6 |
$960,500 |
$315,715
$76,840 |
$567,945 |
| 7 |
$1,008,500 |
$333,475
$80,680 |
$594,345 |
| 8 |
$1,058,950 |
$352,142
$84,716 |
$622,092 |
| 9 |
$1,111,900 |
$371,733
$88,952 |
$651,215 |
| 10 |
$1,167,500 |
$392,305
$93,400 |
$681,795 |
| 11 |
$1,225,850 |
$413,895
$98,068 |
$713,887 |
| 12 |
$1,287,150 |
$436,576
$102,972 |
$747,602 |
| 13 |
$1,351,500 |
$460,385
$108,120 |
$782,995 |
| 14 |
$1,419,100 |
$485,397
$113,528 |
$820,175 |
| 15 |
$1,490,050 |
$511,649
$119,204 |
$859,197 |
| 16 |
$1,564,550 |
$539,214
$125,164 |
$900,172 |
| 17 |
$1,642,750 |
$568,148
$131,420 |
$943,182 |
| 18 |
$1,724,900 |
$598,543
$137,992 |
$988,365 |
| 19 |
$1,811,150 |
$630,456
$144,892 |
$1,035,802 |
| 20 |
$1,901,700 |
$663,959
$152,136 |
$1,085,605 |
| 21 |
$1,996,800 |
$699,146
$159,744 |
$1,137,910 |
| 22 |
$2,096,650 |
$736,091
$167,732 |
$1,192,827 |
| 23 |
$2,201,450 |
$774,867
$176,116 |
$1,250,467 |
| 24 |
$2,311,550 |
$815,604
$184,924 |
$1,311,022 |
| 25 |
$2,427,100 |
$858,357
$194,168 |
$1,374,575 |
| 26 |
$2,548,500 |
$903,275
$203,880 |
$1,441,345 |
| 27 |
$2,675,900 |
$950,413
$214,072 |
$1,511,415 |
| 28 |
$2,809,700 |
$999,919
$224,776 |
$1,585,005 |
| 29 |
$2,950,200 |
$1,051,904
$236,016 |
$1,662,280 |
| 30 |
$3,097,700 |
$1,106,479
$247,816 |
$1,743,405 |
|
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