The jackpot for the MEGA Millions draw on Fri Dec 13, 2024, is projected to be $670 Million, with an option for a cash payout of $317.8 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 Dec 13, 2024 |
|---|
| Draw Date | Fri Dec 13, 2024 | | Projected Jackpot | $670,000,000 | | Cash Value | $317,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $317,800,000 | | Federal Tax(24%) | $76,272,000 | | Additional Federal Tax | $41,274,330 | | State Tax(8%) | $25,424,000 | | Net Lumpsum Payment | $174,829,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,084,170 |
$3,691,473
$806,734 |
$5,585,963 |
| 2 |
$10,588,680 |
$3,878,142
$847,094 |
$5,863,444 |
| 3 |
$11,117,980 |
$4,073,983
$889,438 |
$6,154,559 |
| 4 |
$11,674,080 |
$4,279,740
$933,926 |
$6,460,414 |
| 5 |
$12,257,650 |
$4,495,661
$980,612 |
$6,781,377 |
| 6 |
$12,870,700 |
$4,722,489
$1,029,656 |
$7,118,555 |
| 7 |
$13,513,900 |
$4,960,473
$1,081,112 |
$7,472,315 |
| 8 |
$14,189,930 |
$5,210,604
$1,135,194 |
$7,844,132 |
| 9 |
$14,899,460 |
$5,473,131
$1,191,957 |
$8,234,372 |
| 10 |
$15,644,500 |
$5,748,795
$1,251,560 |
$8,644,145 |
| 11 |
$16,426,390 |
$6,038,095
$1,314,111 |
$9,074,184 |
| 12 |
$17,247,810 |
$6,342,020
$1,379,825 |
$9,525,965 |
| 13 |
$18,110,100 |
$6,661,067
$1,448,808 |
$10,000,225 |
| 14 |
$19,015,940 |
$6,996,228
$1,521,275 |
$10,498,437 |
| 15 |
$19,966,670 |
$7,347,998
$1,597,334 |
$11,021,338 |
| 16 |
$20,964,970 |
$7,717,369
$1,677,198 |
$11,570,403 |
| 17 |
$22,012,850 |
$8,105,085
$1,761,028 |
$12,146,737 |
| 18 |
$23,113,660 |
$8,512,385
$1,849,093 |
$12,752,182 |
| 19 |
$24,269,410 |
$8,940,012
$1,941,553 |
$13,387,845 |
| 20 |
$25,482,780 |
$9,388,959
$2,038,622 |
$14,055,199 |
| 21 |
$26,757,120 |
$9,860,465
$2,140,570 |
$14,756,085 |
| 22 |
$28,095,110 |
$10,355,521
$2,247,609 |
$15,491,980 |
| 23 |
$29,499,430 |
$10,875,119
$2,359,954 |
$16,264,357 |
| 24 |
$30,974,770 |
$11,420,995
$2,477,982 |
$17,075,793 |
| 25 |
$32,523,140 |
$11,993,892
$2,601,851 |
$17,927,397 |
| 26 |
$34,149,900 |
$12,595,793
$2,731,992 |
$18,822,115 |
| 27 |
$35,857,060 |
$13,227,443
$2,868,565 |
$19,761,052 |
| 28 |
$37,649,980 |
$13,890,823
$3,011,998 |
$20,747,159 |
| 29 |
$39,532,680 |
$14,587,422
$3,162,614 |
$21,782,644 |
| 30 |
$41,509,180 |
$15,318,727
$3,320,734 |
$22,869,719 |
|
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