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