New Jersey Lottery

NJLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Mar 11, 2025 is estimated to be $256 Million, with a cash option of 119.5 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of New Jersey, your state will take 8% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

New Jersey MEGA Millions Jackpot/Cash Option for Tue Mar 11, 2025

Draw Date	Jackpot	Cash Option
Tue Mar 11, 2025	$256,000,000	$119,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$119,500,000
Federal Tax(24%)	$28,680,000
Additional Federal Tax	$15,495,330
State Tax(8%)	$9,560,000
Net Lumpsum Payment	$65,764,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,853,056	-$1,385,961 -$308,244	$2,158,851
2	$4,045,824	-$1,457,285 -$323,666	$2,264,873
3	$4,248,064	-$1,532,114 -$339,845	$2,376,105
4	$4,460,544	-$1,610,732 -$356,844	$2,492,968
5	$4,683,520	-$1,693,233 -$374,682	$2,615,605
6	$4,917,760	-$1,779,902 -$393,421	$2,744,437
7	$5,163,520	-$1,870,833 -$413,082	$2,879,605
8	$5,421,824	-$1,966,405 -$433,746	$3,021,673
9	$5,692,928	-$2,066,714 -$455,434	$3,170,780
10	$5,977,600	-$2,172,042 -$478,208	$3,327,350
11	$6,276,352	-$2,282,581 -$502,108	$3,491,663
12	$6,590,208	-$2,398,707 -$527,217	$3,664,284
13	$6,919,680	-$2,520,612 -$553,574	$3,845,494
14	$7,265,792	-$2,648,673 -$581,263	$4,035,856
15	$7,629,056	-$2,783,081 -$610,324	$4,235,651
16	$8,010,496	-$2,924,214 -$640,840	$4,445,442
17	$8,410,880	-$3,072,356 -$672,870	$4,665,654
18	$8,831,488	-$3,227,981 -$706,519	$4,896,988
19	$9,273,088	-$3,391,373 -$741,847	$5,139,868
20	$9,736,704	-$3,562,911 -$778,936	$5,394,857
21	$10,223,616	-$3,743,068 -$817,889	$5,662,659
22	$10,734,848	-$3,932,224 -$858,788	$5,943,836
23	$11,271,424	-$4,130,757 -$901,714	$6,238,953
24	$11,835,136	-$4,339,331 -$946,811	$6,548,994
25	$12,426,752	-$4,558,229 -$994,140	$6,874,383
26	$13,048,320	-$4,788,209 -$1,043,866	$7,216,245
27	$13,700,608	-$5,029,555 -$1,096,049	$7,575,004
28	$14,385,664	-$5,283,026 -$1,150,853	$7,951,785
29	$15,105,024	-$5,549,189 -$1,208,402	$8,347,433
30	$15,860,224	-$5,828,613 -$1,268,818	$8,762,793