New Jersey Lottery

NJLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 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 Fri Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(8%)	$1,912,000
Net Lumpsum Payment	$13,184,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$56,592	$428,738
2	$742,788	-$235,162 -$59,423	$448,203
3	$779,918	-$248,900 -$62,393	$468,625
4	$818,928	-$263,334 -$65,514	$490,080
5	$859,865	-$278,480 -$68,789	$512,596
6	$902,870	-$294,392 -$72,230	$536,248
7	$947,990	-$311,087 -$75,839	$561,064
8	$995,413	-$328,633 -$79,633	$587,147
9	$1,045,186	-$347,049 -$83,615	$614,522
10	$1,097,450	-$366,387 -$87,796	$643,267
11	$1,152,299	-$386,681 -$92,184	$673,434
12	$1,209,921	-$408,001 -$96,794	$705,126
13	$1,270,410	-$430,382 -$101,633	$738,395
14	$1,333,954	-$453,893 -$106,716	$773,345
15	$1,400,647	-$478,570 -$112,052	$810,025
16	$1,470,677	-$504,481 -$117,654	$848,542
17	$1,544,185	-$531,679 -$123,535	$888,971
18	$1,621,406	-$560,251 -$129,712	$931,443
19	$1,702,481	-$590,248 -$136,198	$976,035
20	$1,787,598	-$621,742 -$143,008	$1,022,848
21	$1,876,992	-$654,817 -$150,159	$1,072,016
22	$1,970,851	-$689,545 -$157,668	$1,123,638
23	$2,069,363	-$725,995 -$165,549	$1,177,819
24	$2,172,857	-$764,287 -$173,829	$1,234,741
25	$2,281,474	-$804,476 -$182,518	$1,294,480
26	$2,395,590	-$846,699 -$191,647	$1,357,244
27	$2,515,346	-$891,008 -$201,228	$1,423,110
28	$2,641,118	-$937,544 -$211,289	$1,492,285
29	$2,773,188	-$986,410 -$221,855	$1,564,923
30	$2,911,838	-$1,037,710 -$232,947	$1,641,181