The jackpot for the MEGA Millions draw on Fri Jan 10, 2025, is projected to be $77 Million, with an option for a cash payout of $34.1 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 Jan 10, 2025 |
|---|
| Draw Date | Fri Jan 10, 2025 | | Projected Jackpot | $77,000,000 | | Cash Value | $34,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $34,100,000 | | Federal Tax(24%) | $8,184,000 | | Additional Federal Tax | $4,393,330 | | State Tax(8%) | $2,728,000 | | Net Lumpsum Payment | $18,794,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$92,714 |
$677,080 |
| 2 |
$1,216,908 |
$410,586
$97,353 |
$708,969 |
| 3 |
$1,277,738 |
$433,093
$102,219 |
$742,426 |
| 4 |
$1,341,648 |
$456,740
$107,332 |
$777,576 |
| 5 |
$1,408,715 |
$481,555
$112,697 |
$814,463 |
| 6 |
$1,479,170 |
$507,623
$118,334 |
$853,213 |
| 7 |
$1,553,090 |
$534,974
$124,247 |
$893,869 |
| 8 |
$1,630,783 |
$563,720
$130,463 |
$936,600 |
| 9 |
$1,712,326 |
$593,891
$136,986 |
$981,449 |
| 10 |
$1,797,950 |
$625,572
$143,836 |
$1,028,542 |
| 11 |
$1,887,809 |
$658,820
$151,025 |
$1,077,964 |
| 12 |
$1,982,211 |
$693,748
$158,577 |
$1,129,886 |
| 13 |
$2,081,310 |
$730,415
$166,505 |
$1,184,390 |
| 14 |
$2,185,414 |
$768,934
$174,833 |
$1,241,647 |
| 15 |
$2,294,677 |
$809,361
$183,574 |
$1,301,742 |
| 16 |
$2,409,407 |
$851,811
$192,753 |
$1,364,843 |
| 17 |
$2,529,835 |
$896,369
$202,387 |
$1,431,079 |
| 18 |
$2,656,346 |
$943,178
$212,508 |
$1,500,660 |
| 19 |
$2,789,171 |
$992,324
$223,134 |
$1,573,713 |
| 20 |
$2,928,618 |
$1,043,919
$234,289 |
$1,650,410 |
| 21 |
$3,075,072 |
$1,098,107
$246,006 |
$1,730,959 |
| 22 |
$3,228,841 |
$1,155,002
$258,307 |
$1,815,532 |
| 23 |
$3,390,233 |
$1,214,717
$271,219 |
$1,904,297 |
| 24 |
$3,559,787 |
$1,277,452
$284,783 |
$1,997,552 |
| 25 |
$3,737,734 |
$1,343,292
$299,019 |
$2,095,423 |
| 26 |
$3,924,690 |
$1,412,466
$313,975 |
$2,198,249 |
| 27 |
$4,120,886 |
$1,485,058
$329,671 |
$2,306,157 |
| 28 |
$4,326,938 |
$1,561,297
$346,155 |
$2,419,486 |
| 29 |
$4,543,308 |
$1,641,354
$363,465 |
$2,538,489 |
| 30 |
$4,770,458 |
$1,725,400
$381,637 |
$2,663,421 |
|
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