The jackpot for the MEGA Millions draw on Fri Jul 4, 2025, is projected to be $60 Million, with an option for a cash payout of $26.9 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 Jul 4, 2025 |
|---|
| Draw Date | Fri Jul 4, 2025 | | Projected Jackpot | $60,000,000 | | Cash Value | $26,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,900,000 | | Federal Tax(24%) | $6,456,000 | | Additional Federal Tax | $3,457,330 | | State Tax(8%) | $2,152,000 | | Net Lumpsum Payment | $14,834,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$903,060 |
$294,463
$72,245 |
$536,352 |
| 2 |
$948,240 |
$311,179
$75,859 |
$561,202 |
| 3 |
$995,640 |
$328,717
$79,651 |
$587,272 |
| 4 |
$1,045,440 |
$347,143
$83,635 |
$614,662 |
| 5 |
$1,097,700 |
$366,479
$87,816 |
$643,405 |
| 6 |
$1,152,600 |
$386,792
$92,208 |
$673,600 |
| 7 |
$1,210,200 |
$408,104
$96,816 |
$705,280 |
| 8 |
$1,270,740 |
$430,504
$101,659 |
$738,577 |
| 9 |
$1,334,280 |
$454,014
$106,742 |
$773,524 |
| 10 |
$1,401,000 |
$478,700
$112,080 |
$810,220 |
| 11 |
$1,471,020 |
$504,608
$117,682 |
$848,730 |
| 12 |
$1,544,580 |
$531,825
$123,566 |
$889,189 |
| 13 |
$1,621,800 |
$560,396
$129,744 |
$931,660 |
| 14 |
$1,702,920 |
$590,411
$136,234 |
$976,275 |
| 15 |
$1,788,060 |
$621,913
$143,045 |
$1,023,102 |
| 16 |
$1,877,460 |
$654,991
$150,197 |
$1,072,272 |
| 17 |
$1,971,300 |
$689,711
$157,704 |
$1,123,885 |
| 18 |
$2,069,880 |
$726,186
$165,590 |
$1,178,104 |
| 19 |
$2,173,380 |
$764,481
$173,870 |
$1,235,029 |
| 20 |
$2,282,040 |
$804,685
$182,563 |
$1,294,792 |
| 21 |
$2,396,160 |
$846,910
$191,693 |
$1,357,557 |
| 22 |
$2,515,980 |
$891,243
$201,278 |
$1,423,459 |
| 23 |
$2,641,740 |
$937,774
$211,339 |
$1,492,627 |
| 24 |
$2,773,860 |
$986,659
$221,909 |
$1,565,292 |
| 25 |
$2,912,520 |
$1,037,963
$233,002 |
$1,641,555 |
| 26 |
$3,058,200 |
$1,091,864
$244,656 |
$1,721,680 |
| 27 |
$3,211,080 |
$1,148,430
$256,886 |
$1,805,764 |
| 28 |
$3,371,640 |
$1,207,837
$269,731 |
$1,894,072 |
| 29 |
$3,540,240 |
$1,270,219
$283,219 |
$1,986,802 |
| 30 |
$3,717,240 |
$1,335,709
$297,379 |
$2,084,152 |
|
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