The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(8%) | $15,672,000 | | Net Lumpsum Payment | $107,784,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$506,918 |
$3,524,728 |
| 2 |
$6,653,484 |
$2,422,119
$532,279 |
$3,699,086 |
| 3 |
$6,986,074 |
$2,545,178
$558,886 |
$3,882,010 |
| 4 |
$7,335,504 |
$2,674,467
$586,840 |
$4,074,197 |
| 5 |
$7,702,195 |
$2,810,143
$616,176 |
$4,275,876 |
| 6 |
$8,087,410 |
$2,952,672
$646,993 |
$4,487,745 |
| 7 |
$8,491,570 |
$3,102,211
$679,326 |
$4,710,033 |
| 8 |
$8,916,359 |
$3,259,383
$713,309 |
$4,943,667 |
| 9 |
$9,362,198 |
$3,424,344
$748,976 |
$5,188,878 |
| 10 |
$9,830,350 |
$3,597,560
$786,428 |
$5,446,362 |
| 11 |
$10,321,657 |
$3,779,343
$825,733 |
$5,716,581 |
| 12 |
$10,837,803 |
$3,970,317
$867,024 |
$6,000,462 |
| 13 |
$11,379,630 |
$4,170,793
$910,370 |
$6,298,467 |
| 14 |
$11,948,822 |
$4,381,395
$955,906 |
$6,611,521 |
| 15 |
$12,546,221 |
$4,602,432
$1,003,698 |
$6,940,091 |
| 16 |
$13,173,511 |
$4,834,529
$1,053,881 |
$7,285,101 |
| 17 |
$13,831,955 |
$5,078,154
$1,106,556 |
$7,647,245 |
| 18 |
$14,523,658 |
$5,334,084
$1,161,893 |
$8,027,681 |
| 19 |
$15,249,883 |
$5,602,787
$1,219,991 |
$8,427,105 |
| 20 |
$16,012,314 |
$5,884,887
$1,280,985 |
$8,846,442 |
| 21 |
$16,813,056 |
$6,181,161
$1,345,044 |
$9,286,851 |
| 22 |
$17,653,793 |
$6,492,234
$1,412,303 |
$9,749,256 |
| 23 |
$18,536,209 |
$6,818,728
$1,482,897 |
$10,234,584 |
| 24 |
$19,463,251 |
$7,161,733
$1,557,060 |
$10,744,458 |
| 25 |
$20,436,182 |
$7,521,718
$1,634,895 |
$11,279,569 |
| 26 |
$21,458,370 |
$7,899,927
$1,716,670 |
$11,841,773 |
| 27 |
$22,531,078 |
$8,296,829
$1,802,486 |
$12,431,763 |
| 28 |
$23,657,674 |
$8,713,670
$1,892,614 |
$13,051,390 |
| 29 |
$24,840,684 |
$9,151,383
$1,987,255 |
$13,702,046 |
| 30 |
$26,082,634 |
$9,610,905
$2,086,611 |
$14,385,118 |
|
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