The jackpot for the MEGA Millions draw on Tue Dec 31, 2024, is projected to be $20 Million, with an option for a cash payout of $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 those living in Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.
| Tennessee MEGA Millions Jackpot/Cash Option for Tue Dec 31, 2024 |
|---|
| Draw Date | Tue Dec 31, 2024 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,000,000 | | Federal Tax(24%) | $2,160,000 | | Additional Federal Tax | $1,130,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $5,709,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$0 |
$229,312 |
| 2 |
$316,080 |
$77,280
$0 |
$238,800 |
| 3 |
$331,880 |
$83,126
$0 |
$248,754 |
| 4 |
$348,480 |
$89,268
$0 |
$259,212 |
| 5 |
$365,900 |
$95,713
$0 |
$270,187 |
| 6 |
$384,200 |
$102,484
$0 |
$281,716 |
| 7 |
$403,400 |
$109,588
$0 |
$293,812 |
| 8 |
$423,580 |
$117,055
$0 |
$306,525 |
| 9 |
$444,760 |
$124,892
$0 |
$319,868 |
| 10 |
$467,000 |
$133,120
$0 |
$333,880 |
| 11 |
$490,340 |
$141,756
$0 |
$348,584 |
| 12 |
$514,860 |
$150,829
$0 |
$364,031 |
| 13 |
$540,600 |
$160,352
$0 |
$380,248 |
| 14 |
$567,640 |
$170,357
$0 |
$397,283 |
| 15 |
$596,020 |
$180,858
$0 |
$415,162 |
| 16 |
$625,820 |
$191,884
$0 |
$433,936 |
| 17 |
$657,100 |
$203,457
$0 |
$453,643 |
| 18 |
$689,960 |
$215,616
$0 |
$474,344 |
| 19 |
$724,460 |
$228,381
$0 |
$496,079 |
| 20 |
$760,680 |
$241,782
$0 |
$518,898 |
| 21 |
$798,720 |
$255,857
$0 |
$542,863 |
| 22 |
$838,660 |
$270,635
$0 |
$568,025 |
| 23 |
$880,580 |
$286,145
$0 |
$594,435 |
| 24 |
$924,620 |
$302,440
$0 |
$622,180 |
| 25 |
$970,840 |
$319,541
$0 |
$651,299 |
| 26 |
$1,019,400 |
$337,508
$0 |
$681,892 |
| 27 |
$1,070,360 |
$356,364
$0 |
$713,996 |
| 28 |
$1,123,880 |
$376,166
$0 |
$747,714 |
| 29 |
$1,180,080 |
$396,960
$0 |
$783,120 |
| 30 |
$1,239,080 |
$418,790
$0 |
$820,290 |
|
|
