The jackpot for the MEGA Millions draw on Fri Aug 8, 2025, is projected to be $166 Million, with an option for a cash payout of $75.2 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 Fri Aug 8, 2025 |
|---|
| Draw Date | Fri Aug 8, 2025 | | Projected Jackpot | $166,000,000 | | Cash Value | $75,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $75,200,000 | | Federal Tax(24%) | $18,048,000 | | Additional Federal Tax | $9,736,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $47,415,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,498,466 |
$884,763
$0 |
$1,613,703 |
| 2 |
$2,623,464 |
$931,012
$0 |
$1,692,452 |
| 3 |
$2,754,604 |
$979,534
$0 |
$1,775,070 |
| 4 |
$2,892,384 |
$1,030,512
$0 |
$1,861,872 |
| 5 |
$3,036,970 |
$1,084,009
$0 |
$1,952,961 |
| 6 |
$3,188,860 |
$1,140,209
$0 |
$2,048,651 |
| 7 |
$3,348,220 |
$1,199,172
$0 |
$2,149,048 |
| 8 |
$3,515,714 |
$1,261,145
$0 |
$2,254,569 |
| 9 |
$3,691,508 |
$1,326,188
$0 |
$2,365,320 |
| 10 |
$3,876,100 |
$1,394,487
$0 |
$2,481,613 |
| 11 |
$4,069,822 |
$1,466,165
$0 |
$2,603,657 |
| 12 |
$4,273,338 |
$1,541,465
$0 |
$2,731,873 |
| 13 |
$4,486,980 |
$1,620,513
$0 |
$2,866,467 |
| 14 |
$4,711,412 |
$1,703,553
$0 |
$3,007,859 |
| 15 |
$4,946,966 |
$1,790,708
$0 |
$3,156,258 |
| 16 |
$5,194,306 |
$1,882,224
$0 |
$3,312,082 |
| 17 |
$5,453,930 |
$1,978,284
$0 |
$3,475,646 |
| 18 |
$5,726,668 |
$2,079,198
$0 |
$3,647,470 |
| 19 |
$6,013,018 |
$2,185,147
$0 |
$3,827,871 |
| 20 |
$6,313,644 |
$2,296,379
$0 |
$4,017,265 |
| 21 |
$6,629,376 |
$2,413,200
$0 |
$4,216,176 |
| 22 |
$6,960,878 |
$2,535,855
$0 |
$4,425,023 |
| 23 |
$7,308,814 |
$2,664,592
$0 |
$4,644,222 |
| 24 |
$7,674,346 |
$2,799,838
$0 |
$4,874,508 |
| 25 |
$8,057,972 |
$2,941,780
$0 |
$5,116,192 |
| 26 |
$8,461,020 |
$3,090,908
$0 |
$5,370,112 |
| 27 |
$8,883,988 |
$3,247,406
$0 |
$5,636,582 |
| 28 |
$9,328,204 |
$3,411,766
$0 |
$5,916,438 |
| 29 |
$9,794,664 |
$3,584,356
$0 |
$6,210,308 |
| 30 |
$10,284,364 |
$3,765,545
$0 |
$6,518,819 |
|
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