The jackpot for the MEGA Millions draw on Tue Mar 11, 2025, is projected to be $256 Million, with an option for a cash payout of $119.5 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 Mar 11, 2025 |
|---|
| Draw Date | Tue Mar 11, 2025 | | Projected Jackpot | $256,000,000 | | Cash Value | $119,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $119,500,000 | | Federal Tax(24%) | $28,680,000 | | Additional Federal Tax | $15,495,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $75,324,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,853,056 |
$1,385,961
$0 |
$2,467,095 |
| 2 |
$4,045,824 |
$1,457,285
$0 |
$2,588,539 |
| 3 |
$4,248,064 |
$1,532,114
$0 |
$2,715,950 |
| 4 |
$4,460,544 |
$1,610,732
$0 |
$2,849,812 |
| 5 |
$4,683,520 |
$1,693,233
$0 |
$2,990,287 |
| 6 |
$4,917,760 |
$1,779,902
$0 |
$3,137,858 |
| 7 |
$5,163,520 |
$1,870,833
$0 |
$3,292,687 |
| 8 |
$5,421,824 |
$1,966,405
$0 |
$3,455,419 |
| 9 |
$5,692,928 |
$2,066,714
$0 |
$3,626,214 |
| 10 |
$5,977,600 |
$2,172,042
$0 |
$3,805,558 |
| 11 |
$6,276,352 |
$2,282,581
$0 |
$3,993,771 |
| 12 |
$6,590,208 |
$2,398,707
$0 |
$4,191,501 |
| 13 |
$6,919,680 |
$2,520,612
$0 |
$4,399,068 |
| 14 |
$7,265,792 |
$2,648,673
$0 |
$4,617,119 |
| 15 |
$7,629,056 |
$2,783,081
$0 |
$4,845,975 |
| 16 |
$8,010,496 |
$2,924,214
$0 |
$5,086,282 |
| 17 |
$8,410,880 |
$3,072,356
$0 |
$5,338,524 |
| 18 |
$8,831,488 |
$3,227,981
$0 |
$5,603,507 |
| 19 |
$9,273,088 |
$3,391,373
$0 |
$5,881,715 |
| 20 |
$9,736,704 |
$3,562,911
$0 |
$6,173,793 |
| 21 |
$10,223,616 |
$3,743,068
$0 |
$6,480,548 |
| 22 |
$10,734,848 |
$3,932,224
$0 |
$6,802,624 |
| 23 |
$11,271,424 |
$4,130,757
$0 |
$7,140,667 |
| 24 |
$11,835,136 |
$4,339,331
$0 |
$7,495,805 |
| 25 |
$12,426,752 |
$4,558,229
$0 |
$7,868,523 |
| 26 |
$13,048,320 |
$4,788,209
$0 |
$8,260,111 |
| 27 |
$13,700,608 |
$5,029,555
$0 |
$8,671,053 |
| 28 |
$14,385,664 |
$5,283,026
$0 |
$9,102,638 |
| 29 |
$15,105,024 |
$5,549,189
$0 |
$9,555,835 |
| 30 |
$15,860,224 |
$5,828,613
$0 |
$10,031,611 |
|
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