The jackpot for the MEGA Millions draw on Tue Sep 10, 2024, is projected to be $800 Million, with an option for a cash payout of $401.8 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 Sep 10, 2024 |
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Draw Date | Tue Sep 10, 2024 | Projected Jackpot | $800,000,000 | Cash Value | $401,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $401,800,000 | Federal Tax(24%) | $96,432,000 | Additional Federal Tax | $52,194,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $253,173,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$12,040,800 |
$4,415,426 $0 |
$7,625,374 |
2 |
$12,643,200 |
$4,638,314 $0 |
$8,004,886 |
3 |
$13,275,200 |
$4,872,154 $0 |
$8,403,046 |
4 |
$13,939,200 |
$5,117,834 $0 |
$8,821,366 |
5 |
$14,636,000 |
$5,375,650 $0 |
$9,260,350 |
6 |
$15,368,000 |
$5,646,490 $0 |
$9,721,510 |
7 |
$16,136,000 |
$5,930,650 $0 |
$10,205,350 |
8 |
$16,943,200 |
$6,229,314 $0 |
$10,713,886 |
9 |
$17,790,400 |
$6,542,778 $0 |
$11,247,622 |
10 |
$18,680,000 |
$6,871,930 $0 |
$11,808,070 |
11 |
$19,613,600 |
$7,217,362 $0 |
$12,396,238 |
12 |
$20,594,400 |
$7,580,258 $0 |
$13,014,142 |
13 |
$21,624,000 |
$7,961,210 $0 |
$13,662,790 |
14 |
$22,705,600 |
$8,361,402 $0 |
$14,344,198 |
15 |
$23,840,800 |
$8,781,426 $0 |
$15,059,374 |
16 |
$25,032,800 |
$9,222,466 $0 |
$15,810,334 |
17 |
$26,284,000 |
$9,685,410 $0 |
$16,598,590 |
18 |
$27,598,400 |
$10,171,738 $0 |
$17,426,662 |
19 |
$28,978,400 |
$10,682,338 $0 |
$18,296,062 |
20 |
$30,427,200 |
$11,218,394 $0 |
$19,208,806 |
21 |
$31,948,800 |
$11,781,386 $0 |
$20,167,414 |
22 |
$33,546,400 |
$12,372,498 $0 |
$21,173,902 |
23 |
$35,223,200 |
$12,992,914 $0 |
$22,230,286 |
24 |
$36,984,800 |
$13,644,706 $0 |
$23,340,094 |
25 |
$38,833,600 |
$14,328,762 $0 |
$24,504,838 |
26 |
$40,776,000 |
$15,047,450 $0 |
$25,728,550 |
27 |
$42,814,400 |
$15,801,658 $0 |
$27,012,742 |
28 |
$44,955,200 |
$16,593,754 $0 |
$28,361,446 |
29 |
$47,203,200 |
$17,425,514 $0 |
$29,777,686 |
30 |
$49,563,200 |
$18,298,714 $0 |
$31,264,486 |
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