The jackpot for the MEGA Millions draw on Fri Dec 27, 2024, is projected to be $1.15 Billion, with an option for a cash payout of $516.1 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 Dec 27, 2024 |
|---|
| Draw Date | Fri Dec 27, 2024 | | Projected Jackpot | $1,150,000,000 | | Cash Value | $516,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $516,100,000 | | Federal Tax(24%) | $123,864,000 | | Additional Federal Tax | $67,053,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $325,182,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$0 |
$10,944,119 |
| 2 |
$18,174,600 |
$6,684,932
$0 |
$11,489,668 |
| 3 |
$19,083,100 |
$7,021,077
$0 |
$12,062,023 |
| 4 |
$20,037,600 |
$7,374,242
$0 |
$12,663,358 |
| 5 |
$21,039,250 |
$7,744,853
$0 |
$13,294,397 |
| 6 |
$22,091,500 |
$8,134,185
$0 |
$13,957,315 |
| 7 |
$23,195,500 |
$8,542,665
$0 |
$14,652,835 |
| 8 |
$24,355,850 |
$8,971,995
$0 |
$15,383,855 |
| 9 |
$25,573,700 |
$9,422,599
$0 |
$16,151,101 |
| 10 |
$26,852,500 |
$9,895,755
$0 |
$16,956,745 |
| 11 |
$28,194,550 |
$10,392,314
$0 |
$17,802,236 |
| 12 |
$29,604,450 |
$10,913,977
$0 |
$18,690,473 |
| 13 |
$31,084,500 |
$11,461,595
$0 |
$19,622,905 |
| 14 |
$32,639,300 |
$12,036,871
$0 |
$20,602,429 |
| 15 |
$34,271,150 |
$12,640,656
$0 |
$21,630,494 |
| 16 |
$35,984,650 |
$13,274,651
$0 |
$22,709,999 |
| 17 |
$37,783,250 |
$13,940,133
$0 |
$23,843,117 |
| 18 |
$39,672,700 |
$14,639,229
$0 |
$25,033,471 |
| 19 |
$41,656,450 |
$15,373,217
$0 |
$26,283,233 |
| 20 |
$43,739,100 |
$16,143,797
$0 |
$27,595,303 |
| 21 |
$45,926,400 |
$16,953,098
$0 |
$28,973,302 |
| 22 |
$48,222,950 |
$17,802,822
$0 |
$30,420,128 |
| 23 |
$50,633,350 |
$18,694,670
$0 |
$31,938,680 |
| 24 |
$53,165,650 |
$19,631,621
$0 |
$33,534,029 |
| 25 |
$55,823,300 |
$20,614,951
$0 |
$35,208,349 |
| 26 |
$58,615,500 |
$21,648,065
$0 |
$36,967,435 |
| 27 |
$61,545,700 |
$22,732,239
$0 |
$38,813,461 |
| 28 |
$64,623,100 |
$23,870,877
$0 |
$40,752,223 |
| 29 |
$67,854,600 |
$25,066,532
$0 |
$42,788,068 |
| 30 |
$71,247,100 |
$26,321,757
$0 |
$44,925,343 |
|
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