The jackpot for the MEGA Millions draw on Fri Apr 25, 2025, is projected to be $60 Million, with an option for a cash payout of $26.9 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 Fri Apr 25, 2025 |
|---|
| Draw Date | Fri Apr 25, 2025 | | Projected Jackpot | $60,000,000 | | Cash Value | $26,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,900,000 | | Federal Tax(24%) | $6,456,000 | | Additional Federal Tax | $3,457,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $16,986,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$903,060 |
$294,463
$0 |
$608,597 |
| 2 |
$948,240 |
$311,179
$0 |
$637,061 |
| 3 |
$995,640 |
$328,717
$0 |
$666,923 |
| 4 |
$1,045,440 |
$347,143
$0 |
$698,297 |
| 5 |
$1,097,700 |
$366,479
$0 |
$731,221 |
| 6 |
$1,152,600 |
$386,792
$0 |
$765,808 |
| 7 |
$1,210,200 |
$408,104
$0 |
$802,096 |
| 8 |
$1,270,740 |
$430,504
$0 |
$840,236 |
| 9 |
$1,334,280 |
$454,014
$0 |
$880,266 |
| 10 |
$1,401,000 |
$478,700
$0 |
$922,300 |
| 11 |
$1,471,020 |
$504,608
$0 |
$966,412 |
| 12 |
$1,544,580 |
$531,825
$0 |
$1,012,755 |
| 13 |
$1,621,800 |
$560,396
$0 |
$1,061,404 |
| 14 |
$1,702,920 |
$590,411
$0 |
$1,112,509 |
| 15 |
$1,788,060 |
$621,913
$0 |
$1,166,147 |
| 16 |
$1,877,460 |
$654,991
$0 |
$1,222,469 |
| 17 |
$1,971,300 |
$689,711
$0 |
$1,281,589 |
| 18 |
$2,069,880 |
$726,186
$0 |
$1,343,694 |
| 19 |
$2,173,380 |
$764,481
$0 |
$1,408,899 |
| 20 |
$2,282,040 |
$804,685
$0 |
$1,477,355 |
| 21 |
$2,396,160 |
$846,910
$0 |
$1,549,250 |
| 22 |
$2,515,980 |
$891,243
$0 |
$1,624,737 |
| 23 |
$2,641,740 |
$937,774
$0 |
$1,703,966 |
| 24 |
$2,773,860 |
$986,659
$0 |
$1,787,201 |
| 25 |
$2,912,520 |
$1,037,963
$0 |
$1,874,557 |
| 26 |
$3,058,200 |
$1,091,864
$0 |
$1,966,336 |
| 27 |
$3,211,080 |
$1,148,430
$0 |
$2,062,650 |
| 28 |
$3,371,640 |
$1,207,837
$0 |
$2,163,803 |
| 29 |
$3,540,240 |
$1,270,219
$0 |
$2,270,021 |
| 30 |
$3,717,240 |
$1,335,709
$0 |
$2,381,531 |
|
|
