The jackpot for the MEGA Millions draw on Tue Mar 4, 2025, is projected to be $215 Million, with an option for a cash payout of $100.9 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 Tue Mar 4, 2025 |
|---|
| Draw Date | Tue Mar 4, 2025 | | Projected Jackpot | $215,000,000 | | Cash Value | $100,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $100,900,000 | | Federal Tax(24%) | $24,216,000 | | Additional Federal Tax | $13,077,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $63,606,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,235,965 |
$1,157,637
$0 |
$2,078,328 |
| 2 |
$3,397,860 |
$1,217,539
$0 |
$2,180,321 |
| 3 |
$3,567,710 |
$1,280,383
$0 |
$2,287,327 |
| 4 |
$3,746,160 |
$1,346,410
$0 |
$2,399,750 |
| 5 |
$3,933,425 |
$1,415,698
$0 |
$2,517,727 |
| 6 |
$4,130,150 |
$1,488,486
$0 |
$2,641,664 |
| 7 |
$4,336,550 |
$1,564,854
$0 |
$2,771,696 |
| 8 |
$4,553,485 |
$1,645,120
$0 |
$2,908,365 |
| 9 |
$4,781,170 |
$1,729,363
$0 |
$3,051,807 |
| 10 |
$5,020,250 |
$1,817,823
$0 |
$3,202,427 |
| 11 |
$5,271,155 |
$1,910,658
$0 |
$3,360,497 |
| 12 |
$5,534,745 |
$2,008,186
$0 |
$3,526,559 |
| 13 |
$5,811,450 |
$2,110,567
$0 |
$3,700,883 |
| 14 |
$6,102,130 |
$2,218,118
$0 |
$3,884,012 |
| 15 |
$6,407,215 |
$2,331,000
$0 |
$4,076,215 |
| 16 |
$6,727,565 |
$2,449,529
$0 |
$4,278,036 |
| 17 |
$7,063,825 |
$2,573,946
$0 |
$4,489,879 |
| 18 |
$7,417,070 |
$2,704,646
$0 |
$4,712,424 |
| 19 |
$7,787,945 |
$2,841,870
$0 |
$4,946,075 |
| 20 |
$8,177,310 |
$2,985,935
$0 |
$5,191,375 |
| 21 |
$8,586,240 |
$3,137,239
$0 |
$5,449,001 |
| 22 |
$9,015,595 |
$3,296,101
$0 |
$5,719,494 |
| 23 |
$9,466,235 |
$3,462,837
$0 |
$6,003,398 |
| 24 |
$9,939,665 |
$3,638,006
$0 |
$6,301,659 |
| 25 |
$10,436,530 |
$3,821,846
$0 |
$6,614,684 |
| 26 |
$10,958,550 |
$4,014,994
$0 |
$6,943,556 |
| 27 |
$11,506,370 |
$4,217,687
$0 |
$7,288,683 |
| 28 |
$12,081,710 |
$4,430,563
$0 |
$7,651,147 |
| 29 |
$12,685,860 |
$4,654,099
$0 |
$8,031,761 |
| 30 |
$13,320,110 |
$4,888,771
$0 |
$8,431,339 |
|
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