The jackpot for the MEGA Millions draw on Fri Nov 22, 2024, is projected to be $453 Million, with an option for a cash payout of $209.6 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 Nov 22, 2024 |
|---|
| Draw Date | Fri Nov 22, 2024 | | Projected Jackpot | $453,000,000 | | Cash Value | $209,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $209,600,000 | | Federal Tax(24%) | $50,304,000 | | Additional Federal Tax | $27,208,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $132,087,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,818,103 |
$2,483,028
$0 |
$4,335,075 |
| 2 |
$7,159,212 |
$2,609,239
$0 |
$4,549,973 |
| 3 |
$7,517,082 |
$2,741,651
$0 |
$4,775,431 |
| 4 |
$7,893,072 |
$2,880,767
$0 |
$5,012,305 |
| 5 |
$8,287,635 |
$3,026,755
$0 |
$5,260,880 |
| 6 |
$8,702,130 |
$3,180,118
$0 |
$5,522,012 |
| 7 |
$9,137,010 |
$3,341,024
$0 |
$5,795,986 |
| 8 |
$9,594,087 |
$3,510,143
$0 |
$6,083,944 |
| 9 |
$10,073,814 |
$3,687,642
$0 |
$6,386,172 |
| 10 |
$10,577,550 |
$3,874,024
$0 |
$6,703,526 |
| 11 |
$11,106,201 |
$4,069,625
$0 |
$7,036,576 |
| 12 |
$11,661,579 |
$4,275,115
$0 |
$7,386,464 |
| 13 |
$12,244,590 |
$4,490,829
$0 |
$7,753,761 |
| 14 |
$12,857,046 |
$4,717,437
$0 |
$8,139,609 |
| 15 |
$13,499,853 |
$4,955,276
$0 |
$8,544,577 |
| 16 |
$14,174,823 |
$5,205,015
$0 |
$8,969,808 |
| 17 |
$14,883,315 |
$5,467,157
$0 |
$9,416,158 |
| 18 |
$15,627,594 |
$5,742,540
$0 |
$9,885,054 |
| 19 |
$16,409,019 |
$6,031,667
$0 |
$10,377,352 |
| 20 |
$17,229,402 |
$6,335,209
$0 |
$10,894,193 |
| 21 |
$18,091,008 |
$6,654,003
$0 |
$11,437,005 |
| 22 |
$18,995,649 |
$6,988,721
$0 |
$12,006,928 |
| 23 |
$19,945,137 |
$7,340,031
$0 |
$12,605,106 |
| 24 |
$20,942,643 |
$7,709,108
$0 |
$13,233,535 |
| 25 |
$21,989,526 |
$8,096,455
$0 |
$13,893,071 |
| 26 |
$23,089,410 |
$8,503,412
$0 |
$14,585,998 |
| 27 |
$24,243,654 |
$8,930,482
$0 |
$15,313,172 |
| 28 |
$25,455,882 |
$9,379,007
$0 |
$16,076,875 |
| 29 |
$26,728,812 |
$9,849,991
$0 |
$16,878,821 |
| 30 |
$28,065,162 |
$10,344,440
$0 |
$17,720,722 |
|
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