The jackpot for the MEGA Millions draw on Fri Jul 24, 2026, is projected to be $743 Million, with an option for a cash payout of $323.4 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 Jul 24, 2026 |
|---|
| Draw Date | Fri Jul 24, 2026 | | Projected Jackpot | $743,000,000 | | Cash Value | $323,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $323,400,000 | | Federal Tax(24%) | $77,616,000 | | Additional Federal Tax | $42,002,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $203,781,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$11,182,893 |
$4,098,001
$0 |
$7,084,892 |
| 2 |
$11,742,372 |
$4,305,008
$0 |
$7,437,364 |
| 3 |
$12,329,342 |
$4,522,187
$0 |
$7,807,155 |
| 4 |
$12,946,032 |
$4,750,362
$0 |
$8,195,670 |
| 5 |
$13,593,185 |
$4,989,809
$0 |
$8,603,376 |
| 6 |
$14,273,030 |
$5,241,351
$0 |
$9,031,679 |
| 7 |
$14,986,310 |
$5,505,265
$0 |
$9,481,045 |
| 8 |
$15,735,997 |
$5,782,649
$0 |
$9,953,348 |
| 9 |
$16,522,834 |
$6,073,779
$0 |
$10,449,055 |
| 10 |
$17,349,050 |
$6,379,479
$0 |
$10,969,571 |
| 11 |
$18,216,131 |
$6,700,299
$0 |
$11,515,832 |
| 12 |
$19,127,049 |
$7,037,339
$0 |
$12,089,710 |
| 13 |
$20,083,290 |
$7,391,148
$0 |
$12,692,142 |
| 14 |
$21,087,826 |
$7,762,826
$0 |
$13,325,000 |
| 15 |
$22,142,143 |
$8,152,923
$0 |
$13,989,220 |
| 16 |
$23,249,213 |
$8,562,539
$0 |
$14,686,674 |
| 17 |
$24,411,265 |
$8,992,498
$0 |
$15,418,767 |
| 18 |
$25,632,014 |
$9,444,176
$0 |
$16,187,838 |
| 19 |
$26,913,689 |
$9,918,395
$0 |
$16,995,294 |
| 20 |
$28,259,262 |
$10,416,257
$0 |
$17,843,005 |
| 21 |
$29,672,448 |
$10,939,136
$0 |
$18,733,312 |
| 22 |
$31,156,219 |
$11,488,131
$0 |
$19,668,088 |
| 23 |
$32,713,547 |
$12,064,343
$0 |
$20,649,204 |
| 24 |
$34,349,633 |
$12,669,695
$0 |
$21,679,938 |
| 25 |
$36,066,706 |
$13,305,012
$0 |
$22,761,694 |
| 26 |
$37,870,710 |
$13,972,493
$0 |
$23,898,217 |
| 27 |
$39,763,874 |
$14,672,964
$0 |
$25,090,910 |
| 28 |
$41,752,142 |
$15,408,623
$0 |
$26,343,519 |
| 29 |
$43,839,972 |
$16,181,120
$0 |
$27,658,852 |
| 30 |
$46,031,822 |
$16,992,105
$0 |
$29,039,717 |
|
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