The jackpot for the MEGA Millions draw on Tue Aug 5, 2025, is projected to be $150 Million, with an option for a cash payout of $67.9 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 Aug 5, 2025 |
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Draw Date | Tue Aug 5, 2025 | Projected Jackpot | $150,000,000 | Cash Value | $67,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $67,900,000 | Federal Tax(24%) | $16,296,000 | Additional Federal Tax | $8,787,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $42,816,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$2,257,650 |
$795,661 $0 |
$1,461,989 |
2 |
$2,370,600 |
$837,452 $0 |
$1,533,148 |
3 |
$2,489,100 |
$881,297 $0 |
$1,607,803 |
4 |
$2,613,600 |
$927,362 $0 |
$1,686,238 |
5 |
$2,744,250 |
$975,703 $0 |
$1,768,547 |
6 |
$2,881,500 |
$1,026,485 $0 |
$1,855,015 |
7 |
$3,025,500 |
$1,079,765 $0 |
$1,945,735 |
8 |
$3,176,850 |
$1,135,765 $0 |
$2,041,085 |
9 |
$3,335,700 |
$1,194,539 $0 |
$2,141,161 |
10 |
$3,502,500 |
$1,256,255 $0 |
$2,246,245 |
11 |
$3,677,550 |
$1,321,024 $0 |
$2,356,526 |
12 |
$3,861,450 |
$1,389,067 $0 |
$2,472,383 |
13 |
$4,054,500 |
$1,460,495 $0 |
$2,594,005 |
14 |
$4,257,300 |
$1,535,531 $0 |
$2,721,769 |
15 |
$4,470,150 |
$1,614,286 $0 |
$2,855,864 |
16 |
$4,693,650 |
$1,696,981 $0 |
$2,996,669 |
17 |
$4,928,250 |
$1,783,783 $0 |
$3,144,467 |
18 |
$5,174,700 |
$1,874,969 $0 |
$3,299,731 |
19 |
$5,433,450 |
$1,970,707 $0 |
$3,462,743 |
20 |
$5,705,100 |
$2,071,217 $0 |
$3,633,883 |
21 |
$5,990,400 |
$2,176,778 $0 |
$3,813,622 |
22 |
$6,289,950 |
$2,287,612 $0 |
$4,002,338 |
23 |
$6,604,350 |
$2,403,940 $0 |
$4,200,410 |
24 |
$6,934,650 |
$2,526,151 $0 |
$4,408,499 |
25 |
$7,281,300 |
$2,654,411 $0 |
$4,626,889 |
26 |
$7,645,500 |
$2,789,165 $0 |
$4,856,335 |
27 |
$8,027,700 |
$2,930,579 $0 |
$5,097,121 |
28 |
$8,429,100 |
$3,079,097 $0 |
$5,350,003 |
29 |
$8,850,600 |
$3,235,052 $0 |
$5,615,548 |
30 |
$9,293,100 |
$3,398,777 $0 |
$5,894,323 |
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