The jackpot for the MEGA Millions draw on Fri Aug 29, 2025, is projected to be $277 Million, with an option for a cash payout of $124.6 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 Aug 29, 2025 |
|---|
| Draw Date | Fri Aug 29, 2025 | | Projected Jackpot | $277,000,000 | | Cash Value | $124,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $124,600,000 | | Federal Tax(24%) | $29,904,000 | | Additional Federal Tax | $16,158,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $78,537,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,169,127 |
$1,502,907
$0 |
$2,666,220 |
| 2 |
$4,377,708 |
$1,580,082
$0 |
$2,797,626 |
| 3 |
$4,596,538 |
$1,661,049
$0 |
$2,935,489 |
| 4 |
$4,826,448 |
$1,746,116
$0 |
$3,080,332 |
| 5 |
$5,067,715 |
$1,835,385
$0 |
$3,232,330 |
| 6 |
$5,321,170 |
$1,929,163
$0 |
$3,392,007 |
| 7 |
$5,587,090 |
$2,027,554
$0 |
$3,559,536 |
| 8 |
$5,866,583 |
$2,130,966
$0 |
$3,735,617 |
| 9 |
$6,159,926 |
$2,239,503
$0 |
$3,920,423 |
| 10 |
$6,467,950 |
$2,353,472
$0 |
$4,114,478 |
| 11 |
$6,791,209 |
$2,473,078
$0 |
$4,318,131 |
| 12 |
$7,130,811 |
$2,598,730
$0 |
$4,532,081 |
| 13 |
$7,487,310 |
$2,730,635
$0 |
$4,756,675 |
| 14 |
$7,861,814 |
$2,869,202
$0 |
$4,992,612 |
| 15 |
$8,254,877 |
$3,014,635
$0 |
$5,240,242 |
| 16 |
$8,667,607 |
$3,167,345
$0 |
$5,500,262 |
| 17 |
$9,100,835 |
$3,327,639
$0 |
$5,773,196 |
| 18 |
$9,555,946 |
$3,496,030
$0 |
$6,059,916 |
| 19 |
$10,033,771 |
$3,672,826
$0 |
$6,360,945 |
| 20 |
$10,535,418 |
$3,858,435
$0 |
$6,676,983 |
| 21 |
$11,062,272 |
$4,053,371
$0 |
$7,008,901 |
| 22 |
$11,615,441 |
$4,258,044
$0 |
$7,357,397 |
| 23 |
$12,196,033 |
$4,472,863
$0 |
$7,723,170 |
| 24 |
$12,805,987 |
$4,698,546
$0 |
$8,107,441 |
| 25 |
$13,446,134 |
$4,935,400
$0 |
$8,510,734 |
| 26 |
$14,118,690 |
$5,184,246
$0 |
$8,934,444 |
| 27 |
$14,824,486 |
$5,445,390
$0 |
$9,379,096 |
| 28 |
$15,565,738 |
$5,719,653
$0 |
$9,846,085 |
| 29 |
$16,344,108 |
$6,007,650
$0 |
$10,336,458 |
| 30 |
$17,161,258 |
$6,309,996
$0 |
$10,851,262 |
|
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